Metals X Limited has announced its firm intention to pursue a pre-conditional voluntary cash partial offer to acquire up to 382,480,000 shares in Greentech Technology International Limited at HK$0.35 per share. This represents about 28.00% of Greentech’s issued share capital. The announcement follows a series of communications dating back to October 2024, where Metals X raised requests for detailed financial assurances from Greentech. Having not received the needed confirmations, the company now intends to move forward with the partial offer in compliance with the Hong Kong Takeovers Code. Under the terms outlined, the offer is unconditional once initiated and subject only to the satisfaction of certain pre-conditions, including obtaining required executive consents and a waiver under Rule 28.7 of the Takeovers Code. If fully subscribed, the total cash consideration would amount to approximately HK$133.87 million. The offer price was derived by considering the last trading value on 30 August 2024 when shares closed at HK$0.28 and factoring in a 25% premium on that figure, alongside discount comparisons to five-, ten-, and 30-day average closing prices. Notably, during the preceding six months, Greentech’s share prices peaked at HK$0.495 and hit a low of HK$0.28. The strategic rationale behind this move is linked to Metals X’s existing 50% interest in the Bluestone Mines Tasmania Joint Venture, which owns and operates the Renison Tin Mine in Tasmania’s West Coast. By acquiring a stake in Greentech—whose non-wholly owned subsidiary holds the remaining 50% interest in the joint venture—Metals X aims to bolster its position in a key asset with strong long-term development potential. The announcement details intricate mechanics, including proportional allocation of tendered shares, management of odd lot holdings through designated brokers, and specific attention to Hong Kong stamp duty implications. Market sentiment may see bullish signals in the offer’s potential to unlock value for shareholders who are currently unable to trade due to the ongoing trading suspension. The firm’s commitment to funding the offer from internal resources and its strategic alignment with an established mining asset lends further support to a positive outlook. However, bearish interpretations could arise from the procedural hurdles and regulatory pre-conditions that must be met before the offer can proceed, as well as the complexity and uncertainty surrounding Greentech’s recent financial disclosures and trading suspension. Investors are advised to keep a close watch on forthcoming announcements, particularly regarding the satisfaction of the pre-conditions and final execution details.