Dear K.Wuthikorn,
Below are the proposal for the purchase of the 24% shares in PJT after discussion with Datuk Tan: -
1. Total consideration of the 49% shares in PJT is agreed at USD 15.5 mil (USD 8 mil cash + USD 7.5 mil P/N).
2. For the 24% Thai shareholding in PJT, IRIS agreed to total consideration of USD 10.5 mil. To be paid via USD 3 mil cash and USD 7.5 mil to settle the P/N.
3 The USD 3 mil cash payment are to be paid in 3 payments: -
a) USD 1 mil paid upon signing of the Share Sales Agreement (SSA).
b) USD 1 mil paid on 31 Dec 2014
c) USD 1 mil paid on 31 Mar 2015
4. The USD 7.5 mil paid must be used to redeem the THB 240 mil P/N owed to PJT. PJT must then use this monies to repay the outstanding due from PJT to IRIS up to USD 7.5 mil (THB 240 mil).
5. For the balance 25% Thai shareholding in PJT, IRIS has the call option to purchase at fixed price of USD 5 mil at any time. The USD 5 mil will be reduced by the amount of dividends paid in cash to the Thai shareholders.
6. Mr Wuthikorn to secure compliance with PPP Act within 2 years on a best effort basis. Application to commence as soon as possible.
7. Mr Wuthikorn to assist in the renewal of the concession for another 15 years after the expiry of the initial 15 years period.
** The proposal above is subject to Bursa (Malaysia stock market) listing requirement compliance and also agreement by lawyers from both parties (IRIS and Thai shareholders).
Thanks.