The long-stop date of the proposed deal to change control of Arion Entertainment has been extended by a month to Aug 12.
Back in April 13, Arion Entertainment, which holds magazine publishing businesses among others, announced that executive director Ng Kai Man (picture) and two other existing shareholders plan to sell their combined stake of 27.44% to another listed company, Ntegrator International.
Ntegrator has since changed its name to Watches.com. Christian Kwok-Leun Yau controls Watches.com and another listed company Incredible Holdings.
Under terms of the sale and purchase agreement, Ng and two other shareholders, Ivy Chan Shui Sheung and Lee Chun Ming will sell a total of 256.3 million shares at 1.17 cents each.
In a separate announcement by Watches.com, the company adds that the extension was because of a June 27 notice of compliance issued by SGX RegCo requiring Watches.com and Incredible Holdings to appoint a joint independent reviewer over a series of corporate actions by the two companies.
"The board wishes to further inform shareholders that pending completion of the deliverables set out in the notice of compliance, there is no certainty or assurance as at the date of this announcement that the proposed acquisition will be completed," adds Watches.com
