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LifeBrandz Ltd's Lux Leisure Pte. Ltd Announces Proposed Acquisition Of Business And Assets Of Qumulus Pte. Ltd

Sunday, 3 Mar 2013 07:13pm EST 

LifeBrandz Ltd announced that Lux Leisure Pte. Ltd. (Lux), a wholly owned subsidiary of the Company has, on March 02, 2013, entered into a master agreement (Master Agreement) in relation to the proposed acquisition of the business and assets of Qumulus Pte. Ltd. (Qumulus). The consideration for the Proposed Acquisition is an aggregate sum of SGD3,480,000 (Consideration ) which is determined based on a willing-buyer willing-seller basis, taking into account various factors such as the service charges paid to Qumulus under the Contract for the period commencing 01, 2012 to December 31, 2012, the remaining term of the Contract, which expires on August 20, 2014 when the present lease for the Club (as defined below) ends, and the Database. The Consideration shall be fully satisfied on Completion Date by the allotment and issue of 300,000,000 new ordinary shares in the capital of the Company (Consideration Shares) to Qumulus and/or its nominee credited at fully paid, at SGD0.0116 for each Consideration Share, being the volume weighted average price of the ordinary shares of the Company (Shares) for trades done on the SGX-ST on March 01, 2013, the full market day preceding the date of the Master Agreement. Completion date is the date on which the last of the conditions has been fulfilled, or such other date as Qumulus and Lux may agree in writing, on or prior to the Long-stop Date. Qumulus is a private company limited by shares incorporated in Singapore in 2011. 

Company Quote

-0.0010 -11.11%
3 Jul 2014