HUBLINE BHD
KLSE (MYR): HUBLINE (7013)
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CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
topkek
510 posts
Posted by topkek > 2019-01-02 19:46 | Report Abuse
Reference is made to our Announcement dated 21 December 2018 in relation to the proposed acquisition of 510,000 ordinary shares representing 51% equity interest in Layang Layang Aerospace Sdn Bhd (Company No. 243883-V) for a total purchase consideration of RM 14.198 million.
Unless otherwise stated, the definitions used in this Announcement shall carry the same meanings as defined in our announcement on 21 December 2018.
Please note that the following section of the Announcement has been elaborated as follows:
Section 3.3 Profit Guarantee
The vendors, jointly, severally and unconditionally guarantees to Hubline that the existing and identified businesses of Layang Layang Group will generate a Profit after Tax (“PAT”) of not less than RM 10.5 million in total with a minimum of RM 3.0 million profit after tax for any one year, for the financial years ending 31 December 2019, 2020 and 2021, or its equivalent 36 months (“Guarantee period”) after taking into account the intended change of financial year end to 30 September to be co-terminus with the financial year of Hubline.
This Guarantee is given by the Vendors to Hubline and is supplemental to and a condition precedent under the SSA whereby Hubline has agreed to purchase and the Vendors has agreed to sell the Sale Shares on the terms and conditions therein.
As a condition precedent under the SSA, a security deposit of RM 3.5 million will be left with Hubline’s solicitors as security for the Vendor’s unconditional guarantee. This guarantee may be called upon in the event that in any one year the minimum RM 3.0 million profit guarantee is not met. In that circumstance, Hubline will be entitled to the shortfall from this security deposit. This will include an event whereby Layang Layang makes a loss after tax. In such a circumstance, Hubline will be entitled to the shortfall to cover the loss plus the RM 3.0 minimum profit guarantee in that year.
However, if Layang Layang is subsequently able to generate the total guaranteed sum within the three (3) year guarantee period, the whole RM 3.5 million security deposit will be returned to the vendors. To further clarify, in the event there is an overall shortfall after three (3) years from RM 10.5 million and this shortfall is more than the security deposit of RM 3.5 million, the vendors will top up the shortfall such that the Company will receive the difference between the guaranteed PAT of RM 10.5 million and the actual PAT for the guarantee period.
The remaining information contained in the Announcement dated 21 December 2018 remain unchanged.
This announcement is dated 2 January 2019
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6025189