South Shore Holdings Limited 南岸集團有限公司

Blue River (0498) proposes to buy 51.76% of Paul Y. Engineering Group Ltd from Kenneth Chan Chak Kai for HK$675m
Company announcement, 4-Nov-2021
The voting rights over a 10% stake had on 1-Jun-2021 been assigned by Mr Chan to Blue River, which already owns 48.23% of PYE. 14 days before that, South Shore (0577) lost control of the 51.76% stake when the stake's holding company was sold by a lender to an unnamed third party for HK$150m. On 29-Jul-2021 Mr Chan agreed to sell the entire stake to Blue River, but the Stock Exchange regards this as a Reverse Takeover of PYE, a decision which will be appealed to the Listing Committee.
South Shore (0577): highly probable loss of control of Paul Y. Engineering Group Ltd
Company announcement, 21-May-2021
The 51.76% stake was held by The 13 (BVI) Ltd, 100% of which was pledged in 2016 as security for a HK$319m loan from Evo PE Opportunities, Ltd. In 2018, the lender assigned the loan to Wise Park Business Ltd (ownership and place of incorporation not disclosed). On 18-May-2021, Wise Park exercised its rights and sold 13 (BVI) Ltd to an unnamed third party for HK$150m, offset against the overdue loan and interest totalling HK$592.9m. The original loan was for 6 months at 25% p.a., which defaulted to 32% p.a..
13 Holdings (0577) proposes sale of 51.76% of Paul Y. Engineering Group Ltd for HK$300m
Company announcement, 28-Jun-2017
45.76% to ITC Properties (0199) and 6% to Mr Chan Fut Yan, an ED of the target and ITCP. The shares of the Vendor, 13 (BVI) Ltd, were charged in 2016 as security for a HK$319m loan (plus $21.24m accrued interest) from Evo PE Opportunities, Ltd. It is a condition of sale that the security is discharged.
Govt: we were unaware of Lee Chack Fan's directorshipWebb-site Who's Who
HK Government, 2-May-2014
They should have checked Webb-site Who's Who! He has been a director of the contractor's parent company (renamed Louis XIII Holdings Ltd in 2013) since 17-Jan-2005. He is also a director of the 51% BVI subsidiary (which assumed its parent's name after the partial spin-off).
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
Skynet Loss
Skynet (International Group) Holdings (SIGH), once unknown for its marbles, has been an internet play since 1999. Webb-site.com shows you how MAE Holdings ended up paying $35.75m for 0.006% of Skynet Ltd, a subsidiary of SIGH, after being diluted beyond its wildest dreams in circumstances only now revealed. We also spotlight the not-unrelated HKSky-e and show how it parlayed dotcoms with Asia Tele-Net and MAE, ultimately making its owner the largest shareholder and Chairman of MAE. (5-Feb-2001)

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