Acquisition update (7708E)
June 06 2012 - 3:05AM
UK Regulatory
TIDMGLOK
RNS Number : 7708E
Global Lock Safety (Intl) Grp CoLtd
06 June 2012
Global Lock Safety (International) Group Co., Limited
("Global Lock" or the "Company")
Acquisition update
Global Lock, the provider of security solutions to retailer
stores and other organisations in P.R. China, announces an update
in relation to its acquisition of Henan Xinxiang Jingan Security
Electronic Co., Ltd ("Henan Xinxiang"), further details of which
were announced by the Company on 30 September 2011.
Background
On 3 June 2011, the group acquired 70% of the issued share
capital of Henan Xinxiang for a total consideration of RMB7 million
payable in installments, RMB1 million payable on date of agreement,
RMB2 million payable within three months and balance of RMB4
million issue of new shares in Global Lock after one year (the
"Deferred Consideration"). The number of shares to be issued was to
be based on the calculation of the same value of share amount and
closing share price of Global Lock at date of business
combination.
Update
Global Lock is currently negotiating with a third party in
relation to the possible acquisition by that third party of part of
Global Lock's interest in Henan Xinxiang equal to the amount of the
Deferred Consideration. In view of this, Global Lock has agreed
with the vendors of Henan Xinxiang that it will not satisfy the
Deferred Consideration element at the present time. However, there
can be no guarantee that negotiations with the third party will
result in the third party taking over responsibility for the
payment of the Deferred Consideration and further announcements
will be made at the appropriate time.
Enquiries :
Global Lock Safety (International) Group
Li Mo Xiang, Chairman and Chief Executive Tel:+86 755 8366 0755
Robert Zhang- Investor relations Tel. +86 755 8366 0755 ext
8125
e-mail: robertzh@globallock.com
Andrew Gee, Non-executive Director Tel: 0777 565 3564
Allenby Capital Limited Tel: 0203328 5656
Nick Naylor
Alex Price
Nick Harriss
- Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGRGDLBGGBGDL
Glbal Lck Grp (LSE:GLOK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Glbal Lck Grp (LSE:GLOK)
Historical Stock Chart
From Sep 2023 to Sep 2024