Key Developments: Asia Packaging Group Inc (APX.V)

APX.V on TSX Venture Exchange

0.09CAD
6 Nov 2013
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Latest Key Developments (Source: Significant Developments)

Jensen Shawa Solomon Duguid Hawkes LLP files class action against Asia Packaging Group Inc
Wednesday, 30 Apr 2014 11:00am EDT 

Jensen Shawa Solomon Duguid Hawkes LLP:Filed a class action proceeding against Vancouver-based Asia Packaging Group Inc.Says it has filed a Statement of Claim in the Alberta Court of Queen's Bench in Calgary, as a national class action.Says the Statement of Claim alleges that APX and its directors failed to secure proper control over those subsidiaries and their operations, including their boards of directors, corporate seals and records, and bank accounts.Claim alleges that in the fall of 2103 APX lost complete control of its Chinese assets.Claim further alleges that Class Members have lost the entire value of their investment.  Full Article

Asia Packaging Group Inc Announces Re-Filing Of Financial Statements For Quarter Ended December 31, 2012
Tuesday, 10 Sep 2013 07:52pm EDT 

Asia Packaging Group Inc announced that it has taken steps to file its amended and restated December 31, 2012 interim financial statements to reflect a subsequent event disclosure as follows: (i) On January 10, 2013, the Company entered into a land and buildings acquisition agreement with an unrelated party. The agreement consisted of deposits of $19,656,000 made to acquire land and buildings, and this agreement was not disclosed in the Company's December 31, 2012 interim financial statements as a subsequent event, as originally filed; and (ii) The December 31, 2012 interim financial statements have been amended and restated to include Note 19 Subsequent Event, to describe the nature of the deposits made subsequent to December 31, 2012. There is no impact on the results of operations or financial position of the Company as at and for the period ended December 31, 2012 as a result of the restatement.  Full Article

Asia Packaging Group Inc Announces Acquisition Of Property
Thursday, 25 Jul 2013 03:58pm EDT 

Asia Packaging Group Inc announced the acquisition of a land use right and buildings for Yuanxing Packaging (China) Co. Ltd. manufacturing operations in Fujian Province. During the fourth quarter ended March 31, 2013, the Company entered into a land acquisition agreement with Fujian Xinshidai Industry Trade Development Company in the amount of RMB 120 million ($19.6 million). The transaction involves the purchase of the land use right and associated buildings in Fujian Province relating to the manufacturing operation of Yuanxing Packaging. Closing of this acquisition and transfers of the land use right was completed subsequent to the Company's fiscal year end on March 31, 2013.  Full Article

Asia Packaging Group Inc Announces Closing Of Acquisition Of Yuanxing Packaging
Thursday, 6 Jun 2013 09:00am EDT 

Asia Packaging Group Inc announced that it has closed the acquisition of Yuanxing Package (China) Co., Ltd. (Yuanxing). The Company has received the final acceptance from the TSX Venture Exchange (the Exchange) and announced that the Company' shares will resume trading at the opening of market on June 6, 2013. Under the terms of a share purchase agreement dated November 5, 2012, as amended by the First Amendment to Share Purchase Agreement dated February 15, 2013 (collectively the Purchase Agreement), the acquisition of Yuanxing was completed through the purchase of all the issued and outstanding shares in its corporate parent, Jiayuan Investment Limited, from shareholders of Jiayuan Investment Limited. In accordance with the Purchase Agreement, the purchase price of $48 million has been satisfied by payment to the Jiayuan shareholders as follows: At the closing, issued to the Jiayuan shareholders 50,000,000 Asia Packaging Shares at a deemed price of $0.40 per share. At the closing, paid to the Jiayuan shareholders cash in the amount of CAD6,000,000. At the closing, issue to the Jiayuan Shareholders $4,000,000 convertible debentures of the Company. The convertible debentures have a maturity date on the third anniversary of the closing, accrue simple interest at 8% per annum until paid or converted, and may be converted into Asia Packaging Shares at the election of the Jiayuan Shareholders at the conversion price of $0.40 per share;  Full Article

Asia Packaging Group Inc Updates on Acquisition of Yuanxing Package China
Thursday, 14 Mar 2013 08:32pm EDT 

Asia Packaging Group Inc announced that it has received conditional acceptance from the TSX Venture Exchange (the Exchange) for the acquisition (the Acquisition) of all of the issued and outstanding share capital of Jiayuan Investment Limited. (Jiayuan) as previously announced on November 28, 2012. Jiayuan is a BVI holding company that owns all of the issued and outstanding share capital of Yuanxing Holding (Hong Kong) Ltd., which owns all of the issued and outstanding share capital of Yuanxing Package (China) Co., Ltd.  Full Article

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