Reference to request from COM-LINK for the transfer of its SSUT shares to Eternal Energy (25-40%), SSUT have conducted discussion with Lenders and other Shareholders of SSUT.
1. TAC/Thassiri has waived its first refusal right on COM-LINK share.
2. SSUT have sent out official request to Lenders of SSUT (Mizuho/BBL).
3. Mizuho/BBL incurred actual percentages of Shares of SSUT to be transfer to Eternal Energy, which was reported back on August 22.
4. COM-Link/SSUT needs to submit revised consent request letter to documents (expected within this week).
5. Once documents are submitted, Lenders Legal Counsel would issue final legal memo (memorandum) on share transfer to Lenders (expected by end of Aug), which they have already sent in draft memorandum that transfer of share has no legal restriction.
6. Once documents are hand over to Lenders, they may take 2 weeks to complete the initial credit approval on such transfer (subject to documentation and necessary collaterals are been placed before actual transfer).
7. All Transaction (including amendment of Shareholders Agreement /Article of Association/ Loan Agreements) would be expected to be completed by October.