REL: 1102 HRS Rakon Limited
ASSET: RAK: Rakon Announcement on Second Deposit Received From ECEC
27 August 2013
RAKON & ECEC EQUITY TRANSFER AGREEMENT - SECOND DEPOSIT
Further to Rakon Limited's (NZX:RAK) announcement on 13 August 2013 that that
it has signed an Equity Transfer Agreement with ZheJiang East Crystal
Electronic Co. Ltd. (ECEC), for ECEC to acquire 80% of the shares in Rakon
Crystal (Chengdu) Co. Limited (RCC), a second deposit of US$1 million dollars
has been received in accordance with the terms of the agreement.
Deposits totalling US$1.5 million dollars have now been received, against the
total purchase price of US$18.8 million.
The Equity Transfer Agreement contains certain conditions to be met before
the expected completion and settlement on 30 September 2013. One of those
conditions is for Rakon to gain shareholders' approval for the transaction. A
Special Shareholders Meeting has been convened for this purpose, to be held
immediately following the Annual Shareholders Meeting on 6 September 2013.
For further information:
(09) 571 9323
Rakon is a global high technology company that designs and manufactures world
leading frequency control solutions. Rakon's products enable fast and
reliable connectivity in the transfer of data. Customers are manufacturers in
the avionics, space, military and telecommunications industries.
ZHEJIANG EAST CRYSTAL ELECTRONIC CO., LTD. is primarily engaged in the
research, development, design, manufacture and distribution of electronic
components. The Company primarily provides surface mount device (SMD) quartz
crystal resonators, oscillators and ceramic tubular capacitors, among others.
The Company's products are mainly used in communication field, information
field, home appliance field, automobile electronic product field and other
fields. The Company distributes its products in domestic and overseas
End CA:00240235 For:RAK Type:ASSET Time:2013-08-27 11:02:53