Asia Wealth Group Holdings Ray Alliance Update

 
TIDMAWLP 
 
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. 
 
Contacts: 
 
Richard Cayne (Chairman and CEO) 
 
Asia Wealth Group Holdings Limited, [phone] 
 
Guy Miller (Corporate Advisers) 
 
Peterhouse Corporate Finance Limited, [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

June 06, 2017 04:20 ET (08:20 GMT)