Simple Cheer Limited, Dong Choi Chi and Chau Cheok Wa made an offer to acquire additional 62.4% stake in Sage International Group Limited (SEHK:8082) for approximately HKD 120 million on January 23, 2018. Simple Cheer Limited, Dong Choi Chi and Chau Cheok Wa made an offer to acquire 722.8 million shares at HKD 0.16 per share and made an offer to cancel all the 22.1 million options at HKD 0.001 per option. Chui Bing Sun and New Brilliant Investments Limited gave an irrevocable undertaking of not tendering their shares and options in the offer. The transaction will be funded through a facility of HKD 50.5 million from Chau Cheok Wa and from the subscription proceeds of HKD 68.5 million. The offer is conditional on valid acceptances of the share offer being received in respect of such number of shares which will result in the offerors and the parties acting in concert with it together holding more than 50% of the voting rights of Sage International Group, the shares of Sage International Group remaining listed and traded on the GEM up to the closing date. The offerors intend to continue and operate the business of Sage International Group and intend to maintain its listing status. An independent Board committee has been formed by Sage International Group to advise the shareholders on the offer and the committee will appoint an independent financial advisor to advise on the offer. The transaction is expected to close on March 6, 2018. As of March 5, 2018, the offer period has been extended to March 19, 2018. Red Sun Capital Limited and Sun International Securities Limited acted as financial advisors for Simple Cheer Limited, Dong Choi Chi and Chau Cheok Wa. Messis Capital Limited appointed as financial advisor to the special board committee, Tricor Tengis Limited is appointed as registrar and PricewaterhouseCoopers Hong Kong is appointed as accountant to Sage International Group Limited.