According to the Zhitong Finance App, Landsea Green Management (00106) issued an announcement. On March 8, 2024 (New York time), the LHC passed B. As joint bookkeepers, Riley Securities Inc. and Bof A Securities, Inc. completed the sale of 2,434,800 LSEA shares through an underwritten sale, which is equivalent to about 6.76% of the total number of LSEA shares issued and issued on March 4, 2024. The public offering price was $11.6 per LSEA share.
The Group has collected approximately US$28.24 million in proceeds from the sale of the sale. After review, the Group expects to confirm a loss of approximately US$92.76 million from the sale, which is calculated based on the following differences: (i) the book value of all 197407 million LSEA shares owned by the Group, which is equivalent to approximately 54.8% of the LSEA shares issued and issued on March 4, 2024; and (ii) the proceeds from the sale, together with the remaining 17.305,900 LSEA shares held by the Group based on the market price of LSEA shares (the closing price of LSEA shares on March 6, 2024) Assuming earnings.
Following the completion of the sale, the number of LSEA shares held by LHC was reduced to 17.305,900 shares, which is equivalent to about 48.0% of the total number of LSEA shares issued and issued on March 4, 2024. Landsea Homes is no longer an affiliate. Landsea Homes Group's financial results are no longer integrated into the company's results. Landsea Homes will be incorporated as an associated company.
For the sale, LHC granted these underwriters 30-day share options to purchase up to 365,200 additional LSEA shares at a public offering price of $11.6 per share of the share options.
On March 8, 2024 (New York time), 44,400 share options worth 503,000 US dollars (equivalent to about 0.12% of the total number of LSEA shares issued and issued on March 4, 2024) were sold by these underwriters to Bruce Frank, Mollie Fadule, Tom Hartfield, and Murong Xinyu.
The Group has received approximately US$503 million in sales proceeds in connection with the sale. After the review, the Group expects to confirm a loss of approximately US$234,200 from the connected sale, based on the difference between (i) the book value of 43,400 share option shares; and (ii) the connected proceeds. The company uses the related proceeds to repay loans and general working capital.
The Group is mainly engaged in property development and sales, and project development and management services in China and the United States. The directors believe that the related sale in the public offering could send a positive message and enhance the overall confidence of the capital market in the Group.
In connection with the acquisition of all issued shares of Antares Acquisition, LLC (target company) under a shareholder rights purchase agreement dated January 8, 2024 (New York time) between Landsea Homes (as a buyer), Tommy Mc Aden, Lisa Mc Aden and Mc Aden Enterprises, Inc. (as seller), and the target company. After the sale was completed, Landsea Homes ceased to be a subsidiary of the Company.