L'Occitane Groupe S.A. (LOG), the majority shareholder of L'Occitane (00973.HK) with approximately 72.63% holding, proposed privatisation at the end of April. The company has released a related revised privatisation proposal. A new registered holding company, L’Occitane Holding S.A., has been established for the privatisation. The offeror will propose a cash offer of HKD 34 per share or the exchange of 10 shares of L’Occitane Holding S.A.'s continuing shares per unit of offer shares to accept the privatisation offer for minority shareholders. However, the offer shares selection has limitations, with the maximum being approximately 73.7431 million shares for offer shares, equivalent to 5% of the total issued and outstanding shares as of the initial announcement.

As of now, LOG has received irrevocable commitments to accept the share offer and receive the offer price in cash for a total of 104 million shares of offer shares, equivalent to approximately 7.06% of the total issued and outstanding shares and 25.78% of the offer shares held by unrelated shareholders.

In addition, according to non-binding support letters, shareholders holding approximately 37.3972 million shares of offer shares have expressed their intention to accept or encourage the acceptance of the share offer, equivalent to approximately 2.54% of the total issued and outstanding shares and 9.27% of the offer shares held by unrelated shareholders. Global Alpha has committed to recommend accepting the share offer and receiving the offer price in cash to its clients, involving approximately 0.79% of the total issued and outstanding shares and 2.9% of the offer shares held by unrelated shareholders.

Trading of the shares will be suspended from 9:00 a.m. today (17th) and resumed from 1:00 p.m. in the afternoon, local time.