Blumont Group Ltd. cancelled the acquisition of Hudson Minerals Holdings Pte Ltd. from Peter Chen Hing Woon and Wong Chin Yong.
Based on the unaudited financial statements of Hudson Minerals for its financial year ended April 30, 2012, the net liabilities of Hudson Minerals was approximately SGD 0.67 million and a net loss before tax of approximately SGD 0.57 million. Based on the unaudited financial statements of Hudson Minerals for its financial year ended October 31, 2012, the net liabilities of Hudson Minerals was approximately SGD 0.96 million and a net loss before tax of approximately SGD 0.30 million. The acquisition is subject to due diligence; approvals from Blumont's shareholders; approval from the stock exchange for the admission and dealing and quotation of the consideration shares; Blumont being satisfied with the geologist inspection report of the concession right; and where necessary, all government, regulatory or other approvals, permits, licenses, consents and authorizations required.
As of June 7, 2013, the long stop date has been extended from June 19, 2013 to December 31, 2013.
Blumont Group Ltd. (SGX:A33) cancelled the acquisition of Hudson Minerals Holdings Pte Ltd. from Peter Chen Hing Woon and Wong Chin Yong on January 8, 2014. The termination of the sale and purchase agreement is not expected to have a material impact on the Blumont Group's net tangible asset and earnings per share for the financial year ending December 31, 2014.