C06519-2014 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 1,720,000,660 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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Acquisition of Shares in Altitude Games PTE Ltd |
Background/Description of the Disclosure |
X purchased 13,333,333 ordinary shares comprising 11.67% of Altitude Games PTE Ltd ("Altitude Games"), a Singaporean IT company engaged in computer game development and publishing, formed by pioneer Filipino IT experts in the game industry. X also purchased 11,360,000 ordinary shares of Mr. Nico Jose S. Nolledo, comprising 10.02% of Altitude Games. As a result of the acquisitions, X will own 21.7% of Altitude Games. |
Date of Approval by Board of Directors |
Dec 11, 2014 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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The acquisition is part of the planned expansion in Southeast Asia where the Corporation will use part of its proceeds from its initial public offering. |
Date | Dec 11, 2014 |
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Manner |
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The transaction will be carried out by the execution of a Subscription Agreement by and between X and Altitude Games PTE Ltd, and a Deed of Assignment of Shares by and between X and Mr. Nico Jose S. Nolledo. |
Description of the company to be acquired or sold |
Altitude Games PTE Ltd is a limited private company organized under the laws of Singapore and is engaged in the business of computer game development and publishing. |
Number of shares to be acquired or disposed | 24,693,333 |
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Percentage to the total outstanding shares of the company subject of the transaction | 21.7 |
Price per share | US$0.03 |
Nature and amount of consideration given or received |
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Seven Hundred Forty Thousand Eight Hundred US Dollars (US$740,800.00) |
Principle followed in determining the amount of consideration |
Number of shares acquired x market value |
Terms of payment |
Consideration will be paid in cash. |
Conditions precedent to closing of the transaction, if any |
N/A |
Any other salient terms |
N/A |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The acquisition is expected to contribute to the planned expansion of X in Southeast Asia. |
Other Relevant Information |
During the voting for the approval of the acquisition of Mr. Nico Jose Nolledo's shares in Altitude Games, Mr. Nolledo abstained from voting and the independent directors endorsed the approval of the deal. |
Name | Mark Gorriceta |
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Designation | Assistant Chief Information Officer |