Galasys PLC Standstill Agreement (9225X)

TIDMGLS

RNS Number : 9225X

Galasys PLC

11 May 2016

11 May 2016

Galasys plc

("Galasys" or the "Company")

Standstill Agreement among significant shareholders

The Company announces that Well Oriental Investments Limited ('WOI'), which holds 26,783,984 Galasys shares representing 34.99% of its issued share capital notified Galasys yesterday that it has entered into a standstill agreement with the pre-IPO shareholders whose names and shareholdings are shown below:

 
                                         Galasys 
 Shareholder:                            shares:   Shareholdings 
 WOI                                  26,783,984          34.99% 
 Soo Choon Meng                        7,842,989          10.24% 
 WLGS Foundation                       2,151,201           2.81% 
 Chin Chee Seong                         660,462           0.86% 
 Soo Sew Lee                             412,789           0.54% 
 Michael Kang Kok 
  Seng                                   200,090           0.26% 
 Expeditions Solutions 
  (M) Sdn Bhd                            667,791           0.88% 
                                      38,719,306          50.58% 
 

WOI's shareholders are the founders of Galasys: Seah Kok Wah, Chuah Teong Ming, Low Kok Thai and Hee Chin Keong.

The effect of the standstill agreement is to commit all signatories to maintain their present shareholdings, which amount in aggregate to 50.58% of Galasys' issued share capital, such that none will buy or sell Galasys shares during the next nine months ("Standstill Period"), save that if an offer was to be made for the company during the Standstill Period, the signatories are committed to act in concert in accepting or rejecting it.

The agreement also requires any of the signatories who wish to sell Galasys shares following the expiry of the Standstill Period to first offer such shares to the other signatories on the same terms.

WOI has informed the Company that it has entered into the standstill agreement in the context of seeking a settlement of the litigation.

For further information, please contact:

 
Galasys PLC 
 Sean Seah/Teh Kim Seng           + 6032858 9959 
WH Ireland (Nominated Advisor 
 & broker) 
 Adrian Hadden/Mark Leonard       0207 220 1666 
Newgate (Financial PR) 
 Adam Lloyd/Bob Huxford/Helena 
 Bogle                            0207 653 9850 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 11, 2016 06:14 ET (10:14 GMT)