C.K. TANG LIMITED
(Registration No. 196100023H)
The board of directors (the “Board” or the “Directors”) of C.K. Tang Limited (the “Company”) refers to the letter to all shareholders (“Shareholders”) dated 21 September 2011 relating to the adjournment of the extraordinary general meeting, convened to seek Shareholders’ approval for the proposed selective capital reduction by the Company (the “Selective Capital Reduction”), from 15 September 2011 to 9.30 a.m. on 27 October 2011.
2. Independent Financial Adviser and Valuer
2.1 The Board has appointed CIMB Bank Berhad, Singapore branch (the “IFA”) as the independent financial adviser to advise the Directors who are regarded as independent for the purpose of making a recommendation to the Shareholders in respect of the Selective Capital Reduction (the “Independent Directors”).
2.2 The Board has also appointed Jones Lang LaSalle Property Consultants Pte Ltd as the valuer in connection with the Selective Capital Reduction to prepare a valuation report in respect of the portions of the property situated at 310 / 320 Orchard Road, Singapore 238864/238865 which are owned by the Company and its subsidiaries (the “Valuation Report”).
2.3 A supplemental circular containing, inter alia, the advice of the IFA, the recommendation of the Independent Directors in respect of the Selective Capital Reduction and the Valuation Report (the “Supplemental Circular”) will be issued to Shareholders in due course.
2.4 In the meantime, Shareholders are advised to refrain from taking any action in relation to the ordinary shares of the Company (“Shares”) which may be prejudicial to their interests and to exercise caution when dealing in the Shares, until they or their advisers have considered the advice of the IFA, the recommendations of the Independent Directors and the Valuation Report which will be set out in the Supplemental Circular to be issued by the Company in due course.
3. Responsibility Statement
The Directors of the Company (including those who have delegated detailed supervision of this announcement) have taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate and that no material facts have been omitted from this announcement, and they jointly and severally accept responsibility accordingly. Where any information has been extracted or reproduced from published or otherwise publicly available sources, the sole responsibility of the Directors of the Company has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this announcement.
By Order of the Board
Tan La Hiong
22 September 2011