19 November 2024
GSTechnologies
Limited
("GST" or
the "Company" or the "Group")
Update on Semnet Pte
Ltd
GSTechnologies Limited (LSE: GST),
the fintech focused company, is pleased to provide an update in
relation to the Company's plans for its 67% owned subsidiary,
Semnet Pte Ltd ("Semnet"), following the announcement on 15 October
2024 of the signing of a non-binding Memorandum of Understanding
("MOU") with Trident Global Capital Pte Ltd ("TGC"), outlining
TGC's proposed role in guiding and assisting Semnet through
strategic preparations for a potential listing on NASDAQ in the US
(the "Potential Listing").
The Company and TGC announce that
legally binding Heads of Terms ("HoT") were signed between the two
parties on 18 November 2024. The HoT provide more detail concerning
the assistance to be provided by TGC to the Company with regard to
the Potential Listing.
The HoT contain certain legally
binding clauses including:
- TGC will be
responsible for, and will provide, necessary transaction expenses
of both parties, which are expected to be approximately US$2
million. GST will commit an advance of 20% for the payment of the
listing expenses and upon a successful IPO this amount will be
reimbursed to GST.
- That TGC shall identify a
suitable US-based corporate finance adviser and broker for the
purpose of the Potential Listing and send a copy of its proposed
engagement letter for GST's review before it is signed.
- The parties agree that
the proposed valuation ascribed to 100% of Semnet
for the Potential Listing will be US$54 million, of which GST's 67%
ownership of Semnet is agreed to be valued at US$36 million subject
to the Potential Listing being successfully
completed.
Further updates will be announced in
due course, as appropriate.
Enquiries:
The Company
Tone Goh, Executive
Chairman
+65 6444 2988
Financial
Adviser
First Sentinel Corporate
Finance
+44 (0)20 3855 5551
Brian Stockbridge / Gabrielle
Cordeiro
Broker
CMC Markets
+44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor
Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring /
Florence Chandler
+44 20 (0) 3934 6630