Asset Acquisitions and Disposals::TERMINATION OF MEMORANDUM OF UNDERSTANDING
Issuer & Securities
MDR LIMITED - SG1N26909308 - A27
Asset Acquisitions and Disposals
Date &Time of Broadcast
Announcement Sub Title
TERMINATION OF MEMORANDUM OF UNDERSTANDING
Submitted By (Co./ Ind. Name)
Description (Please provide a detailed description of the event in the box below)
Unless otherwise defined, capitalised terms herein shall have the same meanings as ascribed to them in mDR Limited (the "Company")'s announcements dated 6 July 2015 and 2 September 2015 (the "Announcements").
The board of directors (the "Board") of the Company refers to the Announcements in relation to the potential acquisition by the Company of all the issued shares in the capital of a Japan-based company primarily engaged in the business of developing and providing mobile content from the Vendors (the "Potential Acquisition") and the deferment of further discussions on the Potential Acquisition until the first quarter of 2016 in view of the prevailing market conditions.
The Board wishes to announce that after an assessment of various factors in relation to the Potential Acquisition, including but not limited to the poor economic outlook and market conditions, the Company and the Vendors have agreed to terminate the MOU by mutual agreement with effect from 18 March 2016, without any liability whatsoever against each other.
Shareholders and potential investors are advised to read this announcement and any further announcements by the Company carefully. Shareholders and potential investors should consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take.
Total size =123K