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| Wednesday, 28 December 2011, 11:25 HKT/SGT | |
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Source: China Trends | |
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HONG KONG, Dec 28, 2011 - (ACN Newswire) - China Trends Holdings Limited ("China Trends", Stock Code: 8171.HK) announces today that, a second supplemental agreement in respect of the acquisition on Full Smart Asia Limited ("Full Smart") has been made with effect from next year.
Following further negotiations, the Company, the Vendor and the Guarantor have, on 23 December 2011 (after trading hours), entered into a second supplemental agreement to vary the terms of the Agreement and First Supplemental Agreement in respect of the Acquisition, with effect from 1 January 2012, (i) the Company and the Vendor have agreed to turn HK$22,800,000 deposit paid by the Company into 20% of the Sale Share, and (ii) the Company reserves the right to acquire the remaining 80% of the Sale Share before 1 January 2015 by paying HK$113,740,000 Convertible Bonds and HK$91,460,000 Promissory Note to the Vendor when the net asset value (after the Company's assessment or audited) of Full Smart reaches HK$228,000,000.
If the Company acquires the remaining 80% of the Sale Share, circular will be dispatched to the Shareholder. If the conditions have not been fulfilled (or as the case may be, waived by the Company) on or before 1 January 2015, or such later date as the Vendor and the Company may agree, the acquisition of remaining 80% of the Sale Share shall cease and terminate, and thereafter neither party shall have any obligations and liabilities towards each other thereunder save for any antecedent breaches of the terms thereof.
Contact:
Carmen Lee
China Trends Holdings Limited
Email: carmen.lee@8171.com.hk
Tel: (852) 2111 9988
Direct: (852) 2155 6275
Topic: Press release summary
Source: China Trends
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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