Tuesday, 5 August 2014

Protasco's Puzzling Purchase (4)

I wrote many times rather critical about Protasco's puzzling purchase, for instance here, here, here and here.

Today the company announced the following:

Reference is made to the Company’s announcements dated 30 January 2014, 10 February 2014 and 25 July 2014 (“Announcements”). Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the Announcements.

Protasco Berhad (“Protasco” or “Company”) wishes to announce that the Conditions Subsequent pursuant to Restated SPA have not been fulfilled by the Vendor and the security provider within the Condition Period and accordingly, the Restated SPA lapsed on 28 July 2014. Protasco is in discussion with the Vendor for the Purchase Price to be returned via, amongst others:-

(a) cash;
(b) disposal of the Secured Shares;

in accordance with the terms of the Restated SPA.

I think that in it self is good news for Protasco's shareholders, I never believed in this deal anyhow, with so many red flags and so little transparency.

However, before minority shareholders start to celebrate, the Vendors first have to return the deposit.

I hope Protasco simply gets back its cash, as soon as possible.

Shall we ever know who the people are behind the Vendor? Time will tell.

1 comment:

  1. As previous commentators have said....it was a scam from the beginning...somebody needed 50m and decide to dip into the cookie jar...easier than go to the bank...how nice, 50 m at no interest for 1 year...that also if they can get the money back...sell the shares? u must be kidding..how much are they worth? where are the regulators?