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https://links.sgx.com/FileOpen/CFM%20Loan%20Agreement%20Announcement.ashx?App=Announcement& FileID=702577
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Other than as announced, there has been no further material update on the Proposed Acquisition of SSMM as at the date of this announcement.
None of the directors of the Company or controlling shareholders have any direct or indirect interest in the loan transaction.
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INTRODUCTION
The Board of Directors (the &ldquo Board&rdquo or the &ldquo Directors&rdquo ) of CFM Holdings Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to the announcement of the Company dated 9 February 2022 (the &ldquo Announcement&rdquo ) regarding discussion between the Company and Sing-Swe MM Biotechnology Pte. Ltd. (&ldquo SSMM&rdquo ) for the extension of a working capital loan of S$500,000.00 to the Company. -
WORKING CAPITAL LOAN
The Board wishes to announce that the Company has entered into a working capital loan
agreement with SSMM on 18 February 2022.
The key terms are :--
i) for twelve (12) calendar months from the date of the loan agreement -
ii) loan is free from interest prior to maturity date -
iii) Company shall be entitled to prepay the Loan before maturity date without premium
or penalty -
iv) outstanding loan to be repaid on maturity date -
v) amount utilised to pay professional fees relating to the acquisition of SSMM and if the
acquisition is not completed by 31 December 2022 because the results of the due diligence is not reasonably satisfactory to the Company, SSMM shall irrevocably and unconditionally waive the repayment of such portion utilised. -
vi) loan amount is for S$500,000.00 -
vii) The loan may be drawn down by the Company from time to time during the availability period (which is twelve calendar months) by the delivery by the Company to the SSMM of a duly completed Utilisation Request, which shall specify the Utilisation Date (which shall fall no less than five (5) Business Days after the date of the Utilisation Request). Each Utilisation Request is irrevocable and the amount on an Advance must not exceed the balance amount of the Loan available for draw down as at the date of that Utilisation Request.
The purpose of the loan is to pay outstanding professional fees of S$293,000 incurred up to this announcement with regards to the proposed acquisition of 51% of the issued share capital of SSMM (&ldquo Proposed Acquisition&rdquo ) (please refer to the Company&rsquo s announcements dated 3 June 2021, 4 June 2021, 16 August 2021, 20 September 2021, 22 September 2021, 22 October 2021, 1 December 2021 and 31 December 2021). The loan amount is more than enough to cover the outstanding professional fees. -
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Other than as announced, there has been no further material update on the Proposed Acquisition of SSMM as at the date of this announcement.
None of the directors of the Company or controlling shareholders have any direct or indirect interest in the loan transaction.
[email protected] ( Date: 21-Feb-2022 14:09) Posted:
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Hopefully, it will recover at some point. You need to keep an eye on this and when it starts moving up again and be ready to recover. Averaging down could be a solution to bring price lower, but it could also mean that you put more money in the same basket at the end of the day, if done at the right timing could be great, but if not, then you need again to be prepared and aford to wait again. good luck
HappyQueen ( Date: 17-Feb-2022 17:09) Posted:
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I missed the boat so got to wait for it again! 
Anyway, congrats to those who have HUAT.
Anyway, congrats to those who have HUAT.