Acquisition amendment and interim clarification (4886A)
March 30 2012 - 8:30AM
UK Regulatory
TIDMGLOK
RNS Number : 4886A
Global Lock Safety (Intl) Grp CoLtd
30 March 2012
Global Lock Safety (International) Group Co., Limited
("Global Lock" or the "Company")
Acquisitions - amendment to terms
Correction of interims
Global Lock, the provider of security solutions to retailers and
other organisations in China, announces that it has amended the
terms of its group's (the "Group") acquisition of Hunan Zhijang
Andun City Alarming Network Service Center ("Hunan Zhijiang"). At
the same time, Global Lock also wishes to clarify various other
details relating to certain of the acquisitions announced at the
time of its interims on 30 September 2011.
Background to the acquisition of Hunan Zhijiang
On 23 April 2011, the Group acquired the entire share capital of
Hunan Zhijiang Andun City Alarming Network Service Center("Hunan
Zhijiang") for a total consideration of RMB680k in cash and new
shares to be issued in Global Lock, further details of which are
contained in the Company's interims as announced on 30 September
2011 (the "Acquisition").
The terms of the Acquisition of Hunan Zhijiang Andun City
Alarming Network Service Centre have been amended so that rather
than acquiring the entire issued share capital of Hunan Zhijiang
for a total consideration of RMB680k in cash and new shares to be
issued in Global Lock, the Group has instead acquired the customer
list together with certain fixed assets and equipment of Hunan
Zhijang for RMB680k in cash to be paid in three installments of
RMB200k, RMB130k and RMB350k.
An additional term of the restructure is that the Group has also
retained 100% of the ownership of its Shenzhen GLOK Zhijiang
Branch.
Correction of interims
In its interim accounts, as announced on 30 September 2011, the
Company announced that the Group had acquired the entire issued
share capital Hunan Li County Special Security Alarming &
Monitoring Co., Ltd ("Hunan Lixian"), Hubei Honghu Huawei
Electronic Co., Ltd ("Hubei Hong Hu") and Hunan Qidong County Top
Safety and Protection Equipment Service Co., Ltd ("Hunan Qidong").
In fact, rather than acquiring the entire issued share capital of
these companies, the Group acquired the customer list together with
certain other fixed assets and equipment from Hunan Lixian, Hubei
Hong Hu and Hunan Qidong. In each case, the amount of the
consideration, namely RMB800k, RMB280K and RMB300k in cash
respectively, was correctly announced on 30 September 2011. RMB
700k of the consideration for Hunan Lixian was paid on the date of
the acquisition with the balance being payable on the first
anniversary, RMB250k of the consideration for Hubei Hong Hu was
paid on the date of the acquisition with the balance being payable
on the first anniversary of the acquisition and RMB270k of the
consideration for Hunan Qidong was paid on the date of the
acquisition with the balance of RMB30k being payable on the first
anniversary of the acquisition.
In addition, on 25 September 2011, the Group acquired the
customer list together with certain other fixed assets and
equipment of the Liupanshui Branch of Luzhou Anxin Security
Technology Co., Ltd., Sichuan, China ("Luzhou Liupanshui"). The
consideration payable was RMB2.0m and the first RMB1.8m was paid on
the date of the acquisition with the balance of RMB200k tobe paid
on the first anniversary of the acquisition.
Enquiries:
Global Lock Safety (International) Group
Moxiang Li, Chief Executive Tel:+86 755 8366 0755
Robert Zhang, International Director Tel:+86 755 8366 0755
ext.8069
Andrew Gee, Non-Executive Director Tel: +44 777 565 3564
Allenby Capital Limited Tel: +44 203328 5656
Nick Naylor
Nick Harriss
Alex Price
- Ends
Global Lock provides a total anti-theft service for the Chinese
retail sector. This service comprises three primary elements: a
patented GSM alarm system; a 24 hour security service and guard
response; and linked anti-theft insurance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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