World Trade Systems PLC Status Update (5234Y)
May 18 2016 - 2:00AM
UK Regulatory
TIDMWTS
RNS Number : 5234Y
World Trade Systems PLC
18 May 2016
World Trade Systems PLC
Announcement
World Trade Systems PLC 18 May 2016
Update of transaction with Suzhou Weibao Investment Co Ltd (
SZWB)
Further to our previous announcement dated 15 Feb 2016, we are
please to announce that the parties to the Memorandum of
Understanding have agreed on the following structure in order to
expedite the implementation process :
Kudrow Finance Ltd ("Kudrow") has transferred to SZWB and SZWB
agrees to purchase from Kudrow, a total of 2,500,000 ordinary
voting shares of WTS representing 28.55% of total issued and
outstanding shares as at today with voting rights for 28.55%, (the
"Sale Shares"). Kudrow's shareholding will reduce to 37.44% of the
total issued and outstanding shares.
Dr Shao Chen, as Director and effectively 28.55% shareholder,
has undertaken to use his knowledge and know-how to develop WTS
with business activities similar to that of SZWB, and/or those of
other companies in its group (collectively, the "SZWB Businesses"),
such that WTS will be able to apply for and successfully obtain
approval from the United Kingdom Listing Authority ("UKLA") and the
Financial Conduct Authority ("FCA") for the resumption of trading
of WTS's shares on the Main Board of the LSE.
Dr Shao Chen has been appointed Vice Chairman of the Company
with immediate effect. WTS is incorporating a wholly-owned
subsidiary in China and the business is expected to commence as
soon as possible.
Avalon Enterprises Ltd and JH Global Partners Ltd remain
committed to subscribe to additional shares which may be necessary
to capitalise the Company in preparation for lifting the suspension
subject to shareholders approval. Similarly, SZWB and Dr Shao Chen
remain committed to grant loans which require shareholder approval
as a related party loans if so required to build the business
necessary to be eligible for lifting the suspension.
We are pleased to inform you that the other professionals are
being appointed to make an application for the lifting of
suspension of the shares in the London Stock Exchange and we look
forward to all shareholders support in these endeavors.
Robert Lee
Chairman
18 May 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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