12th Jun 2012 15:00
12 June 2012
MediLink-Global UK Limited
("MediLink" or the "Company")
Holding in Company
The Board of MediLink, the electronic healthcard network service provider, was notified on 11 June 2012 that, on 24 May 2012, Asdion Digital Advance System Sdn Bhd ("ADAS"), a 90% owned subsidiary of Asdion Berhad ("Asdion"), entered into a conditional agreement with Law Chee Kheong for the sale of 22,000,000 ordinary shares of 5p each in the Company ("Ordinary Shares") at a price of 2.2 pence per Ordinary Share in an off-market transaction (the "Share Transaction").
Asdion is listed on the ACE market of the Bursa Malaysia Securities Berhad. ADAS is required to obtain approval from shareholders of Asdion for the Share Transaction at an extraordinary general meeting of Asdion to be held at 10 a.m. Malaysian time on 18 June 2012 (the "Asdion EGM"). The Share Transaction is conditional only on approval by shareholders of Asdion.
On completion of the Share Transaction ADAS will be interested in 464,000 Ordinary Shares in the Company representing 0.38 per cent. of the current issued share capital of MediLink. Mr Yap Tai Tee, a former director of MediLink, is Chief Executive of, and a substantial shareholder in, Asdion and therefore indirectly interested in the Ordinary Shares held by ADAS.
On 6 June 2012 the Company announced the resignations of Mr Yap Tai Tee, and Ms Ng Lai Siang, from the board of MediLink. The effective date of these resignations was 23 May 2012.
A further announcement in respect of the Share Transaction will be released by the Company following the conclusion of the Asdion EGM.
For further information contact:
MediLink-Global UK Limited Shia Kok Fat, Chief Executive Officer www.medilink-global.com
| Tel: + 603 2296 3028 |
Allenby Capital Limited (Nominated Adviser and Broker) Nick Athanas, James Reeve
| Tel: +44 (0)20 3328 5656 |
Related Shares:
MEDI.L