For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Companys announcement dated 14 July 2014 in relation to the Proposals.
We refer to the Companys announcement dated 14 July 2014 in relation to the Proposals.
On behalf of the Board, KAF Investment Bank Berhad wishes to announce that Wintoni had on 4 November 2014 received a letter from OISB requesting for the termination of the Acquisition SPA on the ground that there is a potential delay in fulfilling all the conditions precedent to the Acquisition SPA within the Conditional Period and therefore, the Proposed Acquisition may not be completed on a timely manner to meet the funding requirement of OFSB. The Board, having considered the request from OISB as well as the unsatisfactory outcome of the financial due diligence review on OFSB, agreed to accede to OISBs request to terminate the Acquisition SPA (Termination). Following the Termination,:-
(a) OISB shall within 7 days of demand from Wintoni forthwith refund or cause to be refunded to Wintoni the Deposit of RM2,484,960, failing which interest on such sum calculated at the rate of 8% per annum for the period commencing from the date of such demand to the date of actual payment shall be payable by OISB to Wintoni; and
(b) the Proposals shall be revised accordingly, particularly on the basis and quantum of the Proposed Rights Issues as well as the utilisation of the proceeds to be raised therefrom, the details of which shall be determined and announced in due course.
The Termination is not expected to have any material impact on the consolidated EPS and NA per share of Wintoni for the FYE 31 December 2014.
This announcement is dated 4 November 2014.