18 May 2016 07:00
World Trade Systems PLC
Announcement
World Trade Systems PLC 18 May 2016
Update of transaction with Suzhou Weibao Investment Co Ltd ( SZWB)
Further to our previous announcement dated 15 Feb 2016, we are please to announce that the parties to the Memorandum of Understanding have agreed on the following structure in order to expedite the implementation process :
Kudrow Finance Ltd ("Kudrow") has transferred to SZWB and SZWB agrees to purchase from Kudrow, a total of 2,500,000 ordinary voting shares of WTS representing 28.55% of total issued and outstanding shares as at today with voting rights for 28.55%, (the "Sale Shares"). Kudrow's shareholding will reduce to 37.44% of the total issued and outstanding shares.
Dr Shao Chen, as Director and effectively 28.55% shareholder, has undertaken to use his knowledge and know-how to develop WTS with business activities similar to that of SZWB, and/or those of other companies in its group (collectively, the "SZWB Businesses"), such that WTS will be able to apply for and successfully obtain approval from the United Kingdom Listing Authority ("UKLA") and the Financial Conduct Authority ("FCA") for the resumption of trading of WTS's shares on the Main Board of the LSE.
Dr Shao Chen has been appointed Vice Chairman of the Company with immediate effect. WTS is incorporating a wholly-owned subsidiary in China and the business is expected to commence as soon as possible.
Avalon Enterprises Ltd and JH Global Partners Ltd remain committed to subscribe to additional shares which may be necessary to capitalise the Company in preparation for lifting the suspension subject to shareholders approval. Similarly, SZWB and Dr Shao Chen remain committed to grant loans which require shareholder approval as a related party loans if so required to build the business necessary to be eligible for lifting the suspension.
We are pleased to inform you that the other professionals are being appointed to make an application for the lifting of suspension of the shares in the London Stock Exchange and we look forward to all shareholders support in these endeavors.
Robert Lee
Chairman
18 May 2016