Media release
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Wednesday 26th January 2005 |
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The terms of the 3-year option were approved at a meeting of Cadmus shareholders on 2nd October 2003.
Cadmus will issue 6,263,514 new shares in Cadmus Technology Limited for a consideration of NZ$ 1.13 million. The new shares will be issued in line with the formula contained in the option agreement.
CET is a wholly-owned subsidiary of Singapore Technologies Electronics Limited, the electronics arm of Singapore Technologies Engineering, one of the ten largest companies listed on the Singapore Exchange.
In 2003, CET entered into a subscription agreement, approved by Cadmus shareholders, to acquire 16 million new Cadmus shares, representing a 9.9% stake in the company, for a total of $1.2 million. Under that agreement, CET is entitled to maintain its current level of investment in Cadmus through any subsequent capital raising activities for a period of 3 years. The new shares will see CET's holding return to 9.9%.
"We see this as an endorsement of our broad strategy and confidence in our ability to design, manufacture and drive sales of innovative technologies within international and domestic markets." said Ian Bailey, Cadmus managing director.
CET is represented on the Cadmus Board by its chief executive officer, Lau Thiam Beng.
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