|
ANNAIK LIMITED
(Company Registration No. 197702066M)
(Incorporated in Singapore with limited liability)
In response to the queries raised by the Singapore
Exchange Securities Trading Limited (“SGX.ST”) on 10 April 2008 in relation to the previous announcement
made on 8 April 2008,the Directors of AnnAik Limited (“the Company” wish to
provide the following additional information relating to the sale of the
property at 48 Gul Crescent Singapore 629542 (the “Property”) under Rule 1010
of the Listing Manual:-
RELATIVE
FIGURES UNDER CHAPTER 10 OF THE LISTING MANUAL
The relative figures computed on the bases set out in
Rule 1006 of the SGX-ST Listing Manual are as follows:
|
Rule
1006(a)
|
The
net asset value of the Property to be disposed of is 6.3% of the Group’s net
asset value, based on the audited financial statements of the Group for
FY2007.
|
|
Rule
1006(b)
|
The
net profit attributable to the Property to be disposed of is about 0.6% of
the Group’s net profit, based on the audited financial statements of the
Group for FY2007.
|
|
Rule
1006(c)
|
The
aggregate value of the consideration received is S$3.45 million, representing
6.2% of the company’s market capitalization of S$55.9 million as at 8 August
2008.
|
|
Rule
1006(d)
|
Not
applicable, as there was no acquisition by the Group.
|
Since the relative figures computed on the bases set
out in Rules 1006(a) and 1006(c) above are more than 5% but less than 20%, the
Directors wish to provide the following additional information:
1.
The book value of 48 Gul Crescent as at 31
march 2008 is $3.4 million with a potential gain on disposal of $50,000 as
compared with the sales proceeds of $3.45 million.
2.
The 10% deposit(inclusive of GST) of
$369,150 is payable to the Company upon acceptance of the options to purchase
and the remaining is due on completion.
3.
The Property is being used by the company
as investment property and currently rented out to a third party.
4.
The disposal of the Property will enable
the Company to unlock its non-core assets and redeploy its resources more
efficiently towards expanding the Company’s existing businesses, as well as
provide additional working capital.
Shareholder’s approval of
the disposal of the Property is not required.
By Order of the Board
Ng Kim Keang
Director
Singapore, 15 April 2008
|
