Climax (HKG:0439) Allowed to Proceed with Resumption Plan


Climax International (HKG:0439) announced today that the Stock Exchange decided to allow it to proceed with the resumption proposal subject to fulfilment of the following resumption conditions by 13 June 2012:

1. Completion of the acquisition, the subscription, the open offer, the bonus issue and all transactions contemplated under the resumption proposal.

2. Inclusion in the circular the following: (a) detailed disclosure of the resumption proposal which is comparable to prospectus standards; (b) profit forecasts of the target group of the acquisition and the enlarged group for each of the two years ending 31 March 2013 together with reports from the auditors and the financial adviser under paragraph 29(2) of Appendix 1b of the Listing Rules; and (c) a pro forma balance sheet upon completion of the acquisition, the subscription, the open offer and the bonus issue and a comfort letter from the auditors under Rule 4.29 of the Listing Rules.

3. Informing the market of all material information relating to the ICAC investigation and its implications on the company.

4. Provision of an internal control review report before resumption confirming the group has an adequate and effective internal control system.

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