03-08-2020, 08:37 AM
As previously announced, the making of the Partial Offer is subject to the satisfaction and/or waiver (at the discretion of the offeror) of a number of Pre-Conditions. These Pre-Conditions include certain regulatory approvals, as well as there being no material adverse change in the Group's financial performance and condition (the "MAC Pre-Condition"), among others. The MAC Pre-Condition requires, among others, the cumulative net profit after tax but before non-controlling interests (the "PAT") of the Group for the 12 months ended on the balance sheet date of the Latest Subsequent Financials to be more than S$556.9 million.
The Company released the Group's unaudited consolidated financial results for the second quarter ("2Q2020") and half year ended 30 June 2020 (the "2Q2020 Results") on 30 July 2020. Based on the Group's PAT for 2Q2020, is negative S$164.7 million. Accordingly, if the MAC Pre-Condition was assessed based on the 2Q2020 Results, the MAC Pre-Condition would not be satisfied.
At this stage, the Offeror has not made a decision whether to invoke the MAC Pre-Condition based on the 2Q2020 Results. In consultation with the Securities Industry Council of Singapore, the Offeror will disclose, as soon as a decision is made and by no later than 30 August 2020, if it intends to invoke the MAC Pre-Condition based on the 2Q2020 Results. If the MAC Pre-Condition is invoked by the Offeror, the pre-conditional Partial Offer will be withdrawn.
https://links.sgx.com/FileOpen/KIH%20Ann...eID=625935
Wear mask and keep your social distance, everyone
The Company released the Group's unaudited consolidated financial results for the second quarter ("2Q2020") and half year ended 30 June 2020 (the "2Q2020 Results") on 30 July 2020. Based on the Group's PAT for 2Q2020, is negative S$164.7 million. Accordingly, if the MAC Pre-Condition was assessed based on the 2Q2020 Results, the MAC Pre-Condition would not be satisfied.
At this stage, the Offeror has not made a decision whether to invoke the MAC Pre-Condition based on the 2Q2020 Results. In consultation with the Securities Industry Council of Singapore, the Offeror will disclose, as soon as a decision is made and by no later than 30 August 2020, if it intends to invoke the MAC Pre-Condition based on the 2Q2020 Results. If the MAC Pre-Condition is invoked by the Offeror, the pre-conditional Partial Offer will be withdrawn.
https://links.sgx.com/FileOpen/KIH%20Ann...eID=625935
Wear mask and keep your social distance, everyone