Member Info for vams12

Hello,

This Rns confirms whats have been stated in the form 4/A 2. There is a background section where you got info of what happened before the deal was announced, it says this:

On May 20, 2022, Wan Heng Chee held an initial call with Dato Hussian A. Rahman, the Chief Executive Officer of MobilityOne, to discuss a possible acquisition or strategic joint venture arrangement with MobilityOne or its affiliates.

On May 25, 2022, Wan Heng Chee and Dato Hussian A. Rahman met to further discuss the terms of a potential business arrangement. During this meeting, Wan Heng Chee proposed acquiring 100% of OneShop Retail for cash consideration and entering into an agreement with MobilityOne to continue to obtain MobilityOne’s support in operating the business after consummation of such acquisition.

And also this:

The reason why TETE did not directly acquire the 60% interest in OneShop Retail and the point of acquiring the interest indirectly through Super Apps was that:

(1) prior to the introductory meeting between Tek Che Ng and Wan Heng Chee, Super Apps was already in discussion with MobilityOne regarding the acquisition of an ownership interest in OneShop Retail;

(2) a key aspect of Super Apps’ strategy in pursuing the joint venture with MobilityOne was the growth potential that could be unlocked through the collaboration agreement with MyIsCo, which agreement was already being negotiated by Super Apps when Wan Heng Chee was introduced to Tek Che Ng; and

(3) the execution of the deal between MobilityOne, MyIsCo and Super Apps was made possible by The Bradbury Group’s network of relationships and TETE would not have been able to identify and arrange the joint venture opportunity with MobilityOne and the collaboration arrangement with MyIsCo.

Basically Super Apps and MBO were previously in discussions to buy OneShop prior of the possibility of making the company public via TETE.

IMO the completion of the disposal is for the following reason:

To make the JV happen with Super Apps either TETE gets the regulatory approvals or not.(which was the initial plan)

If TETE dont get the approval we wouldn't know which should be the scope of the payment which I think will be negotiated later(MBO haves a clausule to buy back if price is not good).

In any ways, TETE going through or not I think this will play out good.

Regards.

Where did you see that? No RNS. No sec filling from TETE.

Do you guys know which broker currently allows the trading of this stock? Trying Interactive Brokers but cant.

Thanks!!

Mergers usually gets approval from the shareholders. Think that sponsor controls a great chunk of the shares + the non redeeming shareholders wants a de-spac to happen. This previous step seems a pity though but seems logical to do 1-1 month ampliation instead of 3 months, which can be done without EGM.

Extension of the termination date for TETE seems really reasonable given the fact that de-spacs last on average 5-6 months since announced, so as they have the termination date in January they will need a couple of more moths to gather everything up. Thats a a common practice for spacs.
No worries at all in my opinion. I think market is discounting that deal will not go through, however most of the Spac deals once the target is selected and the deal announced usually goes through.

Rns is quite good.

11p of cash only conditional to the merge happening + 3,76p worth of shares subject to meeting revenue target.
Core business unaffected and it growths MBO revenue bc MBO still holds 40% of OneShop expected to have 100m+ revenue 20223 , with primary client ANGKASA which is a based company of Malaysa.
Balance sheet with plenty of cash.
MasterCard, SWIFT still in play which can add more revenue to this.
Short term the business may suffer, becouse it is a low margin business and inflation is not good for this type of business. Hope they pivot to better margin business with their software + all the network it have.