No go for shares sale to Mr Oei Hong Leong

Hanwell Holdings accepted the offer but a deal was not entered into following introduction of additional conditions.

The company previously accepted the amended offer of Mr. Oei Hong Leong subject to the parties entering into the SPA and both parties have since been negotiating on the terms of the SPA.

However, according to Hanwell, Mr. Oei introduced during the negotiation of the terms of the SPA several additional conditions which were not stated in the Letters of Offer.

The company also requested an extension of the 28 August 2012 deadline but this was not accepted by Mr. Oei.

Accordingly, the parties have not entered into the SPA and the S$0.70 per sale share offer has lapsed.