Sunhill Investments Limited made a proposal to acquire an additional 25% stake in Allied Properties (H.K.) Limited (SEHK:56) from shareholders for approximately HKD 720 million on April 9, 2020. Under the terms of the transaction, Sunhill will acquire 1.7 billion shares representing 25.004% stake in Allied Properties for HKD 0.42 per share. Upon completion, Allied Properties will maintain its existing business and will be privatized. The transaction will be financed through the internal cash resources of Allied Group Limited, parent of Sunhill, and the unsecured and interest-free facility granted by Lee Seng Hui to Sunhill. The transaction is subject to the approval of the scheme at the Court meeting by holders of the shares, approval of the shareholders of Allied Properties and all necessary legal or regulatory approvals. As per announcement of May 11, 2020, executive has granted its consent to extend the date of dispatch of the scheme document to a date no later than June 30, 2020. The transaction was approved by the independent board committee of Allied Properties (H.K.) Limited. On July 15, 2020, transaction has been approved by shareholders of Allied Properties (H.K.) Limited and high court hearing scheduled on August 26, 2020. As on August 5, 2020, the High Court hearing date is August 24, 2020. As of August 24, 2020, High Court hearing date was extended to August 31, 2020. As per the update on August 31, 2020, High Court hearing will be held on September 7, 2020. At the hearing held on September 7, 2020, High Court requested the counsels to submit further supporting affirmations or affidavits and reserved written judgment to be handed down or delivered on a later date to be advised. As of September 10, 2020, no update received from High Court therefore, it is expected that the timetable for the transaction, including the Effective Date and date of withdrawal of listing of APL Shares on the Stock Exchange, would be changed to later dates pending the judgment of the High Court having been handed down or delivered. As on September 21, 2020, no judgment had been delivered by the High Court to APL or its legal counsels, and APL and its legal counsels had not been advised the date on which the relevant judgment would be handed down or delivered by the High Court. The expected timetable for the Scheme, including the Effective Date and date of withdrawal of listing of APL Shares on the Stock Exchange, shall be fixed as soon as upon the judgment of the High Court having been delivered. As on September 28, 2020, no judgment had been delivered by the High Court to APL or its legal counsels; and APL and its legal counsels had not been advised the date on which the relevant judgment would be handed down or delivered by the High Court. The expected timetable for the Scheme, including the Effective Date and date of withdrawal of listing of APL Shares on the Stock Exchange, shall be fixed as soon as upon the judgment of the High Court having been delivered. As of October 9, 2020, High Court declined to sanction the transaction. Sunhill Investments Limited is currently taking legal advice on the appropriate actions to be taken in relation to the court decision. As of November 23, 2020, Court of Appeal of Hong Kong allowed the appeal, the scheme be sanctioned and the reduction of the share capital of APL involved in the scheme. As of June 18, 2020, the transaction is expected to close on August 28, 2020. As on August 5, 2020, the expected time table of this deal was revised. As per the revised schedule, expected last day of trading in stock exchange is August 14, 2020. As of August 24, 2020, the transaction is expected to be completed on September 4, 2020. As per the update on August 31, 2020, the transaction is expected to be completed on September 11, 2020. As of November 2, 2020, it is expected that the scheme record date and the effective date will be changed to a later date, upon the judgment of the court appeal. On November 23, 2020, the transaction is approved by Court. The transaction is expected to be completed by November 24, 2020. Yu Ming Investment Management Limited acted as financial advisor to Sunhill. Pelican Financial Limited acted as financial advisor to the independent Board Committee and the disinterested scheme shareholders of Allied Properties. Computershare Hong Kong Investor Services Limited acted as the registrar to Allied Properties (H.K.) Limited. Dorsey & Whitney LLP acted as legal advisor to Allied Properties. Sunhill Investments Limited completed the acquisition of additional 25% stake in Allied Properties (H.K.) Limited (SEHK:56) from shareholders on November 25, 2020. All the conditions of the transaction are fulfilled. The listing of APL Shares on the Stock Exchange will be withdrawn on November 27, 2020.