We refer to the announcement dated 28 January 2014 pertaining to the subject matter. The terms herein shall bear the same meaning as defined in the said announcement.
The Board of Directors of ManagePay wishes to provide additional information on the duration of period of the appointment by PONSB, as requested.
The LOA commenced on 1 July 2013 and shall expire or terminated by MPSB or PONSB upon the occurrence of any of the events set out below, whichever is earlier:-
a) is unable to pay its debts generally as the same become due; or
b) any action is commenced against it for liquidation, dissolution or bankruptcy; or
c) if a trustee or receiver shall be appointed with respect of its assets; or
d) if it makes any form of compromise or scheme of arrangement with its creditors; or
e) ceases to carry on business; or
f) if MPSB or PONSB commits any events of defaults as stipulated under the LOA.
Without prejudice to any other rights of PONSB, if PONSB is satisfied that MPSB, or any of its servant, agent or employee is involved in corruption, illegal activity, dishonesty or unethical practices in relation to the LOA, PONSB shall be entitled to terminate the LOA at anytime by giving written notice to that effect to MPSB.
PONSB shall also be entitled to terminate the LOA by issuing to MPSB one (1) month notice in writing in the event PONSB is of the view that:
a) the supply and delivery of the taxi credit card terminals are not to the satisfaction of or up to the standard required by PONSB;
b) MPSB does not fulfil and discharge its obligations in accordance with the terms and conditions of the LOA.
PONSB shall have the right to terminate the LOA for any reason whatsoever, by giving thirty (30) days written notice to MPSB prior to the proposed date of termination.
This announcement is dated 7 February 2014.