Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the previous announcements in relation to the Writ of Summons and Claim, the announcement dated 27 August 2013 in relation to the Settlement Agreement, announcement dated 26 December 2013 in relation to the execution of the DSA, the announcement dated 16 October 2014 in relation to the acceptance of the terms and conditions of the RHB Letter by the Company and announcement dated 21 November 2014 in relation to the Supplementary Settlement Agreement.
Further to the announcements dated 27 August 2013, 29 August 2013, 20 September 2013, 26 December 2013, 21 March 2014, 16 October 2014 and 21 November 2014, the Board of PETONE wishes to announce that PETONE had on 21 November 2016, received a letter dated 18 November 2016 from RHB Investment which confirms the following:-
1. Pursuant to the terms set out in the SSA, RHB Investment will proceed to utilise the Retention Sum together with interest earned towards payment of the balance Settlement Sum following the expiry of a period of twenty four (24) months from the date of the SSA of 21 November 2014,.
2. Notwithstanding the above, RHB Investment has no objection to facilitate the Disposal of the Pledged Shares in accordance with the terms of the SSA.
Further developments of the above matter will be announced to Bursa Securities in due course.
This announcement is dated 22 November 2016.