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TNC International Trading Launches Remington Ventures Share Buy Back
TNC International Trading has commenced its initial tender offer for all outstanding shares of Remington Ventures Corporation at a price of $7.00 USD per share net to the seller in cash without interest, less brokerage fees and less any required withholding taxes or fees.
(I-Newswire) - SINGAPORE, i-Newswire, March 8, 2008, –
The Board of Directors of TNC International have unanimously determined that the tender offer is fair and in the best interests of Remington Ventures shareholders, and recommended that holders of shares of common stock accept and tender their shares in the offer.
TNC International has received non-binding acceptances representing 45.3 percent of the outstanding shares of Remington Ventures through its initial tender offer and has declared the offer wholly unconditional.
There is no financing condition to the tender offer. The tender offer is subject to certain conditions set forth in the Offer to Purchase including a minimum share tender condition.
For shareholders of Rule 144 Restricted shares, the fee to remove the restrictions is refundable upon completion of the acquisition.
Following the acceptance for payment of 51% of all outstanding shares in the tender offer and completion of the transactions contemplated in the merger agreement, Remington Ventures will become a wholly-owned subsidiary of TNC International Trading and will be sold at auction to the highest bidder.
The complete terms and conditions of the tender offer are set forth in the Offer to Purchase,
MIT Associates have contracted TNC International Trading and filed a Letter of Intent with the Registration Office to act as the information agent and as disbursing agent for the tender offer.
The current status of the Initial Tender Offer is as follows:
53% of shareholders have committed to tender their shares in the offering via promissory notes or agreements to sell.
47.2% of shareholders have lifted the restrictions and tendered their shares in the offering and received settlement.
An additional 7.2% ( including a 3% float ) is required to finalize the acquisition.
Unless the tender offer is finalized, the offer and any withdrawal rights to which Remington Ventures shareholders may be entitled remains open to additional acceptances at the same price until further notice.
Any further information will be disclosed by the information agent as the acquisition progresses or direct inquiries can be made by email to the TNC International shareholders registrar at:
Address: #14 Robinson Rd., 13-00 Far East Finance Bldg., Singapore 048545
Phone: +65-6761-6972
Fax: +65-6826-4299
Email: accounts@tncintl.com
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