We refer to the Company’s announcement dated 21 March 2014 on the Put Option and Tag-Along Agreement (“POTA”) and Bursa Malaysia Berhad’s query letter dated 25 March 2014.
The Company hereby furnishes the following additional information:
1. The consideration was arrived after considering amongst others the discounted cash flow method of valuation, comparable transactions and comparable trading multiples.
2. The net profits and net assets of Packet One Networks (Malaysia) Sdn Bhd (“P1”) based on its latest audited financial statements 31 December 2012 were RM124,455,603 and RM37,324,453.
3. The effects of the exercise of the POTA by Intel Capital Corporation are as follows:
3.1.1 Issued and paid-up share capital
The POTA will not have any effect on the issued and paid-up share capital of the Company.
3.1.2 Substantial shareholders’ shareholdings
The POTA will did not have any effect on the shareholdings of the substantial shareholders of GPB. However, the POTA has an effect on GPB’s shareholdings in P1, which is illustrated in Table A.
3.1.3 Earnings Per Share (“EPS”)
The POTA is not expected to have a material effect on the EPS of the GPB Group.
3.1.4 Net Assets (“NA”) per share and gearing
The POTA is not expected to have a material effect on the NA per share and gearing of the Group.
4. The entry into the POTA was expected to provide an opportunity for the Company to increase its shareholdings in its major subsidiary, Packet One Networks (Malaysia) Sdn Bhd (“P1”).
5. The liabilities (including contingent liabilities and guarantees) to be assumed by the Company, if any are immaterial
6. Statement by the Board
Having considered all aspects including the business and commercial factors, the Directors are of the opinion that the exercise of the POTA by the Company is in the best interests of the Company and Group.
This announcement is dated 27 March 2014.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1578373