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33.2% voting ability captivated by the Ocean Link Bunch in eHi is no best in disputeSHANGHAI, Aug. 21, 2018 /PRNewswire/ — The bunch formed amid Ocean Imagination L.P. (“Ocean Link”) and Ctrip Investment Holdings Ltd. (“Ctrip”, calm with “Ocean Link”, the “Ocean Link Consortium”), today appear that on August 16, 2018, an adjudicator in Hong Kong has absolved claims (the “Arbitral Award”) fabricated by eHi Car Services Limited (“eHi”) and the Crawford Group, Inc., (“Crawford”), adjoin Ocean’s associate CDH Car Rental Service Limited (“CDH Car”). In this Arbitral Award, the adjudicator has disqualified that CDH Car was not appropriate to affair a aboriginal activity apprehension above-mentioned to the alteration of shares to Ocean and that, as a result, CDH Car was not in aperture of the Investors’ Rights Acceding in affiliation to shares of eHi, anachronous December 11, 2013 (the “IRA”). The adjudicator additionally ordered eHi and Crawford to pay CDH Car’s costs of the arbitration. On May 17, 2018, eHi and Crawford submitted a apprehension of adjudication with the Hong Kong International Adjudication Centre (“HKIAC”) adjoin CDH Car, claiming that a acquirement acceding amid Ocean Link and CDH Venture Partners II, L.P. was in aperture of assorted acceding of the IRA, including the appropriate of aboriginal activity in the IRA in favor of Ctrip and Crawford.



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Now with the HK adjudicator cardinal in favor of CDH Car, the voting ability of the Ocean Link Bunch is no best in any dispute. Ocean Link beneficially owns (i) 538,764 Class A Common Shares (including 438,764 Class A Common Shares represented by 219,382 ADSs), and (ii) 8,599,211 Class B Common Shares, which calm represent about 6.5% of the absolute outstanding Common Shares of eHi. Ctrip beneficially owns (i) 4,300,000 Class A Common Shares, and (ii) 15,168,193 Class B Common Shares, which calm represent about 13.9% of the absolute outstanding Common Shares of eHi. Holders of Class A Common Shares are advantaged to one vote per share, while holders of Class B Common Shares are advantaged to ten votes per share. Accordingly, the Class A Common Shares and the Class B Common Shares beneficially endemic by the Ocean Link Bunch altogether represent about 33.2% of the accumulated voting ability of the absolute outstanding Common Shares of eHi.

Ctrip affluence all rights to booty acknowledged activity adjoin the Ignition transaction

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On August 9, 2018, Crawford filed a Schedule 13D/A advice that it entered into a Secondary Banal Acquirement Acceding with Ignition Growth Basic I, L.P. (“IGC”) and Ignition Growth Basic Managing Directors Fund I, L.P. (“IGCMDF”, and calm with IGC, “Ignition”) and the added parties thereto, pursuant to which Crawford purchased all of the shares captivated by Ignition in eHi. The auction of the Class B Common Shares of eHi by Ignition was structured as a auction of the basic banal of two wholly-owned subsidiaries of Ignition, which accustomed the alteration of the Class B Common Shares afterwards a about-face to Class A Common Shares. Ctrip affluence all rights to booty acknowledged activity adjoin Ignition and Crawford in affiliation with such auction in adjustment to assure its rights and interests beneath the IRA.



The Ocean Link Bunch anticipates that the acquirement of the shares captivated by GS Car Rental HK Parallel Limited (“GS HK Parallel”) and GS Car Rental HK Limited (“GS HK”, and calm with GS HK Parallel, “GS”) in eHi would acceptable be accomplished with Ctrip entering into a balance acquirement acceding with GS, pursuant to which at the closing, GS may advertise to Ctrip, and Ctrip will acquirement 4,632,952 Class B Common Shares for a acquirement amount per ADS of no beneath than US$14.50 and an accumulated acquirement amount of about US$33,588,902. Ctrip is in the action of negotiating the balance acquirement acceding with GS. If the such GS acquirement is consummated, the Class A Common Shares and the Class B Common Shares beneficially endemic by the Ocean Link Bunch represent about 39.5% of the accumulated voting ability of the absolute outstanding Common Shares of eHi, appropriately giving the Ocean Link Bunch an alike stronger ability to block all accumulated affairs of eHi that requires a appropriate resolution, if such amount is not to the best absorption of the Company’s shareholders.

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The Ocean Link Bunch urges the appropriate board of eHi to accessible up due activity admission in abutment of its above activity

The Ocean Link Bunch has been alive agilely to accomplish allusive advance afterwards carrying its taking-private proposal, and keeps afterlight the appropriate board actively. Despite the Ocean Link Consortium’s artlessness to acceptable absolute shareholders as able-bodied as administration shareholders to appoint in discussions in abutment of its above activity to admission all of the outstanding Common Shares of eHi, including Common Shares represented by ADSs, for US$15.50 in banknote per ADS or US$7.25 in banknote per Common Share, neither advice admission nor absolute acknowledgment was provided by the appropriate committee. The Ocean Link Bunch has re-emphasized its appeal for due activity access: “The Ocean Link Bunch acutely declared its alertness to complete accepted due activity in a appropriate address in the aboriginal angle to the Board on April 2nd, and afresh requested advice admission in the belletrist to the appropriate board anachronous May 16th, May 24th and June 3rd. We afresh would like to appeal the appropriate committee’s cooperation in, on a arcane basis, acceding associates of the Ocean Link Bunch and their assembly abounding admission to the due activity abstracts with the ambit agnate to that accept been provided to the Chairman Bunch and its representatives.”

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For added inquiries, amuse acquaintance info@oceanlp.com.

View aboriginal content:http://www.prnewswire.com/news-releases/the-ocean-link-consortium-secures-blocking-vote-in-ehi-car-services-take-private-transaction-300699989.html

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SOURCE Ocean Link

Copyright (C) 2018 PR Newswire. All rights aloof

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