Story-I Pte Limited entered into a share purchase agreement to acquire Pine Capital Limited from Transocean Securities Pty Ltd and others in a reverse merger transaction on August 4, 2014. Under the terms of the deal, 111.12 million shares of Pine Capital will be issued which constitutes a minimum of 94.21% stake and maximum of 92.83% stake in Pine Capital. In a related deal, 0.75 million new shares are being offered by Pine Capital to raise at least AUD 0.15 million. Oversubscriptions for up to a further 1.75 million shares are also being offered to raise a further AUD 0.35 million. The maximum amount which may be raised under the offer is AUD 0.5 million. On completion of the acquisition, it is proposed that the Board will consist of Djohan Widodo, Michael Pixley and Hai En (Michael) Chan. Brett Crowley and Daniel Middleton-Clifford, two of the existing Directors of Pine Capital, will retire. Yulius Halim will be appointed as Chief Executive Officer of Pine Capital.

Completion of the acquisition is conditional on Pine successfully raising a minimum of AUD 0.15 million under the offer, Pine obtaining all regulatory approvals or consents and its shareholder approval and Pine having liabilities not exceeding AUD 0.05 million at completion. Bentleys NSW Audit Pty Ltd acted as accountant and Boardroom Limited acted as transfer agent for Pine Capital Limited.

Story-I Pte Limited completed the acquisition of Pine Capital Limited (ASX:PCD) from Transocean Securities Pty Ltd and others in a reverse merger transaction on January 29, 2015.