SET Announcements
10 June 2003
CLARIFY THE NEWS "SANSIRI VIOLATED SHARE LOCK-UP AGREEMENT"
Date : 10/06/2003 13:21
SIRI : CLARIFY THE NEWS "SANSIRI VIOLATED SHARE LOCK-UP AGREEMENT"
(Translation)
Ref. No. SS. / 0416 / 2003
10 June 2003
Subject : Clarify the news that Sansiri had violated the terms and conditions
of the share lock-up agreement
To : President
The Stock Exchange of Thailand
With respect to the contents in the Manager Weekly newspaper dated 6 June 2003 stating
that:
- Sansiri had violated the terms and conditions of the share lock-up agreement
(entered between the Company and Step Balance Co., Ltd), and;
- Step Balance Co., Ltd had not complied with the share lock-up agreement (allowing
Step Balance Co., Ltd. to sell Sansiri shares after the subscription date: up to 25%
within the first year; another 25% within the second year; and another 50% in the
third year) by over-selling Sansiri shares (totaling 76.8% of the lock up amount) in
less than a year from the subscription date,
the Company would like to inform you that both statements above are totally incorrect.
The Company would like to clarify that none of the previous shares transfer by Step
Balance Co., Ltd had violated the terms and conditions of the share lock-up agreement
because all of the said share transfers were done outside the Stock Exchange of Thailand.
The share lock-up agreement allows a share transfer outside SET, provided that the
transferee must agree to be bound by the same terms and conditions as those binding Step
Balance Co., Ltd). In this respect, the Company would like to further explain that the
summary of the said terms and conditions of the share lock-up agreement was disclosed
in the Opinion of Financial Advisor appointed by the Company to provide an opinion and
a justification for the whitewash application (Form 247-7) of Step Balance Co., Ltd. The
Company had already submitted the said Opinion to SEC and SET, and distributed to all
shareholders of the Company together with the invitation letter for the extraordinary
meeting of the shareholders # 1/2002 which was held to approve the issue and allotment
of the said share to Step Balance Co., Ltd for their consideration.
Please be informed accordingly.
Yours sincerely,
(Mr. Srettha Thavisin)
President