Date: July 29, 2009
The minority shareholders have done intensive research, including seeking professional advice, on the valuation of the CK Tang assets, which is the basis for the exit price offered.
They have come to the firm conclusion that there are reasonable and good reasons for the Board to revise the exit price higher.
However, the minority shareholders who have done the research do not want to discuss professional opinion that would challenge the basis for the valuation obtained by CK Tang Board openly in the marketplace but would rather prefer to discuss the basis for their firm opinion directly with the board of directors.
They are seeking an amicable settlement to the exit price issue so that both parties can arrive at a win-win situation.
SIAS calls on the board of directors to meet with the representative of the unhappy minority shareholders before the EGM/AGM on 31st July to discuss and arrive at an amicable solution. Alternatively, SIAS calls on the C K Tang Board to meet with SIAS instead to discuss the fairness of the exit price. SIAS hopes that C K Tang will withhold proceedings until the views of the minority shareholders are taken into account. If C K Tang Board is not willing, then SIAS calls on all minority shareholders of C K Tang to attend the EGM on this Friday, 31st July 2009 to vote against the resolutions placed before the meeting.
President & CEO