P99 Holdings cancels proposed acquisition of Golden Rainbow Enterprise Limited

Has commenced settlement discussions.

In a disclosure to the Singapore Exchange, the Board of Directors of P99 Holdings wishes to announce that the Longstop Date of the Proposed Acquisition has lapsed and the Company and the Vendor will not be extending the same.

The Longstop Date means the date falling on the 14th market day after the date of the extraordinary general meeting of the Company to be convened for the shareholders of the Company to approve the Proposed Acquisition, provided that the notice of EGM is despatched to the Company’s shareholders on or before 30 September 2013.

Accordingly, as notice of the EGM has not been issued by 30 September 2013, the Longstop Date fell on 30 September 2013. The Company has not been able to proceed with the due diligence process, and with the expiry of the Longstop Date, the Proposed Acquisition has been terminated. The Company has commenced settlement discussions with the Vendor with regards to the Proposed Acquisition and the Exchangeable Loan which has matured.

Discussions between the Company and the Vendor are presently on-going and, as at the date of this announcement, no binding definitive agreement has been entered into by the parties on the aforementioned. The Company reserves its rights relating to the Proposed Acquisition and the Exchangeable Loan.

The Company will make timely updates at the relevant time in accordance with the Rules of the Catalist of the Singapore Exchange Securities Trading Limited.