E-House Holdings Limited (EJ) Purchases 960M Class A Ordinary Shares from IFM Investments (CTC)
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IFM Investments Limited (NYSE: CTC) today announced that it has signed a non-binding term sheet with E-House Holdings Limited (NYSE: EJ), a leading real estate services company in China, and the Company's founders, under the terms of which Century 21 China Real Estate will issue approximately 960 million new Class A ordinary shares to E-House and the founders of Century 21 China Real Estate at $0.0267 per share, or $0.40 per American depositary share.
Each ADS represents 15 ordinary shares of CTC.
Pursuant to the terms of the proposed transaction, Century 21 China Real Estate will receive a total consideration of $25 million from E-House and the founders of Century 21 China Real Estate. The total number of new shares issued will represent approximately 57.8% of Century 21 China Real Estate's post-issuance enlarged share capital on a fully diluted basis. Upon closing of the proposed transaction, E-House will become Century 21 China Real Estate's largest shareholder with a 37.3% ownership stake. Century 21 China Real Estate's founders will acquire an additional 20.5% equity share on a fully diluted basis, with their subscription of new Class A ordinary shares being financed by E-House. The final shareholding split between E-House and Century 21 China Real Estate's founders is subject to minor adjustments prior to the closing of the proposed transaction.
Each ADS represents 15 ordinary shares of CTC.
Pursuant to the terms of the proposed transaction, Century 21 China Real Estate will receive a total consideration of $25 million from E-House and the founders of Century 21 China Real Estate. The total number of new shares issued will represent approximately 57.8% of Century 21 China Real Estate's post-issuance enlarged share capital on a fully diluted basis. Upon closing of the proposed transaction, E-House will become Century 21 China Real Estate's largest shareholder with a 37.3% ownership stake. Century 21 China Real Estate's founders will acquire an additional 20.5% equity share on a fully diluted basis, with their subscription of new Class A ordinary shares being financed by E-House. The final shareholding split between E-House and Century 21 China Real Estate's founders is subject to minor adjustments prior to the closing of the proposed transaction.
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