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PR Newswire
19-04-2014, 10:00 PM
Pteris Global Limited (“Pteris Global” or the “Company”) refers to the full year results
announcement released on 27 February 2014 (“Results Announcement”).
As set out in the Results Announcement, as at the end of the financial year ended 31 December
2013, the Group has breached certain bank covenants in relation to the loans from its principal
bankers. The Group did not fulfil the requirement to maintain tangible networth of no less than
S$40 million at all times. The banks are contractually entitled to request immediate repayment
of the outstanding loan amounts. Nevertheless, the Group has managed to obtain an agreement
from the banks to waive the breach for the financial year ended 31 December 2013.
The Company had on 17 April 2014 received the formal waiver letter and wishes to highlight to
shareholders that the waiver is effective as from 1 January 2014 to the earlier of the Reverse
Takeover Effective Date or 31 August 2014 and is subject to the following conditions:
(a) as a condition precedent to the waiver to become effective - receipt by the banks of the
executed financial support undertaking provided by CIMC to the Company; and
(b) as an ongoing requirement for the waiver to remain effective - the Company’s board of
directors to remain substantially unchanged until completion of the Reverse Takeover.
announcement released on 27 February 2014 (“Results Announcement”).
As set out in the Results Announcement, as at the end of the financial year ended 31 December
2013, the Group has breached certain bank covenants in relation to the loans from its principal
bankers. The Group did not fulfil the requirement to maintain tangible networth of no less than
S$40 million at all times. The banks are contractually entitled to request immediate repayment
of the outstanding loan amounts. Nevertheless, the Group has managed to obtain an agreement
from the banks to waive the breach for the financial year ended 31 December 2013.
The Company had on 17 April 2014 received the formal waiver letter and wishes to highlight to
shareholders that the waiver is effective as from 1 January 2014 to the earlier of the Reverse
Takeover Effective Date or 31 August 2014 and is subject to the following conditions:
(a) as a condition precedent to the waiver to become effective - receipt by the banks of the
executed financial support undertaking provided by CIMC to the Company; and
(b) as an ongoing requirement for the waiver to remain effective - the Company’s board of
directors to remain substantially unchanged until completion of the Reverse Takeover.