Additional disclosure the Disposition of Assets
SET. 33/2007
Date: 1 November 2007
Subject: Additional disclosure of information regarding the Disposition of Assets of the Company
Attention: President The Stock Exchange of Thailand
The Company would like to clarify additional information regarding the disposal of 799,993 shares in M Pictures Company Limited ('MP') as disclosed in the Information Memorandum Concerning the Disposition of Assets which was disclosed to the SET on 30 October 2007 as follows.
The total value of the consideration which the Company shall receive equals to Baht 256 million. In case Traffic Corner Holdings Public Company Limited ('TRAF') settles the payment with its newly issued ordinary shares and/or cash, these ordinary shares issued to the Company and other shareholders of MP (collectively referred to as 'the Sellers') shall enable the Sellers to collectively hold at least 51% and no more than 59% of total TRAF shares outstanding after entering into the transaction. In case these ordinary shares issued to the Sellers for this transaction represents less than 51%, TRAF shall settle the payment with cash in full and the Company shall still be a strategic alliance with TRAF as disclosed in the Information Memorandum with no participation in TRAF management. In addition, if the proceeds from rights offering are not enough to settle in this acquisition, it deems that this transaction shall be terminated.
In addition, the Board of Directors' Meeting No. 6/2550 of the Company has approved the appointment of Mr. Vicha Poolvaraluck, Director and Chairman of Executive Board, to negotiate and enter into any documents and/or a memorandum of agreement and/or any agreements relating to the share sale and purchase including to provide information to or deal with the Stock Exchange of Thailand.
Please be informed accordingly.
Yours sincerely,
(Mr. Chatthaphum Khantiviriya)
Chief Financial Officer