The option shares, when taken together with all the placement shares, may result in a transfer of a controlling interest in Addvalue. Therefore, the vesting of the options and the issue of the option shares are subject to shareholder approval to be obtained at a general meeting which will be convened by March 31, 2020.
For the options, if exercised, net proceeds are estimated at S$9.5 million. Of this amount, S$7.6 million will fund the expansion of the existing business and acquisition of new technologies, while S$1.9 million will be used for working capital.
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