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Latitude Tree Holdings Bhd Proposes Acquisition Of All Subsidiaries Of Latitude Tree International Group Ltd For Revised Aggregate Consideration Of SGD48,750,000.00

Thursday, 28 Mar 2013 07:02am EDT 

Latitude Tree Holdings Bhd announced with to earlier announcements on behalf of the board of directors of LTHB, AmInvestment Bank Berhad announced that following negotiations between LTHB and LTIGL, AmInvestment Bank had, on behalf of LTHB, served a supplemental letter of offer (Revised Offer Letter) to the board of directors of LTIGL on March 28, 2013 to increase the aggregate consideration for the Proposed Acquisitions to SGD48,750,000 (Revised Purchase Consideration). The non-interested Directors of LTIGL have agreed on even date to accept the revised offer made by LTHB (Revised Offer). e Revised Purchase Consideration shall be satisfied in the following manner:- by way of set-off against the capital due to be returned to LTHB amounting to the sum of SGD46,444,200.00 following the cancellation of 186,000,000 ordinary shares in LTIGL held by LTHB pursuant to a selective capital reduction exercise proposed to be carried out by LTIGL (Proposed SCR) within four weeks (or such other timeframe as LTHB determines in consultation with LTIGL) after the satisfaction of all the conditions precedent (“Completion Date”) as stipulated in the Offer Letter; and the balance of the Revised Purchase Consideration of SGD2,305,800.00 to be paid in cash (Cash Portion) on Completion Date. The Revised Purchase Consideration of SGD48,750,000.00 (equivalent to approximately MYR121,509,375.00) per LTIGL Share. 

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21 Oct 2014