META DATA LIMITED - NOTICE OF APPOINTMENT OF JOINT OFFICIAL LIQUIDATORS

Rhea-AI Summary

Meta Data (formerly OneSmart International Education Group), trading under AIU, has been placed into Official Liquidation in the Cayman Islands. By order of the Grand Court on August 7, 2024, the company will be wound up under the Cayman Islands Companies Act. PwC's Simon Richard Conway, Yat Kit Jong, and Ka Yee Annette Lee have been appointed Joint Official Liquidators. The company's registered office is now PO Box 258, 18 Forum Lane, Grand Cayman KY1-1104.

NYSE trading of the company's shares was halted on August 13, 2024. Share transactions after August 7, 2024, require a validation order from the Cayman Islands Court. The Liquidators are currently investigating the company's financial status and will provide further disclosures in due course. As per Cayman Islands law, equity holders rank behind unsecured creditors concerning payment.

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• Company placed into Official Liquidation by the Grand Court of the Cayman Islands.
• Trading of shares halted by the NYSE as of August 13, 2024.
• Equity holders rank behind unsecured creditors in the priority of payments.
• No acquisition or disposal of shares valid without a validation order from the Cayman Islands Court.
• Future financial prospects remain uncertain pending investigation.

Grand Cayman, Cayman Islands, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Meta Data Limited (Previously known as OneSmart International Education Group Limited (精銳國際教育集團有限公司) (In Official Liquidation) (the “Company”), with New York Stock Exchange trading symbol “AIU”, has been placed into Official Liquidation in the Cayman Islands.

By order of the Grand Court of the Cayman Islands, made on 7 August 2024, the Company, with registration number 320611, whose registered office was situated at Ugland House, Grand Cayman, KY1-1104, Cayman Islands, was ordered to be wound up in accordance with the Cayman Islands Companies Act.

Mr. Simon Richard Conway of PwC Corporate Finance & Recovery (Cayman) Limited, P.O. Box 258, 18 Forum Lane, Camana Bay, P.O. Box 258 Grand Cayman, Cayman Islands, KY1-1104, together with Mr. Yat Kit Jong and Ka Yee Annette Lee of PricewaterhouseCoopers Limited, 20/F Prince’s Building, Central, Hong Kong have been appointed as Joint Official Liquidators of the Company. Subsequently, the registered office of the Company has been changed to PO Box 258, 18 Forum Lane, Grand Cayman KY1-1104.

Trading of the shares in the Company has been halted by the NYSE as of 13 August 2024, following receipt of notice of the appointment of the Joint Official Liquidators and it should be noted that, pursuant to section 99 of the Cayman Islands Companies Act 2022 and Order 19, Rule 4 of the Cayman Islands Companies Winding Up Rules 2018, acquisitions and disposals of the shares in a company subject to a winding up order are only permissible subject to the provision of a validation order from the Cayman Islands Court, on request of a company’s liquidators.

Consequently, by virtue of the Joint Official Liquidators’ appointment, no acquisition or disposal of the Company’s shares on the NYSE, from 7 August 2024 will be considered valid, unless otherwise agreed to by the Joint Official Liquidators and subsequently, sanctioned by Cayman Islands Court.

The Joint Official Liquidators advise that they are in the process of investigating the Company’s financial position and are not presently able to comment on its future prospects.

Further disclosures will be made in due course; however, it should be noted that the liquidation of the Company represents a formal insolvency process and that, pursuant to Cayman Islands law, ordinary equity holders rank behind unsecured creditors in the statutory priority of payments, in the event that distributable assets are recovered.

Contact for enquiries: +1 345 914 8743

FAQ

What is happening to Meta Data (AIU)?

Meta Data (AIU) has been placed into Official Liquidation in the Cayman Islands as ordered by the Grand Court on August 7, 2024.

Why was trading of AIU shares halted?

Trading of AIU shares was halted by the NYSE on August 13, 2024, following the appointment of Joint Official Liquidators.

Who are the Joint Official Liquidators for Meta Data ?

Simon Richard Conway, Yat Kit Jong, and Ka Yee Annette Lee from PwC have been appointed as Joint Official Liquidators.

What are the implications for AIU equity holders?

Equity holders rank behind unsecured creditors for payment in the event that distributable assets are recovered.

What is required for the acquisition or disposal of AIU shares?

A validation order from the Cayman Islands Court, requested by the company’s liquidators, is required for any acquisition or disposal of AIU shares.