Correspondence 0001493152-24-024270 from Energys Group Ltd (ENGS) (CIK 0001971828) (ENGS)
Energys Group Ltd (ENGS) (CIK 0001971828)
Date: June 18, 2024 · CIK: 0001971828 · Accession: 0001493152-24-024270
AI Filing Summary & Sentiment
File numbers found in text: 333-275956
Referenced dates: June 14, 2024, May 10, 2024
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CORRESP
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filename1.htm
SCHLUETER
& ASSOCIATES, P.C.
5655
SOUTH YOSEMITE STREET, SUITE 350
GREENWOOD
VILLAGE, CO 80111
TELEPHONE:
+1-303-292-3883
FACSIMILE:
+1-303-648-5663
Email:
hfs@schlueterintl.com
June
18, 2024
VIA
EDGAR
U.S.
Securities and Exchange Commission
100
F Street, N.E.
Washington,
D.C. 20549
Attn:
Ms. Isabel Rivera
Re:
Energys Group Ltd.
Amendment No. 6 to Registration
Statement on Form F-1
Filed June 3, 2024
File No. 333-275956
Dear
Ms. Rivera:
We
represent Energys Group Limited (the “Company” or the “Registrant”) as U.S. counsel. We are filing herewith Amendment
7 to the Company’s Registration Statement on Form F-1 relating to a proposed initial public offering in the United States of the
Company’s Ordinary Shares.
The
purpose of this letter is to respond to the comment letter dated June 14, 2024 from the Division of Corporation Finance, Office of Real
Estate and Construction (the “Staff”) of the U.S. Securities and Exchange Commission (the “Commission” or “SEC”)
relating to Amendment 6 of the Company’s Registration Statement. For your convenience, the comments have been reproduced below,
followed by the Company’s response.
Amendment
No. 6 to Registration Statement on Form S-1 filed June 3, 2024
Exhibits
1. We
note your revised legal opinion filed as Exhibit 5.1 to reflect the increased primary offering
size. Please revise the legal opinion to cover the overallotment. In addition, please revise
the fee table in Exhibit 107 to reflect the overallotment.
Response:
In
response to this comment, a Second Revised Opinion of Harney Westwood & Riegels regarding the validity of securities being registered
is being filed as Exhibit 5.1 to Amendment 7 to the Registration Statement and a Third Revised Filing Fee Table is being filed as Exhibit
107 to Amendment 7, both having been revised to include the shares subject to the over-allotment option.
Alternate
Pages for Resale Prospectus
The
Selling Shareholders, page Alt-2
2. Please
clearly disclose whether Ms. Fung Ming Pang has any relationship with the company and its
affiliates.
Response:
In
response to this comment, footnote (4) to the Selling Shareholders table on page Alt-2 has been revised to include that, other than as
a beneficial 5% shareholder, Ms. Pang is unrelated to the Company and its affiliates.
U.S.
Securities and Exchange Commission
June18,
2024
Page
2
3. Please
reconcile the statement in your response letter dated May 10, 2024 that “(e)ach Selling
Shareholder purchased his or her shares directly from a prior shareholder of the Registrant
in a private transaction and the Registrant had no involvement in any of the sales”
with the additional statement in the same response letter that “pursuant to a corporate
reorganization in February 2023, Sky Shadow, Mr. Cox, Mr. Adams, Mr. Lee and Mr. To, collectively,
transferred 100% of the issued and outstanding shares of EGHL to the Company in exchange
for the issuance by the Company of 10,680,000 Ordinary Shares to Moonglade, 600,000 Ordinary
Shares to Mr. Lee and 720,000 Ordinary Shares to Mr. To.”
Response:
The
Selling Shareholders - Jumbo Tiger Global Limited (“Jumbo”), Talent Linkage Limited (“Talent”) and Bright Forever
Investments Limited (“Bright”) - are the holders of record of the resale shares. Jumbo, Talent and Bright each acquired their
shares from their sole shareholders, Mr. Ka Lok To, Mr. Siu Chung Lee and Majestic Dragon Investment Co., Ltd. (which is wholly owned
by Ms. Fung Ming Pang), respectively.
Messrs.
To and Lee each acquired their shares in exchange for their shares of Energys Group Holding Limited (“EGHL”) as part of the
corporate reorganization that took place in February 2023. (Incidentally, Messrs. To and Lee had acquired their EGHL shares from Sky
Shadow Limited, which is wholly-owned by Mr. Michael Lau, in settlement of outstanding personal loans owed to them by Mr. Lau.) Accordingly,
there is no inconsistency between the two statements quoted in the comment because the statements pertain to the record owners of the
shares in question.
The
following table illustrates the chains of ownership of the various resale shares:
Beneficial
Owner
Mr.
To
Mr.
Lee
Ms.
Pang
Selling
Shareholder
Jumbo(3)
Talent(4)
Bright(6)
Majestic(6)
Date
Transferor
Jan 31, 2023
Sky Shadow
6
(1)
5
(1)
Feb 23, 2023
Company(2)
720,000
(3)
0
600,000
(4)
0
0
0
Jan 30, 2024
Mr To(5)
(30,000
)(4)
0
30,000
(4)
0
0
0
Jan 30, 2024
Mr.
To(5) /Mr. Lee(5)
(690,000 )
690,000
(5)
(630,000 )
630,000 (5)
0
0
Feb 1, 2024
Moonglade(5)
0
0
0
0
680,000 (6)
0
Apr 24, 2024
Majestic(5)
0
0
0
0
(680,000 )
680,000
(6)
690,000
630,000
680,000
(1) Page
62, On Jan 31, 2023, Mr. Lau caused Sky Shadow to transfer 5 shares (representing 5%) of
EGHL owned of record by it to Mr. Siu Chung Lee and 6 shares (representing 6%) of EGHL owned
of record by it to Mr. Ka Lok To in settlement of outstanding personal loans made by them to Mr. Lau.
(2) Page
61 & 62, The Reorganization
(3) Page
Alt-2, Note (3)
(4) Page
Alt-2, Note (7)
(5) Page
62 & 63, Recent Private Transfers
(6) Page
Alt-2, Notes (4) & (5)
The
fact that Messrs. To and Lee originally acquired the shares now owned of record by Jumbo and Talent, respectively, pursuant to the 2023
corporate reorganization does not contradict the fact that Jumbo and Talent acquired the shares from Mr. To and Mr. Lee. After the reorganization,
all of the recipients of Company shares were free to retain or dispose of the shares as they desired and to whomever they desired, with
no input or control by the Company.
We
do not dispute that Messrs. To and Lee, as the sole shareholders of Jumbo and Talent, respectively, remain the beneficial owners of the
shares. If our reply to comment #1 in our response letter of May 10, 2024 were revised to also discuss the beneficial ownership of the
shares, it would indicate that Messrs. To and Lee, the sole shareholders of Jumbo and Talent, respectively, are the beneficial owners
of the shares and that they acquired their shares of the Company as part of a corporate reorganization in February 2023. In addition,
the discussion under “Factor 1. How Long the Shares Have Been Held” would include the statement that Messrs. To and Lee,
the beneficial owners of the resale shares held of record by their wholly-owned entities, acquired the shares in February 2023.
U.S.
Securities and Exchange Commission
June18,
2024
Page
3
Plan
of Distribution, page Alt-3
4. We
note your disclosure that your selling shareholders may sell their ordinary shares using
any method permitted by applicable law. Please confirm your understanding that the retention
by a selling shareholder of an underwriter would constitute a material change to your plan
of distribution requiring a post-effective amendment. In addition, please revise to include
the undertakings under Item 512 of Regulation S-K or tell us why it is not appropriate for
you to do so. Refer to Item 9 of Form F-1.
Response:
Each
of the Selling Shareholders has represented to the Company that they have no intention to retain the services of an underwriter with
respect to the offer and sale of their shares. However, if, in the future, any Selling Shareholder decides to retain an underwriter,
we understand that such retention would constitute a material change to the plan of distribution requiring the Company to file a post-effective
amendment to the Registration Statement.
In
response to the second part of this comment, we have revised Item 9 of the Registration Statement to include all relevant undertakings
under Item 512 of Regulation S-K.
If
you have any questions relating to the Registration Statement, please contact Kevin Cox, the Registrant’s Chief Executive Officer,
at his email address of kevin.cox@energysgroup.com, or Michael Lau, the Registrant’s Chief Technical Officer, at his email
address of michael.lau@energysgroup.com.
Please
copy any correspondence or requests for information to the undersigned and Celia Velletri. The undersigned’s email is set forth
above, and Ms. Velletri’s email is cv@schlueterintl.com. If you wish to speak with us, please feel free to call me at 303-292-3883
or Celia Velletri at 303-907-4842.
Very truly yours,
/s/ Henry
F. Schlueter
Henry F. Schlueter
C:
Energys Group Ltd.
WWC, P.C.