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Dragon Group International Ltd Enters Into Sale And Purchase Agreement With InflexionPoint Technologies Pte. Limited


Thursday, 13 Sep 2012 06:58am EDT 

Dragon Group International Ltd announced that the Company had on September 13, 2012 entered into a conditional sale and purchase agreement (SPA) with InflexionPoint Technologies Pte. Limited (the Purchaser) (together with the Company, the Parties) for the proposed disposal (the Proposed Disposal) by the Company of its entire shareholding interest of 44,015,881 ordinary shares in its wholly-owned subsidiary Dragon Technology Distribution Pte. Ltd. (DTD) (the Sale Shares). The Proposed Disposal will be effected via the disposal of the Sale Shares for a sum of USD19,400,000. The Consideration shall be satisfied by the Purchaser in the following manner: on the Completion Date, the Purchaser shall pay USD15,520,000 (being 80% of the Consideration before the adjustment mechanism set out in the SPA); on the first anniversary of the Completion Date, the Purchaser shall pay USD1,940,000 (being 10% of the Consideration before the adjustment mechanism set out in the SPA), provided the NTA on such date is equal to or more than the NTA on the Completion Date; and on the second anniversary of the Completion Date, the Purchaser shall pay USD1,940,000 (being 10% of the Consideration before the adjustment mechanism set out in the SPA) or (if the 10% payable on the first anniversary of the Completion Date was not paid) USD3,880,000 (being 20% of the Consideration before the adjustment mechanism set out in the SPA). 

Company Quote

0.08
0.0030 +3.90%
25 Jul 2014