Agricore Global Pte. Ltd. entered into a non-binding term sheet to acquire Advanced Holdings Ltd. in a reverse merger transaction.
The transaction is subject to due diligence investigation, definitive agreement, all necessary approvals and consents from all relevant governmental, regulatory and other authorities and third parties including approval of Singapore Exchange Securities Trading Limited, approval of the Board of Directors of Advanced Holdings, and the approval of the shareholders of Advanced Holdings Ltd. If the conditions pursuant to the transaction are not satisfied within 12 months from agreement then the transaction will be terminated. The definitive agreement is expected to be entered within 90 days from the date of signing of the term sheet. As of April 21, 2017, Advanced Holdings Ltd. signed a letter of extension to amend the term sheet in order to extend the exclusivity period and the expiration date of the term sheet from April 21, 2017 to May 20, 2017. This is in order to facilitate further negotiations required for the execution of the definitive sale and purchase agreement. On May 22, 2017, a second letter of extension was signed. As per the extension, the exclusivity period and the expiration date of the term sheet is extended from May 20, 2017 to July 20, 2017. On February 7, 2018, Advanced Holdings Ltd. signed the letter of extension to amend the agreement in order to extend the long stop date from February 14, 2018 to August 13, 2018. On August 13, 2018, the long stop date is further extended to October 12, 2018. The transaction is expected to close 5 business days after the date on which conditions are satisfied. CIMB Bank Berhad, Singapore Branch acted as financial advisor and Claudia Teo of Harry Elias Partnership acted as legal advisor to Advanced Holdings Ltd.