Making its way to Sri Lanka. The 41.8% stake, or 60.63m shares in Odel, will be acquired from the Gunewardene Family at a 9.8% premium over the weighted average price of Odel on 25 July. Post acquisition, the Gunewardene Family will still own 60.3m shares in Odel, representing 41.8% of the company's paid-up share capital.

Raising funds for Sri Lanka expansion. The proposed acquisition is expected to be completed sometime end-July or early August 2012. Subsequent to the transaction, PRA will have to make a general offer for all the remaining shares of Odel while the Gunewardene Family will provide an irrevocable undertaking not to accept PRA's mandatory offer for its remaining stake in Odel. After the acquisition, Odel will undertake a 1-for-1 rights issue of shares to raise approximately SGD27.7m to fund the company's development and expansion in Sri Lanka. The proposed acquisition and rights issue will be financed by PRA's internally generated funds and is not subject to obtaining its shareholders' approval.