11 December 2017
TRS: Market Update on Transaction
In recent announcements to the market TRS Investments Limited (NZX: TRS)
indicated that it expected to enter into a term sheet to introduce a new
business into TRS. The Board of TRS is pleased to announce that TRS has
signed a conditional term sheet today with Shenyang LIDA Agricultural Science
and Technology Group Limited ("LIDA") of China.
The planned transaction will combine LIDA with TRS in exchange for 75% new
shares in TRS to create an international group focused on horticultural
consumable, health and cosmetic products in China, Australia and New Zealand.
The term sheet expresses the intentions of the parties. The intended
transaction will take legal effect through the entry into a Share
Subscription Agreement among other agreements. The transaction will be
conditional on obtaining shareholder approval, any other legal or regulatory
approvals and due diligence. The name of TRS will change at the completion of
the transaction.
On signing the term sheet today, LIDA has paid a NZ$40,000 deposit as the
first instalment towards the costs of the transaction.
LIDA is headquartered and operates in Shenyang in China and is focused on the
fast growing plant-based consumable, health and cosmetic market.
The TRS Board looks forward to working with LIDA to complete this transaction
and making the combined company a successful global company.
Further details will be released to the market as the transaction progresses
in the New Year.
Joseph van Wijk
Director
Email: josephvanwijk@xtra.co.nz
Mob: 027 300 9291
End CA:00311721 For:TRS Type:TRANSACT Time:2017-12-11 11:39:48