Aptech Ltd has informed that the Board of Directors of the Company at its meeting held on March 18, 2008, has transacted the following:
1. The Board noted the filing of application with Central Government under Section 212(8) of the Companies Act, 1956 for seeking exemption from attachment of subsidiary(ies) accounts for the year ended December 31, 2007.
2. Further it is being informed that, Aptech has had a 50:50 JV in China since 1999. It has been the endeavor of the present Board of Directors and the Management team to unlock the, value of its China JV. Many significant investors have also asked about this from time to time.
The Board has now received an offer from Aptechs China JV Partner, which outlines a draft framework agreement (the Framework Agreement) whereby the China JV Partner and Aptech will have full alignment of equity interest in a holding company (the Holding Company) incorporated outside of the Peoples Republic of China (the PRC) that may seek a listing on an internationally recognized stock exchange for which work is progressing in right earnest. Upon completion of the transactions as contemplated in the Framework Agreement, Aptech will receive 22% of the outstanding shares in the Holding Company as of the transaction completion date and, in exchange, the Holding Company will receive the 50% equity interest in the China JV that Aptech presently owns.
The Board deliberated on the same and believes that Aptech and its shareholders will benefit from the following through the transactions as contemplated by the Framework Agreement:
i. With the combined assets of both the China JV and the China JV Partner, the Holding Company will have larger and more streamlined business operations and stronger cash flows comparing to those of the China JV on a standalone basis.
1. The Board noted the filing of application with Central Government under Section 212(8) of the Companies Act, 1956 for seeking exemption from attachment of subsidiary(ies) accounts for the year ended December 31, 2007.
2. Further it is being informed that, Aptech has had a 50:50 JV in China since 1999. It has been the endeavor of the present Board of Directors and the Management team to unlock the, value of its China JV. Many significant investors have also asked about this from time to time.
The Board has now received an offer from Aptechs China JV Partner, which outlines a draft framework agreement (the Framework Agreement) whereby the China JV Partner and Aptech will have full alignment of equity interest in a holding company (the Holding Company) incorporated outside of the Peoples Republic of China (the PRC) that may seek a listing on an internationally recognized stock exchange for which work is progressing in right earnest. Upon completion of the transactions as contemplated in the Framework Agreement, Aptech will receive 22% of the outstanding shares in the Holding Company as of the transaction completion date and, in exchange, the Holding Company will receive the 50% equity interest in the China JV that Aptech presently owns.
The Board deliberated on the same and believes that Aptech and its shareholders will benefit from the following through the transactions as contemplated by the Framework Agreement:
i. With the combined assets of both the China JV and the China JV Partner, the Holding Company will have larger and more streamlined business operations and stronger cash flows comparing to those of the China JV on a standalone basis.
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