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According to the RNS on the 1st Feb ...confirmation should have been issued by today at the latest... ".......Telit has agreed to grant a short extension, and considering the Chinese New Year holiday, completion is now expected to occur on or before 20 February 2019. Sean Shen, President of TUS international, commented: "We are pleased to have obtained shareholder approval and remain committed to the completion of this transaction. We expect to finalise the outstanding items and reach completion of the transaction shortly." Paolo Dal Pino, Executive Chairman of Telit, commented: "We look forward to announcing the completion of the transaction within the next three weeks."
I would imagine that we'll get and RNS shortly saying something like...... Apparently they have lost the cheque down the back of the sofa.
Statement issued by TUS on 1st Feb..... An update is required!
Note that about $100m needs to be raised and the Market Cap of TUS is 1B HKD.
As additional time is required for the parties to finalise the debt arrangement for Completion,
and taking into account the forthcoming Chinese New Year holidays in February 2019, on
1 February 2019, the parties to the Acquisition Agreement entered into a side letter (the
“Extension Letter”), pursuant to which the parties agreed, among other matters, to extend the
Completion Date to 20 February 2019, unless an earlier date is agreed between the parties.
Pursuant to the Acquisition Agreement, the parties also agreed that the Vendors shall ensure
that a draft of the Completion Accounts (the “Draft Completion Accounts”) is prepared and
delivered to the Company on or before the date falling 15 Business Days after Completion
(such date being referred as the “Draft Completion Accounts Delivery Date”). As additional
time is required to prepare the Draft Completion Accounts, pursuant to the Extension Letter,
the parties agreed to extend the Draft Completion Accounts Delivery Date to a date falling on
or before 45 Business Days after Completion.
Save as disclosed above, all other material terms and conditions of the Acquisition Agreement
remain unchanged and in full force and effect.
Shareholders and potential investors of the Company are advised to exercise caution
when dealing in the Shares and other securities of the Company.
By order of the Board
TUS International Limited
Ma Chi Kong Karl
Chairman
I feel ya... its window shoppers without any dollar to spend..... such a waste of time!!!!
Fortune cookie says..........beware of Chinese companies bearing cash but have empty pockets.....
The absolute silence from BOD confirms we have been dodged by so called Chinese buyers again!!!
been waiting here for months now... one would have hoped the company knows what they are doing... $hamble$!!!
Well today is the day. I wonder if our Chinese friends stumped up the cash for the automotive division? Or were they just tyre kickers?
Only 1 day left for our little Chinese friends to stump up the cash. On or before the 20th of Feb for completion, that was the final deadline given by Telit. Well talk about taking it to the wire....I wonder if they have the cash?
2 days left for our Chinese tyre kicking friends to get the cash out of their little wallets. I wonder if they are just playing for more time cause they don't have the cash. There should have been penalties put in the contract for backing out. Let's see what happens but no news so far.
Todays Fortune Cookie says.........every silver lining has a cloud.......
Apparently Chinese new year has been extended until the end of November 2019...lol
Today's fortune cookie says...No cash no matter, seller will give it away cheaper tomorrow..
Fortune cookie says..........beware of Chinese companies bearing cash but have empty pockets.....
Still no news on the sale. Was it just the Asian buyers messing around pretending to have the money, not looking very good at the moment?
Will the Asian buyers find the cash by the 20th Feb deadline, or are they just a bunch off tyre kicking time-wasters???
Have added more today. Lets see what this week brings
Punters very impatient for the deal to get through.
Just read the RNS. Sale delayed due to Chinese New Year, should complete by 20th February.
Shorttracker Dec 16...6.77 percent Jan 30...4.13 tide has turned?
A long due recovery imo.... lets see what tomorrow brings..gla
Some huge sells in the mid 130's early afternoon, followed by some fairly large buys in the mid 140's later in the afternoon, very puzzling trading pattern.
Hi Jay, I thought that I was the only one left here. I got out about a year ago and been watching this drama play out, still a few little bumps in the road but got back in a couple of weeks ago. GLA, PS..has someone twigged what's going on this afternoon, sudden rise to144p, perhaps confirmed Automotive sale maybe?
Hi Moniman
You are not the only person that thinks Market has got it wrong here.... I also see a nice upside from current levels.... been here for a couple of weeks now after announcement from company of sale.... plus the fact cost-restructuring is coming along nicely
Once debt gone and load of cash to invest with good "back to growth" strategy... we might not have to wait long..... GLA
Well am I missing something. Automotive sale worth at least $105 million going through 31Jan 2019. Net debt $30million, so what's going to happen to all that spare $75 million in cash...special dividend maybe? With earnings close to 20p per share according to latest accounts are we undervalued (PE of 6) is something missing here??? Answers please.