Goyes Group Shaoshan Food Co., Ltd cancelled the acquisition of Cacola Furniture International Limited in a reverse merger transaction.
As of March 20, 2015, Cacola Furniture International Limited issued circular to shareholders for proposed capital reorganization, proposed allotment and issue of the conversion shares arising from the conversion of the bridge loan to advance opportunities fund, the proposed allotment and issue of upto 1.95 billion placement shares, the possible transfer of a controlling interest to advance opportunities fund arising from the proposed conversion shares issue and the proposed placement share issue. As on January 14, 2015, Cacola Furniture International and Goyes Group Shaoshan Food entered into a supplemental agreement. The long stop date has been extended from March 31, 2015 to December 31, 2015. The last date for lodgment of proxy form is April 11, 2015 and extraordinary general meeting to be held on April 13, 2015. The Board of Directors of Cacola Furniture is of the opinion that the transaction is in the best interests of Cacola Furniture and accordingly recommends that shareholders vote in favor of the transaction.
DMG & Partners Securities Pte Ltd. acted as financial advisor to Cacola Furniture International Limited. Stamford Law acted as legal advisor to Cacola Furniture International Limited. Torch Consultants Group Limited provided consultancy services to Cacola Furniture International Limited.
Goyes Group Shaoshan Food Co., Ltd cancelled the acquisition of Cacola Furniture International Limited (SGX:D2U) in a reverse merger transaction on September 29, 2015. The parties entered into a mutual agreement, a deed of termination, on September 29, 2015, pursuant to which the Sale and Purchase Agreement shall be terminated with effect on the same date. Parties believe that certain conditions precedents are unlikely to be fulfilled by the Long-Stop Date.