This excerpt taken from the PCNTF 6-K filed May 16, 2007.
In arriving at our opinion, we have considered the factors set out in our Summary of Supporting Analysis as attached. Our conclusions in respect of the factors considered are set out below:
Besides the above analysis, we have also held discussions with the Management regarding their business plans which included country-wise profit and loss projections for up to FY2010. We analyzed the projections and carried out sensitivity analyses on the projections.
After having carefully considered the information available to us as of, and based upon the monetary, industry, market, economic and other relevant conditions subsisting on the Latest Computation Date and based on the factors above, we are of the opinion that, from a financial point of view, the financial terms of the Offer are fair.
In rendering the above opinion, we have not taken into consideration the specific investment objectives, financial situation, tax position or unique needs and constraints of any individual Shareholder. Accordingly, any individual Shareholder who may require specific advice in relation to his investment portfolio including his investment in the Company should consult his stockbroker, bank manager, solicitor, accountant, tax adviser, or other professional adviser immediately.
This opinion is governed by, and construed in accordance with, the laws of Singapore, and is strictly limited to the matters stated herein and does not apply by implication to any other matter.
Save as disclosed below, the Company, after due inquiry, is not aware that any executive officer, Director, affiliate or subsidiary of the Company currently intends to tender or sell under the Offer, the PacNet Shares that are held of record or beneficially owned by such person. In addition, the Company, after due inquiry, is not aware that any Director or executive officer currently intends to accept the Options Proposal in respect of any Options currently owned by them.
On 12 January 2007, Connect received an irrevocable undertaking from VCL to tender all PacNet Shares held by VCL. Please refer to Section 2.8 of this Circular for more details on the irrevocable undertaking.
The following information on Foreign Shareholders has been extracted from section 1.10 entitled Foreign Shareholders (page 26) of the Offer to Purchase:
This excerpt taken from the PCNTF 6-K filed May 14, 2007.
We would like to remind you in spite of the present events, we always place shareholders and customers at the center of our considerations, and maintain a normal course of business and solidify our business foundation.
Asia Pacific is experiencing tremendous growth in broadband. Pacific Internet is transforming at the right time in the right space. We will continue to invest to strengthen our position in this exciting market. The Pacific Internet today is a different Company from a year ago. There is renewed energy and vigor throughout the organization. Our execution has sharpened. Despite the shareholder changes and actions, the management and employees are committed to maximizing shareholder value and remain focused at serving our customers by increasing the value we bring to them.
I would like to now turn the call over to Tuck Chuen. Thank you.
# # #