Elektromotive Group Limited

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    Proposed Acquisition Of Shares By Panpac Media.Com Limited In The Capital Of Auston Technology Group Pte Ltd

    BackJun 26, 2002

    The Board of Directors of Panpac Media.com Limited (the "Company") refers to the announcement made on 5 May 2002 with respect to the proposed acquisition (the "Acquisition") of shares by the Company in the capital of Auston Technology Group Pte Ltd ("ATG").

    It was disclosed in the announcement on 5 May 2002 that the key unaudited consolidated financial highlights of ATG and its subsidiaries (the "ATG Group") as at 31 March 2002 and for the eight-month period ended 31 March 2002 extracted from the management accounts of the ATG Group (the "ATG Group Management Accounts") were as follows: -

    As at 31 March 2002 S$'000
    Shareholders' Equity 6,528
    For the Eight Months Ended 31 March 2002 S$'000
    Revenue 8,088
    Profit Before Tax 2,540


    For the purposes of the Acquisition, the Company had engaged Messrs. Ernst & Young, the auditors of the Company, to compile the proforma consolidated financial information of the ATG Group. In the course of their compilation, adjustments were made to the ATG Group Management Accounts. The adjusted financial information (the "Unaudited Proforma Financial Information") are as follows: -

    As at 31 March 2002 S$'000
    Shareholders' Equity 5,844
    For the Eight Months Ended 31 March 2002 S$'000
    Revenue 7,670
    Profit Before Tax 2,007


    Based on the Unaudited Proforma Financial Information, the Purchase Price of $4.16 to be paid for each ATG Share and each ATG Option Share represents approximately 2.9 times the NAV per share of ATG as at 31 March 2002.

    A statement reconciling the differences between the ATG Group Management Accounts and the Unaudited Proforma Financial Information is attached.

    Attachments

    1. Statement.pdf (Size: 8,610 bytes)