Post by oldman on Sept 26, 2014 15:36:02 GMT 7
There is an interesting article in The Edge this weekend on this company entitled:
Next-Generation, major shareholder and former CEO in legal wrangle
In an interview with The Edge Singapore, Lam says that he is not disputing the $2.5 million but maintains that Telemedia Pacific first has to pay Ban Joo Investment a sum of $15.4 million before it can settle the outstanding loan from Next-Generation.
The $15.4 million, according to Lam, is payment for shares in Next-Generation that Ban Joo Investment sold to Telemedia Pacific in September 2010.
Sounds like each party wrote an IOU to the other party for the reverse takeover to happen. The substantial shareholder at that time accepted an IOU and transferred his shares to the new substantial shareholder, who then accepted an IOU so that the former substantial shareholder can buy back its business from the listed company.
Wonder how much of these were revealed in the reverse takeover document in Sept 2010.....
I have zero interest here. Moreover, the company has been in the SGX watchlist since 3rd Dec 2008.
Next-Generation, major shareholder and former CEO in legal wrangle
In an interview with The Edge Singapore, Lam says that he is not disputing the $2.5 million but maintains that Telemedia Pacific first has to pay Ban Joo Investment a sum of $15.4 million before it can settle the outstanding loan from Next-Generation.
The $15.4 million, according to Lam, is payment for shares in Next-Generation that Ban Joo Investment sold to Telemedia Pacific in September 2010.
Sounds like each party wrote an IOU to the other party for the reverse takeover to happen. The substantial shareholder at that time accepted an IOU and transferred his shares to the new substantial shareholder, who then accepted an IOU so that the former substantial shareholder can buy back its business from the listed company.
Wonder how much of these were revealed in the reverse takeover document in Sept 2010.....
I have zero interest here. Moreover, the company has been in the SGX watchlist since 3rd Dec 2008.