We refer to our announcements dated 24 May 2006 wherein Nylex has entered into a sale and option agreement ("Agreement") with Mr Lim Yee Hoe ("Vendor") for the acquisition of 39,976,670 issued shares in Megachem representing 29.99% of the issued share capital of Megachem for a cash consideration of S$7,995,334 and the subsequent announcements in relation thereto.
We refer to our announcements dated 24 May 2006 wherein Nylex has entered into a sale and option agreement ("Agreement") with Mr Lim Yee Hoe ("Vendor") for the acquisition of 39,976,670 issued shares in Megachem representing 29.99% of the issued share capital of Megachem for a cash consideration of S$7,995,334 and the subsequent announcements in relation thereto. Nylex had on 6 July 2006 ("First Sale Completion Date") and 5 September 2006 ("Second Sale Completion Date") made payments to the Vendor totalling S$1,599,600 for the 6% of the issued shares of Megachem. The payment for the balance 23.99% of the issued shares amounting to S$6,395,734 ("Final Payment") is due and payable on the date of the third anniversary of the First Sale Completion Date, that is, 6 July 2009.
The Board of Directors of Nylex wishes to announce that Nylex had on 22 May 2009 exercised the put option (granted by the Vendor pursuant to the Agreement) to require the Vendor to purchase from Nylex the 39,976,670 Megachem shares at S$0.20 per share. On even date, the Vendor has paid Nylex the aggregate cash consideration of S$1,599,600 (after setting off the Final Payment).
The exercise of the put option does not have any effect on the issued and paid-up capital and substantial shareholders' shareholdings of Nylex and the earnings per share, net asset per share and gearing of Nylex and its subsidiaries.
None of the Directors or substantial shareholders of Nylex or persons connected to them have any interest, direct or indirect, in this transaction. |
25/05/2009 - NYLEX (MALAYSIA) BERHAD ("NYLEX")