Eurosports Global Limited (Catalist:5G1) signed a term sheet to acquire 60% stake in Autoinc Sports Pte. Ltd., 60% stake in Autoinc Lifestyle Pte. Ltd. and 60% stake in Birel Singapore Pte. Ltd. from Benjamin Solomon Tan for SGD 1.8 million on June 19, 2014. EA Auto Pte. Ltd. entered in a conditional sale and purchase agreement with Benjamin Solomon Tan, AutoInc Sports Pte. Ltd., AutoInc Lifestyle Pte. Ltd.and BirelSingapore Pte. Ltd. on August 7, 2014. SGD 0.1 million will be paid, if net profit after tax and minority interest (NPAT) of the target companies for the financial period commencing from the completion date and ending 12 months thereafter is not less than SGD 0.8 million, SGD 0.2 million will be paid, if NPAT is not less than SGD 0.9 million and SGD 0.3 million will be paid, if NPAT is SGD 1 million or more. In the event, NPAT is less than SGD 0.8 million, no further amounts shall be payable to Benjamin Solomon Tan. The earnout amount shall be satisfied by the issue and allotment of such new ordinary shares in the capital of Eurosports equivalent to the earnout amount divided by an issue price of SGD 0.30295. The proposed transaction was funded through the proceeds raised by EuroSports from initial public offering on the Catalist.

The transaction is subject to definitive agreement, legal, financial and operational due diligence and the receipt and non-withdrawal of the listing and quotation notice of the Singapore Exchange Securities Trading Limited. As on July 18, 2014, Eurosports agreed to extend the cut-off date for definitive agreement to August 19, 2014. As on August 15, 2014, all the conditions precedent under the share purchase agreement has been fulfilled. Equity Law LLC acted as legal advisor to Eurosports Global Limited. Benjamin Solomon Tan acted as Guarantor.

Eurosports Global Limited (Catalist:5G1) completed the acquisition of 60% stake in Autoinc Sports Pte. Ltd., 60% stake in Autoinc Lifestyle Pte. Ltd. and 60% stake in Birel Singapore Pte. Ltd from Benjamin Solomon Tan on August 15, 2014. An amount of SGD 0.14 million of cash and cash equivalents is also acquired under the transaction. The conditions precedent to the transaction has been fulfilled.