A.C.N. 063 656 333
A.B.N. 64 063 656 333
VIETNAM INDUSTRIAL INVESTMENTS LIMITED
4 July 2007
20 Bridge Street
SYDNEY NSW 2000
SALE AND PURCHASE AGREEMENT (“SPA”)
The Company has received notice from NatSteel Asia Pte Ltd (“NatSteel”) that it has terminated the SPA with Vietnam Industrial Investments Limited (“VII”).
NatSteel has reserved its rights with respect to various alleged breaches of the SPA (as set out in the letter from NatSteel’s lawyers, Kelvin Chia Partnership dated 23 May 2007, a copy of which was attached to the Second Supplementary Explanatory Memorandum). VII disputes these allegations.
As a consequence of the SPA terminating, VII may enter into discussions for sale of VII or its assets with third parties. In that regard and as previously announced, VII’s directors note the off market cash takeover bid by Prudential Vietnam Securities Investment Fund Management Company Limited (“Prudential”), and that the off market cash takeover bid remains subject to only one condition, namely that, between 21 June 2007 and the end of the bid period, VII does not dispose of its interest in Structure Steel Engineering Pte Limited and Vinausteel Limited.
VII’s directors (other than Mr Henry Lam) recommend that shareholders take no action until they are in receipt of the bidder and target statements of Prudential and VII respectively. Prudential have informed VII that it and its advisors are in the process of preparing a bidder’s statement.
SIMON LEE AO