Power View Group Limited entered into the memorandum of understanding to acquire 75% stake in Odella Leather Holdings Limited (SEHK : 8093) from Quality Century Limited, Design Vanguard Limited and Olson Global Limited on December 10, 2016. Under the terms of the transaction the unknown buyer will acquire 300 million shares held by Quality Century Limited, Design Vanguard Limited and Olson Global Limited which will then give rise to an obligation on the part of Power View Group Limited to make a mandatory unconditional general offer for all the shares of the takeovers code. Power View Group Limited agrees to place certain amount of earnest money to escrow agent and granted an exclusive right to negotiate with vendor till January 12, 2017. During the period, Power View Group Limited is entitled to conduct a due diligence exercise on the business and financial of the group. If the parties are unable to enter into the definitive agreement on or before the cut-off date due to the financial parameters, the earnest money shall be refunded in full. If the parties are unable to enter into the definitive agreement on or before the cut-off date but not due to the financial parameters of the group as agreed by all parties, the earnest money shall be refunded in half. The parties to the memorandum of understanding agree to use their reasonable endeavors, as far as practicable, to enter into the definitive agreement, the terms and conditions of which include, but not limited to, the undertakings, representations and warranties on the Odella Leather Holdings Limited by Quality Century Limited, Design Vanguard Limited and Olson Global Limited and conditions precedent to the possible acquisition when it materializes. The transaction is subject to entering into definitive agreement and approval from clearance by the Stock Exchange. Completion shall take place on the third business day after all conditions have been fulfilled. Power View Group Limited completed the acquisition of 75% stake in Odella Leather Holdings Limited (SEHK : 8093) from Quality Century Limited, Design Vanguard Limited and Olson Global Limited on January 23, 2017.