Ayondo's partner receives whitewash waiver

CATALIST-LISTED Ayondo said after trading hours on Wednesday that its partner for previously-announced convertible note agreements Golden Nugget Jinzhuan Limited (GN) has received the whitewash waiver from the Securities Industry Council.

This is with regard to the requirement for GN and its concert parties to make a general offer for the shares should GN and its concert parties' voting rights in the company increase to 30 per cent or more based on the enlarged share of the company.

It is subject to various conditions, including a majority of holders of voting rights of the company approving the whitewash resolution at a general meeting and the appointment of an independent financial adviser.

A circular containing further information on the proposed issue and the advice of the independent financial adviser, together with the notice of extraordinary general meeting, will be despatched by the company to shareholders in due course.

In August, Ayondo had entered into three convertible note agreements worth up to S$9.9 million. Two of the deals are with GN and the other is with Japanese investor Mamoru Taniya, who is also a GN shareholder.