FOR IMMEDIATE RELEASE 6 June 2017
Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")
RAY ALLIANCE UPDATE
It has come to the attention of Asia Wealth that the 45,000 ordinary shares in Ray Alliance Financial Advisers Pte Ltd (?Ray Alliance?) owned by the Company had been transferred without any authorisation by the Company whatsoever to the other 2 shareholders of Ray Alliance, namely Raymond Ng and Philip Ong. At this stage it is not known how the transfer could have been done without the authorisation or consent of the Company. Under the circumstances, the Company considers this unauthorised transfer to be wrongful and entirely without legal basis.
Pursuant to a sale and purchase agreement dated 27 May 2012 (?SPA?), Asia Wealth had acquired the said 45,000 shares in Ray Alliance and as of 8 June 2012, this shareholding was reflected in the register of Ray Alliance. The Company?s total purchase price was US$318,162 in June 2012, through the issue of ordinary shares in the Company.
The Company has recently engaged a Singapore law firm and is currently taking legal advice on the matter. The Company is considering various options including taking legal action against the appropriate parties. Through its solicitors, the Company has made a demand to Raymond Ng and Philip Ong to immediately transfer back to the Company the said 45,000 ordinary shares in Ray Alliance.
A further announcement will be made in due course.
The Directors of the Company accept responsibility for the content of this announcement.
Richard Cayne (Chairman and CEO)
Asia Wealth Group Holdings Limited, +66 (0) 2611-2561
Guy Miller (Corporate Advisers)
Peterhouse Corporate Finance Limited, +44 (0) 20 7469 0930