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8I HOLDINGS LTD — Capital/Financing Update 2015
May 24, 2015
64264_rns_2015-05-24_1c4b80e2-bfac-4e8e-a115-fce49b18a3a9.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT / MEDIA RELEASE
For Immediate Release
8I Holdings Limited (ASX: 8IH)
Sale of further interest in CPA Academy for S$10,000,000
May 25 2015, Singapore
8I Holdings (ASX:8IH) (“8IH” or “the Company”) is pleased to advise that it has entered into a binding agreement to sell down its stake in CPA Academy Limited (“CPA”) for S$10,000,000 (“The Transaction”), subject to 8IH shareholder approval.
Corporate Restructuring of CPA Academy for anticipated IPO
As part of the Transaction, 8IH and all others shareholders of CPA will transfer their interest in CPA to a new Singapore based holding company, Digimatic Group Ltd (“Digimatic”). 8IH will receive 134,571,000 shares in Digimatic, representing (28.18%) of Digimatic shares on issue, in consideration of its interest in CPA.
8IH has entered into a binding agreement to sell 68,320,000 shares in Digimatic to Champion Star United Inc (“Champion”) for S$10,000,000 in cash, subject to shareholder approval. This will result in 8IH retaining a 13.8% stake in Digimatic. Champion earlier acquired 20% of CPA from 8IH for S$4,500,000 on March 30 2015.
Per the terms of the agreement, 8IH has today received a deposit of $5,000,000 with the balance of $5,000,000 due on completion of the agreement. Should Completion not be concluded by 31 December 2015, 8IH is obliged to refund the deposit.
Goldbell Towers, 47 Scotts Road, #03-03/04, Singapore 228233 | t +65 6225 8480 | f +65 6235 0332
Anticipated Listing of Digimatic
Digimatic intends to list on the ASX or other recognised stock exchange in the near future. Therefore, and as a condition precedent to completion of the Transaction, 8IH will seek shareholder approval for the Transaction to satisfy ASX Listing Rule 11.4 and any other regulatory requirements.
8IH Executive Chairman Mr Ken Chee commented “We are excited to sell down a further stake in CPA and 8IH is very supportive of the IPO plans for Digimatic. We look forward to Digimatic Listing on ASX in the near future and intend to hold the remainder of our investment in Digimatic post IPO.”
ENDS
For further information, please visit www.8iholdings.com
Media enquiries:
Zane Lewis Goh Yi Lin Australian Company Secretary Investor Relations 8I Holdings Ltd 8I Holdings Ltd +61 8 6555 2950 / +61 400 007 900 +65 6225 8480 [email protected] [email protected]
About 8I Holdings Limited
8I Holdings is the holding company of the 8I Group that is based in Singapore and operates an investment business in listed securities, real property developments, and a financial education and training seminar business. Our experiences as a financial education company focusing on investment techniques with “Value Investing” through our flagship “Millionaire Investor Program” has facilitated significant growth and established 8I Group as one of the leading financial education seminar operators with an investment business in Singapore.
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