TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): RELATED PARTY TRANSACTIONS LATITUDE TREE HOLDINGS BERHAD (“LTHB” OR “THE COMPANY”) - DISPOSAL OF 1,997,500 ORDINARY SHARES OF THB100 EACH IN GROB HOLZ CO. LTD. (“GHCL”) REPRESENTING 85% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF GHCL BY GROB HOLZ SDN BHD (“GHSB”) TO LATITUDE TREE INTERNATIONAL GROUP LTD. (“LTIG”) FOR A TOTAL CONSIDERATION OF THB148,560,000
Amended Announcements
Please refer to the earlier announcement reference number: CC-111027-57746
| LATITUDE TREE HOLDINGS BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description | LATITUDE TREE HOLDINGS BERHAD (“LTHB” OR “THE COMPANY”) - DISPOSAL OF 1,997,500 ORDINARY SHARES OF THB100 EACH IN GROB HOLZ CO. LTD. (“GHCL”) REPRESENTING 85% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF GHCL BY GROB HOLZ SDN BHD (“GHSB”) TO LATITUDE TREE INTERNATIONAL GROUP LTD. (“LTIG”) FOR A TOTAL CONSIDERATION OF THB148,560,000 |
Further to our announcement made on 31 October 2011, the Board of Directors of LTHB wishes to inform the amendments and furnish additional information as follows:- 1) Highest percentage ratio applicable to the Proposed Disposal of Shares which read as: The Proposed Disposal of Shares is deemed to be a related party transaction pursuant to Chapter 10 of the Listing Requirements. In respect of paragraph 10.02(g) of the Listing Requirements, the highest percentage ratio applicable to the Proposed Disposal of Shares should read as 2.19%, based on LTHB’s audited consolidated financial statements for financial year ended 30 June 2011. should read as: The Proposed Disposal of Shares is deemed to be a related party transaction pursuant to Chapter 10 of the Listing Requirements. In respect of paragraph 10.02(g) of the Listing Requirements, the highest percentage ratio applicable to the Proposed Disposal of Shares should read as 2.8%, based on LTHB’s audited consolidated financial statements for financial year ended 30 June 2011. 2) Effect of the Proposed Disposal of Shares in respect of the share capital and substantial shareholders’ shareholdings which read as:- The Proposed Disposal of Shares will not have any effect on LTHB’s issued and paid-up share capital or its substantial shareholders’ shareholdings in LTHB as it will be satisfied entirely by way of capitalisation of non-trade debts. should read as: The Proposed Disposal of Shares will not have any effect on LTHB’s issued and paid-up share capital or its substantial shareholders’ shareholdings in LTHB as it will be satisfied entirely by cash. 3) Timeframe for utilisation of the proceeds The timeframe for the utilisation of the proceeds is within three (3) months from the completion of the Proposed Disposal of Shares. 4) Assumption of liabilities by LTIG arising from the Proposed Disposal of Shares Other than the liabilities incurred in the ordinary course of business, there are no liabilities to be assumed by LTIG. 5) Estimated time frame for completion of the Proposed Disposal of Shares The Proposed Disposal of Shares is expected to be completed within three (3) months from the date of the Agreement. This announcement is dated 2 November 2011. | |
Announcement Info
| Company Name | LATITUDE TREE HOLDINGS BERHAD |
| Stock Name | LATITUD |
| Date Announced | 2 Nov 2011 |
| Category | General Announcement |
| Reference No | CC-111101-64376 |
