The board of directors (the “Board”) of mm2 Asia Ltd. (the “Company”, and together with its subsidiaries, the “Group”) refers to the announcements released by the Company on 3 March 2015, 8 April 2015, 14 May of 2015, 31 January 2018, 7 April 2018, 23 April 2018, 15 May 2018, 28 August 2018 and 29 August 2018 (the “Announcements”). Unless otherwise defined, all terms and references used herein shall bear the same meaning ascribed to them in the Announcements.
Further to the Announcements on the Proposed Spin-off of the Company’s 51% owned subsidiary Vividthree Holdings Ltd. (“VVH”), the Board wishes to announce that VVH has on 12 September 2018 increased its issued and paid-up share capital by S$2,181,515 by way of further allotment and issuance of an aggregate of 10,211,764 new ordinary shares to the Pre-IPO Investor and to employees of VVH and its subsidiaries (collectively, the “New Shares”), as part of the Proposed Spin-Off and listing of VVH.
Upon the completion of the allotment and issuance of the New Shares, the Company’s interest in VVH has decreased from 51% to approximately 49.15% (“Change of Interest”).
The Change of Interest is not expected to have any material impact on the consolidated earnings per share and/or net tangible assets per share of the Group for the financial year ending 31 March 2019.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above Change of Interest, other than through their respective interests (if any) in the Company.
The Company will announce any material developments on the Proposed Spin-off as and when appropriate.
The Company would like to highlight that the Proposed Listing is dependent on and subject to, requisite approvals from the relevant regulatory authorities, compliance with the Catalist Rules and the then-prevailing market conditions. Further, the Directors may, notwithstanding that all requisite regulatory approvals have been obtained, decide not to proceed with the Proposed Listing if, having regard to investors’ interests and response at the material time and any other relevant factors, the Directors deem it not in the interests of the Company to proceed with the Proposed Listing.
Shareholders and other investors are reminded to exercise caution when dealing in the securities of the Company and should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers if they are in doubt about the actions that they should take.
BY ORDER OF THE BOARD
Melvin Ang Wee Chye
13 September 2018