Addvalue Tech:
Appointed by Inmarsat as a Manufacturing Partner for Fleet One, Inmarsat’s new Maritime Satellite Service
Singapore, 19 February 2014 – Addvalue Technologies Ltd is pleased to announce that its wholly-owned subsidiary, Addvalue Innovation Pte Ltd, the leading innovator in wireless and broadband satellite communications technology products, has been appointed by Inmarsat as a manufacturing partner for its new maritime satellite service called Fleet One.
Fleet One is Inmarsat’s new voice and data satellite service designed specifically for the maritime leisure and fishing community which is due to enter commercial service during the second quarter of 2014.
Commenting on the appointment, Mr Frank Coles, President, Inmarsat Maritime, highlighted that “Addvalue is a long-standing, trusted partner of Inmarsat and today’s appointment represents an expansion of the partnership between our respective companies.” He added that “Addvalue has a proven history of manufacturing highly reliable terminals, supporting a range of Inmarsat services, and we are pleased to have them join us as we prepare to unveil Fleet One in Q2.”
Dr Colin Chan, Chairman & CEO of Addvalue Technologies, remarked that “in further strengthening our more than a decade long partnership, Addvalue is indeed proud and honored to have once again teamed up with Inmarsat in its latest program to address the small vessels market. We will certainly uphold our very best efforts in seeing the endeavor to a resounding success.”
Fleet One will be the latest addition to Inmarsat’s L-band portfolio. The new service has been designed to meet the particular communications needs of leisure mariners, day boaters and sport and coastal fisherman, providing uninterrupted, near-shore voice and data connectivity.
INTRODUCTION
The Board of Directors of the Company (the “Board”) is pleased to announce that the Company has on 24 March 2014 entered into a conditional sale and purchase agreement (the “S&P Agreement”) with 天成恒盛(北京)科技有限公司 (the “Buyer”) in respect of the Disposal.
Unless otherwise stated, an exchange rate of US$1 : S$1.272 has been used in this announcement.
The Disposal entails the disposal of the entire ordinary share capital of its wholly-owned subsidiary, Addvalue Communications Pte Ltd (“AVC”), constituted by 1,100,000,000 ordinary shares held by the Company (the “AVC Shares”), to the Buyer, an unrelated third party, for a cash consideration of S$330,000,000 (the “Disposal Consideration”). AVC is one of the key subsidiaries of the Company and, pursuant to the listing rules of the Singapore Exchange Securities Trading Limited (“SGX-ST”), the Disposal is subject to the approval of the shareholders of the Company (“Shareholders”).
The principal activities of the Buyer relate to data security and related product development. The Buyer is unrelated to the Company, the directors of the Company (the “Directors”) and, to the best of the knowledge of the Board, the substantial shareholders of the Company.
Subject to the Disposal Completion (as defined below) and barring any unforeseen circumstances, the Board will announce the proposed use of the proceeds of the Disposal as soon as practicable after the Board have had an opportunity to consider and deliberate on the options available to the Company to enhance and/or maximize returns to Shareholders, including (where appropriate) a distribution of any part of such proceeds as a special dividend (the “Special Dividend”). The Special Dividend (if recommended) will also be subject to Shareholders’ approval.
Notwithstanding the Disposal, it is business as usua
Assuming that the Disposal had been completed on 31 March 2013, it would have resulted in an increase in the NTA per share of the Group from US$0.004 each to US$0.203 each, an increase of approximately 5,108% or US$0.199 for each share of the Group as illustrated below:
Before
