Christopher Ho Wing-On made a voluntary conditional cash offer to acquire Lafe Corporation Limited (SGX:AYB) from Clarendon Investments Capital Limited, McVitie Capital Limited, Eleanor Anne Chan Croswaite and others for SGD 22.8 million on August 1, 2017. Under the transaction, Christopher Ho Wing-On will acquire 25.33 million shares at SGD 0.9 per share. Christopher Ho owns beneficiary interest 58.78% via Clarendon Investments Capital Ltd and McVitie Capital Limited under which they both have given their undertakings to sale 12.88 million and 2 million shares respectively and in consideration both Clarendon Investments Capital Ltd and McVitie Capital Limited will receive promissory notes of SGD 11.6 million and SGD 1.8 million respectively. As on September 18, 2017, Phillip Securities wishes to announce the Christopher Ho Wing-On does not intend to increase the offer price of SGD 0.90 for each offer share.

The offer is conditional to all the shares other than those already held by the Christopher Ho Wing-On as at the date of the offer. In the event of any such distributions on or after the announcement date, Christopher Ho Wing-On reserves the right to reduce the offer price payable to a shareholder. Offer is subject to minimum acceptance. Christopher Ho Wing-On reserves the right to waive the minimum acceptance condition or revise it. In the event the minimum acceptance condition is waived or revised, the revised offer will remain open for another 14 days following such waiver or revision, and shareholder will be permitted to withdraw their acceptance within 8 days. The offer will remain open for acceptances by shareholders for a period of at least 28 days from the date of posting of the offer document. Undertakings and ending on the closing date of the offer or the date on which the irrevocable undertakings are terminated or cease to be binding, whichever is the earlier. The independent directors, having reviewed and carefully considered the terms of the offer recommend that shareholders accept the offer. The offer will close on September 18, 2017. As on September 18, 2017, the expected closing has been extended from September 18, 2017 to October 2, 2017. If the offer is extended and it is not unconditional as to acceptances as at the date of such extension, the announcement of the extension must state the next closing date or the offer is unconditional as to acceptances as at the date of such extension, the announcement of the extension need not state the next closing date but may state that the offer will remain open until further notice. In such a case, Christopher Ho Wing-On must give shareholders at least 14 days' prior notice in writing before it may close the offer. If entitled by the compulsory acquisition clause of either reaching 90% threshold limit or accepting shareholders to represent not less than 75% in number of the holders of shares in Lafe Corporation, Christopher Ho Wing-On intends to exercise its right under the Bermuda Companies Act to compulsorily acquire all the shares not acquired under the offer. Christopher Ho Wing-On will then proceed to delist Lafe Corporation Limited from SGX-ST. As of October 2, 2017, the offer period is extended to October 16, 2017 and minimum acceptance condition has been revised to 65%. Christopher Ho Wing-On has received valid acceptances of 18.5 million shares representing 73% shares of Lafe Corporation Limited. On October 10, 2017, the offer has been declared unconditional as revised acceptance level has been satisfied. The offer period has been extended to October 30, 2017.

Sim Yong Nam of Phillip Securities Pte Ltd acted as a financial advisor to the Christopher Ho Wing-On. Stirling Coleman Capital Limited has been appointed as independent financial advisor by Lafe Corporation Limited. M&C Services Private Limited acted as registrar for Lafe Corporation Limited. The Central Depository (Pte) Limited acted as the depository to Lafe Corporation.