{"id":120,"date":"2020-04-01T20:43:21","date_gmt":"2020-04-01T12:43:21","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?page_id=120"},"modified":"2021-03-04T18:19:25","modified_gmt":"2021-03-04T10:19:25","slug":"exchanges-discretion","status":"publish","type":"page","link":"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/exchanges-discretion\/","title":{"rendered":"HKEX\u2019s Discretion"},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|desktop&#8221; admin_label=&#8221;ContentWrapper2&#8243; module_id=&#8221; &#8221; module_class=&#8221;content-wrapper2&#8243; _builder_version=&#8221;4.0.5&#8243; background_color=&#8221;#ffffff&#8221; custom_padding=&#8221;0px||0px|||&#8221; custom_padding_tablet=&#8221;50px|0|50px|0&#8243; custom_padding_phone=&#8221;&#8221; transparent_background=&#8221;off&#8221; padding_mobile=&#8221;off&#8221; make_fullwidth=&#8221;off&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221;][et_pb_row column_structure=&#8221;2_3,1_3&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;1&#8243; module_class=&#8221;main-content2&#8243; _builder_version=&#8221;4.4.3&#8243; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; z_index_tablet=&#8221;500&#8243; box_shadow_horizontal_tablet=&#8221;0px&#8221; box_shadow_vertical_tablet=&#8221;0px&#8221; box_shadow_blur_tablet=&#8221;40px&#8221; box_shadow_spread_tablet=&#8221;0px&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;3.0.47&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Breadcrumbs&#8221; module_class=&#8221;breadcrumb-wrapper&#8221; _builder_version=&#8221;3.27.4&#8243;]<div class=\"breadcrumb\">\r\n<ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/' title='M &#038; A'>M &#038; A<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/' title='Reverse Takeovers'>Reverse Takeovers<\/a><\/li><li><span>HKEX\u2019s Discretion<\/span><\/li><\/ul>\r\n<\/div>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;Section Title&#8221; _builder_version=&#8221;4.4.3&#8243; global_module=&#8221;229966&#8243;]<h2 class=\"section-title\">M &#038; A<\/h2>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;ContentMenuBar1&#8243; _builder_version=&#8221;4.4.3&#8243;]<div class=\"content-menubar\">\r\n<div class=\"page-menu-panel\">\r\n<h3>M &#038; A<\/h3>\r\n<span class=\"hamburger\"><\/span>\r\n<\/div>\r\n<ul class=\"cm-parent\"><li class=\"page_item page-item-95\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/private-international-acquisitions\/\">Private International Acquisitions<\/a><\/li>\n<li class=\"page_item page-item-96 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/\">Acquisitions in the PRC<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-107\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/approval-processes\/\">Governmental Approval Processes for PRC Acquisitions<\/a><\/li>\n\t<li class=\"page_item page-item-108\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/documentation-approval-timing\/\">Documentation, Approval Process and Timing<\/a><\/li>\n\t<li class=\"page_item page-item-109\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/foreign-exchange-issues\/\">Foreign Exchange Issues<\/a><\/li>\n\t<li class=\"page_item page-item-110\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/additional-information-for-listed-companies\/\">Additional Information for Listed Companies<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-97 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/\">Due Diligence<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-115\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/acquisition-of-exploration-project-or-joint-venture-partnership\/\">Acquisition of Exploration Project or Joint Venture Partnership<\/a><\/li>\n\t<li class=\"page_item page-item-116\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/acquisition-of-producing-properties\/\">Acquisition of Producing Properties<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-98\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/public-market-offers\/\">Public Market Offers &#8211; Hong Kong<\/a><\/li>\n<li class=\"page_item page-item-99 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/\">Reverse Takeovers<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-119\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/rtos-under-the-hong-kong-stock-exchange-listing-rules\/\">RTOs under the HKEX Listing Rules<\/a><\/li>\n\t<li class=\"page_item page-item-120\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/exchanges-discretion\/\">HKEX\u2019s Discretion<\/a><\/li>\n\t<li class=\"page_item page-item-121\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/how-does-the-exchange-look-at-change-in-control\/\">How does the Exchange look at \u201cChange in Control\u201d?<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-100\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-or-disposals-by-hong-kong-listed-companies\/\">Acquisitions or Disposals by Hong Kong Listed Companies<\/a><\/li>\n<\/ul>\r\n<\/div>[\/et_pb_text][et_pb_text admin_label=&#8221;Title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h1 class=\"content-title\">HKEX\u2019s Discretion<\/h1>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.9.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;]<p>The definition of a reverse takeover (<strong>RTO<\/strong>) under the HKEX Listing Rules gives the HKEX a very wide discretion to determine that a transaction is designed to circumvent the listing requirements and should be treated as a RTO. Even transactions which are in substance backdoor listings, but do not fall strictly within the RTO <a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/rtos-under-the-hong-kong-stock-exchange-listing-rules\/\" >here<\/a>, may still be considered RTOs subject to the HKEX Listing Rules.<\/p>\r\n<p>An example of the HKEX\u2019s application of its discretion can be seen in <a href=\"https:\/\/www.hkex.com.hk\/-\/media\/HKEX-Market\/Listing\/Rules-and-Guidance\/Archive\/Listing-Decisions\/ld75_1.pdf?la=en\" target=\"_blank\" rel=\"noopener\">Listing Decision 75-1<\/a> of October 2009 (updated in October 2019). The case concerned a company (<strong>Company A<\/strong>) which had long been suspended from trading. At the time of suspension, Company A and its subsidiaries (the <strong>Group<\/strong>) were principally engaged in the business of nurturing, selling and trading tree seedlings and seeds. Company A agreed with a third party to dispose of its entire interest in a subsidiary, which at the time conducted the principal business of the Group (the <strong>Disposal<\/strong>). The Disposal constituted a very substantial disposal (<strong>VSD<\/strong>) for Company A.<\/p>\r\n<p>As part of the proposal to resume trading, Company A would enter other transactions and arrangements including equity fund raising and acquisitions of serviced apartments and elderly home businesses (the <strong>New Businesses<\/strong>) from independent third party vendors for cash consideration (the <strong>Acquisitions<\/strong>). Following the Disposal, the Group had ceased to operate its original principal business. Company A intended to focus on the New Businesses.<\/p>\r\n<p>The Company argued that notwithstanding that based on the percentage ratio calculations, the Acquisitions would be a VSA, the transaction did not constitute a RTO since the Acquisitions and other transactions did not involve a change in control. The HKEX disagreed stating that an acquisition is a RTO under the HKEX Listing Rules if the HKEX is satisfied that it is an attempt to: <\/p>\r\n<ol style=\"list-style-type:lower-roman !important\">\r\n<li>list the assets to be acquired and\/or to be acquired; and <\/li>\r\n<li>circumvent the new listing requirements. <\/li>\r\n<\/ol>\r\n<p>This may be the case irrespective of whether the acquisition would result in a change in control. <\/p>\r\n<p>Ultimately, the HKEX determined that the Acquisitions would constitute a reverse takeover for Company A and Company A would be treated as a new listing applicant as: <\/p>\r\n<ul>\r\n<li>the Group had disposed of the subsidiary and no longer retained any material operating assets and ceased to conduct its original principal business. Company A was in substance a listed shell; and <\/li>\r\n<\/ul>\r\n<ul>\r\n<li>the Acquisitions formed part of a series of transactions and arrangements which constituted an attempt to achieve a listing of the New Businesses.<\/li>\r\n<\/ul>\r\n<p>Note that the HKEX Listing Rules no longer include a \u201clisted asset\u201d exception to the RTO rules which allowed a transaction under which assets were injected into a listed issuer and which amounted to a VSA to be reduced to a major transaction if the assets or a large part of them were listed. Crucially, this meant that the transaction would be subject to shareholder approval, but would not be treated as a new listing even where the asset injection caused a change in majority control.<\/p>\r\n<p>The removal of the listed asset carve out had significant consequences for restructurings of distressed companies. In the context of a change of control and rescue of the business, one of the principal routes had been an injection of a listed asset. With the exception gone, almost any asset injection resulting in a change of control would be treated as an RTO.<\/p>[\/et_pb_text][et_pb_text admin_label=&#8221;SubM-sibling&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"page-submenu\"> \r\n<ul><li class=\"page_item page-item-119\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/rtos-under-the-hong-kong-stock-exchange-listing-rules\/\">RTOs under the HKEX Listing Rules<\/a><\/li>\n<li class=\"page_item page-item-120\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/exchanges-discretion\/\">HKEX\u2019s Discretion<\/a><\/li>\n<li class=\"page_item page-item-121\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/how-does-the-exchange-look-at-change-in-control\/\">How does the Exchange look at \u201cChange in Control\u201d?<\/a><\/li>\n<\/ul>\r\n<\/div> [\/et_pb_text][et_pb_text admin_label=&#8221;News Title&#8221; module_class=&#8221;content2-news-title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h1 class=\"content-subtitle\">Read our latest News<\/h1>[\/et_pb_text][et_pb_blog fullwidth=&#8221;off&#8221; posts_number=&#8221;6&#8243; include_categories=&#8221;23&#8243; show_author=&#8221;off&#8221; show_categories=&#8221;off&#8221; show_excerpt=&#8221;off&#8221; show_pagination=&#8221;off&#8221; admin_label=&#8221;News Thumbs&#8221; module_class=&#8221;cu-blog&#8221; _builder_version=&#8221;4.4.2&#8243;][\/et_pb_blog][et_pb_text admin_label=&#8221;Click more news&#8221; _builder_version=&#8221;4.4.2&#8243;]<div class=\"bottom-click-more\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/news\/\">Click here to read more News<\/a><\/div>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;3.25.3&#8243; custom_padding=&#8221;|||||false&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_image src=&#8221;\/legal\/m-and-a\/reverse_takeovers.jpg&#8221; admin_label=&#8221;Side Hero&#8221; module_class=&#8221;side-hero-wrapper&#8221; _builder_version=&#8221;4.4.3&#8243;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p><ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/' title='M &#038; A'>M &#038; A<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/' title='Reverse Takeovers'>Reverse Takeovers<\/a><\/li><li><span>HKEX\u2019s Discretion<\/span><\/li><\/ul> M &#038; A M &#038; A <ul class=\"cm-parent\"><li class=\"page_item page-item-95\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/private-international-acquisitions\/\">Private International Acquisitions<\/a><\/li>\n<li class=\"page_item page-item-96 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/\">Acquisitions in the PRC<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-107\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/approval-processes\/\">Governmental Approval Processes for PRC Acquisitions<\/a><\/li>\n\t<li class=\"page_item page-item-108\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/documentation-approval-timing\/\">Documentation, Approval Process and Timing<\/a><\/li>\n\t<li class=\"page_item page-item-109\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/foreign-exchange-issues\/\">Foreign Exchange Issues<\/a><\/li>\n\t<li class=\"page_item page-item-110\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-prc\/additional-information-for-listed-companies\/\">Additional Information for Listed Companies<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-97 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/\">Due Diligence<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-115\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/acquisition-of-exploration-project-or-joint-venture-partnership\/\">Acquisition of Exploration Project or Joint Venture Partnership<\/a><\/li>\n\t<li class=\"page_item page-item-116\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/due-diligence\/acquisition-of-producing-properties\/\">Acquisition of Producing Properties<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-98\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/public-market-offers\/\">Public Market Offers &#8211; Hong Kong<\/a><\/li>\n<li class=\"page_item page-item-99 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/\">Reverse Takeovers<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-119\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/rtos-under-the-hong-kong-stock-exchange-listing-rules\/\">RTOs under the HKEX Listing Rules<\/a><\/li>\n\t<li class=\"page_item page-item-120\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/exchanges-discretion\/\">HKEX\u2019s Discretion<\/a><\/li>\n\t<li class=\"page_item page-item-121\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/reverse-takeovers\/how-does-the-exchange-look-at-change-in-control\/\">How does the Exchange look at \u201cChange in Control\u201d?<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-100\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/mergers-and-acquisitions\/acquisitions-or-disposals-by-hong-kong-listed-companies\/\">Acquisitions or Disposals by Hong Kong Listed Companies<\/a><\/li>\n<\/ul> HKEX\u2019s DiscretionThe definition of a reverse takeover (RTO) under the HKEX Listing Rules gives the HKEX a very wide discretion to determine that a transaction is designed to circumvent the listing requirements and should be treated as a RTO. Even transactions which are in substance backdoor listings, but do not fall strictly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":99,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>The definition of reverse takeover (\"RTO\") in the Listing Rules gives the Exchange a very wide discretion to determine that a transaction is designed to circumvent the listing requirements and should be treated as an RTO.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Even transactions which are in substance backdoor listings, but do not fall strictly within the RTO description above, may still be considered RTOs subject to the Listing Rules.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>An example of the Exchange's application of its discretion can be seen in <a href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/LD75-1.doc\" target=\"_blank\" rel=\"noreferrer noopener\">Listing Decision 75-1<\/a> of October 2009 . The case concerned a company (\"Company A\") which had long been suspended from trading. At the time of suspension, Company A and its subsidiaries (the \"Group\") were principally engaged in the business of nurturing, selling and trading tree seedlings and seeds. Company A agreed with a third party to dispose of its entire interest in a subsidiary, which at the time conducted the principal business of the Group (the \"Disposal\"). The Disposal constituted a very substantial disposal ('VSD\") for Company A.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>As part of the proposal to resume trading, Company A would enter other transactions and arrangements including:<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:list -->\r\n<ul><li>Equity fund raising; and<\/li><li>Acquisitions of serviced apartments and elderly home businesses (\"New Businesses\") from independent third party vendors for cash consideration (the \"Acquisitions\").<\/li><\/ul>\r\n<!-- \/wp:list -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Following the Disposal, the Group had ceased to operate its original principal business. Company A intended to focus on the New Businesses.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The Company argued that notwithstanding that based on the percentage ratio calculations, the Acquisitions would be a VSA, the transaction did not constitute an RTO since the Acquisitions and other transactions did not involve a change in control.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The Exchange disagreed. It ruled that transactions that are in substance backdoor listings but do not fall within the tests outlined above may still be considered as reverse takeovers. It determined that:<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:list -->\r\n<ul><li>The Group had disposed of the subsidiary and no longer retained any material operating assets and ceased to conduct its original principal business. Company A was in substance a listed shell.<\/li><li>The Acquisitions formed part of a series of transactions and arrangements which constituted an attempt to achieve a listing of the New Businesses.<\/li><li>The Acquisitions would constitute a reverse takeover for Company A and Company A would be treated as a new listing applicant.<\/li><\/ul>\r\n<!-- \/wp:list -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Note that the Listing Rules no longer include a \"listed asset\" exception to the RTO rules which allowed a transaction under which assets were injected into a listed issuer and which amounted to a VSA to be reduced to a major transaction if the assets or a large part of them were listed. Crucially, this meant that the transaction would be subject to shareholder approval, but would not be treated as a new listing even where the asset injection caused a change in majority control.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The removal of the listed asset carve out had significant consequences for restructurings of distressed companies. In the context of a change of control and rescue of the business, one of the principal routes had been an injection of a listed asset. With the exception gone, almost any asset injection resulting in a change of control would be treated as an RTO.<\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[27],"class_list":["post-120","page","type-page","status-publish","hentry","category-ma","cat-27-id"],"_links":{"self":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/comments?post=120"}],"version-history":[{"count":15,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/120\/revisions"}],"predecessor-version":[{"id":233040,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/120\/revisions\/233040"}],"up":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/99"}],"wp:attachment":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/media?parent=120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/categories?post=120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}