MYKCO Ltd. (MYK) the NZAX listed shell company advises that it''s directors
have resolved to make a non recourse loan to Corporate Holdings Ltd. (CHL) a
new special purpose company owned by Garth Ward and whose Directors include
Garth Ward and Brent King.
The amount advanced is $100,000. The transaction is on the basis that if a
purchase is made by CHL then the advance will convert to ordinary shares in
CHL.
Mr. King said, "CHL is now actively looking to buy financial services
businesses and if it is successful it will give MYK first right of refusal to
a scrip bid for CHL.
MYK has no obligation to bid for CHL, it is simply an option to do so.
Currently there are no businesses owned by CHL, however they expect to make
progress over the next 4 to 12 weeks. The periods may be longer if regulatory
approvals are required. CHL will also have to arrange funding for any
acquisitions. "
Mr. Chew Chairman of MYK said, " this allows the board an option at a low
value. We can see what businesses CHL is able to purchase and how attractive
the businesses are to us. We will advise as soon as progress is made "
For further information please contact:
Brent King
Director
Brent.King@irg.co.nz
021-632 660
30 March 2017
End CA:00299115 For:MYK Type:GENERAL Time:2017-03-31 08:30:34