YuuZoo will own 85% of Contel.
Stamford Law scored the lead role in advising SGX-listed Contel Corporation Limited in its S$582 million proposed reverse take-over (Proposed RTO) by British Virgin Islands incorporated but Singapore-based YuuZoo Corporation.
The Proposed RTO shall be effected via a shares and options scheme of arrangement to be sanctioned by the BVI courts, whereby Contel will acquire the entire issued and paid-up YuuZoo share capital and outstanding options from the YuuZoo shares and options holders, by way of exchange for new Contel shares and options.
Upon completion of the Proposed RTO, YuuZoo shares and options holders will own 85% of Contel and YuuZoo will become a wholly-owned subsidiary of Contel.
Stamford Law also advised Contel in its issuance of 0% equity linked redeemable structured convertible notes due 2016 for an aggregate amount of S$50 million to Cayman-Islands registered Advance Opportunities Fund, to raise working capital and fund the Proposed RTO.
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