Asset Acquisitions and Disposals::PROPOSED INVESTMENT BY WAY OF SUBSCRIPTION BY ZHUHAI YINLONG ENERGY CO., LTD IN EOCELL LIMITED
Issuer & Securities
DRAGON GROUP INTL LIMITED
DRAGON GROUP INTL LIMITED - SG2C50963991 - MT1
Asset Acquisitions and Disposals
Date &Time of Broadcast
Announcement Sub Title
PROPOSED INVESTMENT BY WAY OF SUBSCRIPTION BY ZHUHAI YINLONG ENERGY CO., LTD IN EOCELL LIMITED
Submitted By (Co./ Ind. Name)
DATO MICHAEL LOH
EXECUTIVE CHAIRMAN & CEO
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the Board) of Dragon Group International Limited (the Company and together with its subsidiaries, the Group) refers to the announcements made by the Company on 10 August 2017 and 22 January 2018 (collectively, the Announcements), as well as the circular to the Company s shareholders (Shareholders) dated 24 January 2018 (the Circular). Unless otherwise defined, all capitalized terms shall bear the same meanings as the Circular.
Further to the Announcements and the Circular, the Board wishes to announce that the Long Stop Date of both the YLE Subscription Agreement and the Sputnik Subscription Agreement have lapsed. As the conditions precedent under each of the YLE Subscription Agreement and the Sputnik Subscription Agreement were not fulfilled and/or waived on or before the Long Stop Date, the agreements had ipso facto ceased, lapsed and determined (the proposed subscription by each of YLE and Sputnik under the YLE Subscription Agreement and the Sputnik Subscription Agreement shall collectively be referred to as the Terminated Transaction).
Since then, the Company and EoCell have put in a lot of effort to try to cut a new deal and have since renegotiated new terms engagement. On 3rd January 2019, the Parties entered into a new share subscription agreement with YLE, on terms further described below (the New YLE Subscription Agreement) (the New Transaction).
Total size =102K