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Anxin China Holdings Ltd Announces Second Supplemental Acquisition Agreement


Friday, 17 Aug 2012 08:00am EDT 

Anxin China Holdings Ltd announced that reference to the announcements dated November 14, 2011 and January 10, 2012, respectively, the Company in relation to the acquisition of the entire issued share capital in Yu Hong Investments Limited (Target). The Target Group’s financial performance did not fulfill the guaranteed profits of HKD29,888,560 for the year ended December 31, 2011, HKD8,654,592 for the three months ending March 31, 2012, and HKD30 millions for six months ending June 30, 2012 as stipulated in the supplemental agreement dated January 10, 2012. Therefore, the Company has withheld the payment of the part of the Cash Consideration in the sum of HKD96.7 million to the Vendor. On August 17, 2012, the Company, the Vendor and the Guarantor entered into a second supplemental acquisition agreement in relation to the Remaining Cash Consideration, pursuant to which the parties have agreed that: if the 2012 Actual Profit turns is able to fulfill the 2012 Profit Guarantee as stated in the Acquisition Agreement, the Company shall, within one month after the auditor appointed by the Company has audited the accounts of the Target Group for the year ended December 31, 2012, pay to the Vendor and if the 2012 Actual Profit turns is less than the 2012 Profit Guarantee, the 2012 Compensation Amount shall be deducted from the principal amount of the Promissory Note and the Remaining Cash Consideration. 

Company Quote

1.04
0.0 +0.00%
11 Jul 2014