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14 Feb 2018 11:17
14 February 2018
Sealand Capital Galaxy Limited (LSE: SCGL)
("Sealand" or the "Company")
Disposal of locked-in shares
As announced by the Company in its prospectus dated 22 February 2017, Chua Tien San agreed with the Company not to dispose of, and to procure that no party associated with him disposes of, any of the shares in the Company for a period of 24 months from the date of admission, subject to certain limited exceptions (the "Lock-in").
The Company announces that it has been made aware that a minimum of 10.8 million ordinary shares of £0.0001 each in the Company (each an "Ordinary Share") were transferred to a third party by Mr Chua in December 2017, in breach of the terms of the Lock-in.
In addition, the Company is investigating the circumstances surrounding transfers of a further 17.2 million Ordinary Shares by Mr Chua in December 2017, in breach of the terms of the Lock-In.
The Company's attempts to ascertain the level of Mr Chua's current ownership and enforce the terms of the Lock-in are ongoing. However, the Company has received certain assurances in connection with 81.3 million Ordinary Shares that trading in such Ordinary Shares will not be permitted pending resolution of this matter and, in relation to 62 million of the 81.3 million Ordinary Shares, Mr Chua has agreed to extend the Lock-in for a further period of six months, until 28 August 2019.
The Company will update the market with further developments in due course.
Enquiries:
Sealand Capital Galaxy
Nicholas Lyth, Non-Executive Director 07769 906 686
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