New Silkroutes   

Digiland

NO other value left, oni value left is zero value 0.000 ???. cannot have 0.0025ct lehh.

 

i dun know should i wait at 0.005 or not?

 

count me in, if it drops to 0.005

 

Back to sq one (1) or 0.010 cent or 0.005 cent ???

 

waitng for 0.01 to jump on it ! very good deal ! good luck.

 

 

 

anyway....i q some at 0.5c ......

 

Me too : ( Holding 300 lots and breakeven around 0.055 level!

As Vincent is the substantial shareholder, I really wonder what is the implication on digiland. I hope it's not like the sole proprietor story.

Also, there was talks of reverse takeover in June this year. There were talks at that point that this should happen by year end. Maybe that is the only hope for revival of situation.

********************************************************************************************************

MEMORANDUM OF UNDERSTANDING FOR ACQUISITION OF ASSETS

Introduction

The directors of Digiland International Limited (the ?Company?) wish to announce that on
27 June 2007, the Company entered into a non-binding memorandum of understanding
(?MOU?) with Vincente Holdings Pte Limited (?VHPL?). The MOU represents the good
faith intentions of the Company to proceed with further negotiations in respect of the
possible purchase by the Company of one or more real properties in Singapore being
prime land available for redevelopment (the ?Properties?) which VHPL intends to acquire
from a third party or third parties (?Third Party?) which do not have any interest in the
Properties. The acquisition of the Properties may be made indirectly by the acquisition of
the entire issued share capital of the company owning the Property ("Sale Shares")
and/or by a direct acquisition of the Properties themselves. In addition, the MOU also sets
out the understanding of the parties on the continuation or disposal of the existing
business of the Company in the event that the Properties are acquired by the Company
and VHPL becomes a controlling shareholder of the Company.

Rationale for the MOU

The current trends in the property market in Singapore are positive and subject to the
approval of shareholders, the Company intends to take this opportunity to enter into the
business of property development and investment and should it acquire the Properties or
the Sale Shares, contemplate the disposal of its existing business or its continuation as
a separate business group.

VHPL has been incorporated for the purpose of acquiring various properties for
development and investment. In the event that VHPL is successful in acquiring the
Properties, VHPL seeks to inject the Properties into the Company as the Company's
shares are listed on the main board of The Singapore Exchange Securities Trading
Limited ("SGX-ST").

The Company and VHPL wish to explore the various possible transaction structures by
which VHPL could inject the Properties which it is able to acquire into and for the
Company to acquire the Properties or the Sale Shares in consideration of the issue of
new ordinary shares in the Company ("Shares") to VHPL, and the continuation or


disposal of the existing business undertaking of the Company in the event the Properties
and/or Sale Shares are acquired by the Company and VHPL becomes a controlling
shareholder of the Company.

Salient terms of the MOU

Consideration

The consideration for the Sale Shares and/or the Properties will be agreed between the
Company and VHPL (based on an appropriate valuation including but not limited to a
valuation in respect of the Properties provided by the valuers appointed by the
Company). The consideration shall be subject to such adjustment as may be required by
the results of the legal and financial due diligence to be carried out by the Company, and
the terms of the purchase agreement.

Based on information provided by VHPL, a non-binding indicative valuation of the land
cost of the Properties which VHPL has expressed an interest to acquire is estimated to
be in the region of S$2.3 billion. The Company will determine its own valuation for the
Properties in the legal and financial due diligence to be conducted.

The consideration is intended to be satisfied by the allotment and issue of new Shares
("Consideration Shares") at an indicative issue price of S$0.048 per Consideration
Share which will rank pari passu with all existing Shares as at the date of their issue.
The actual number of Consideration Shares to be issued will depend on the final agreed
value of the Property or Properties which are actually acquired by the Company from
VHPL. This indicative price will be subject to adjustments based on conditions to be
agreed in the purchase agreement.

It is envisaged that the Properties and/or Sale Shares may be acquired over a period of
time. If this structure is agreed, then the Consideration Shares will be issued in separate
tranches as and when the Properties and/or Sale Shares are acquired.

Sale and Purchase Agreement (?SPA?)

The entry of the Company and VHPL into legally binding conditional SPA will be the
subject of a separate announcement.

If the SPA is not entered into on or before 31 December 2007 or such other date as the
Company and VHPL may agree, the MOU will terminate.


Possible reverse takeover

Based on the indicative valuation of the Properties that VHPL has indicated an interest
to acquire, the proposed acquisition, if eventually carried through involving the
Properties which VHPL has indicated an interest to acquire, will be a very substantial
acquisition or reverse takeover pursuant to Rule 1015 of the SGX-ST Listing Manual,
and would be subject to the moratorium requirements specified in Rule 229 of the SGXST Listing Manual, as well as other requirements in the Listing Manual.

VHPL will render to the Company all reasonable assistance to facilitate compliance with
the requirements of the SGX-ST Listing Manual. VHPL will comply with all requirements
imposed on it by the SIC or any regulatory authority as a condition to their approvals or
waivers.

Existing Business of the Company

The Company and VHPL shall discuss the course of action to be taken in relation to the
Company's existing business. The Company and VHPL intend to address this as an
integral part of the transactions contemplated under the MOU. In this regard, the
Company and VHPL have currently identified three possible scenarios namely the
disposal of the Company's existing business (either to third parties or pursuant to a
management buy-out), an orderly winding down of operations and liquidation of
subsidiaries or the continuation of the Company's existing business as a separate
business group.

Warranties

While neither VHPL nor Third Party has yet any legal interest in any of the Properties,
VHPL is concurrently working with Third Party to conclude the respective sale and
purchase agreements and VHPL warrants it will use best efforts to conclude them. .

Directors' Interest

Save as disclosed in this paragraph, none of the directors or controlling shareholders of
the Company is interested, directly or indirectly in the said transaction.

Further Information

The Company will make the necessary announcements as and when it enters into the
relevant sale and purchase agreements with VHPL. Subsequent to the entry into the
sale and purchase agreements, the Company will, if required dispatch in due course the
relevant circular to its shareholders seeking approval for the transactions contemplated


under the sale and purchase agreements and its entry into the business of property
development and investment.

Caution

The Directors wish to emphasise that the current stage of negotiations only represent an
incomplete proposal or negotiation and that there is no certainty that any sale and
purchase agreement may be entered into for the acquisition of the Properties and/or the
Sale Shares. The Company wishes to re-iterate that shareholders should exercise
caution when dealing with the securities of the Company.

BY ORDER OF THE BOARD

Lim Koon Hock
Company Secretary
Digiland International Limited
27 June 2007

 

there are people getting at 0.01 (sell down 1500 lots at 0.01 ), good luck for those people or even got it at 0.015, now 0.02, wow.. that between 33% (0.015) and 100% (0.01) gain in one day .. that is sweet deal..

wanna try my luck at 0.01 too, heeeeee... maybe should try 0.015?

 

the last time, i heard digiland is going into property but quiet for a while, the ST reported the chairman got some land. I think maybe he will sell the land to the company and built condo and digiland will cheong. 

 

haiz..  the more i look at it, the more my heart ache..  bought at 0.05...  now only 0.15..

 

BB is buying and supporting?

 

this sinking ship.. sinking beyond the abyss.

 

Dr vincent tan is loaded, buy so many AIM share. why is he loading up AIM ???? will there be a rto???

 

The CAD is checking on AIM share dealing ?

 

I think digiland should be ok and maybe aim want to buy over digiland???

 

now the company have no ceo and chairman, can anyone here voulunteer??? please put up your hand.

 

some news on digiland at sgx announcement today, maybe of interest to you.

 

pension, thanks pal...

 

snapper, wish you luck, hope nothing happen.

 

i'm still holding on to 0.05..  my fren told me can forget abt making money from this counter..  looks like what he said may come true..  hope it won't end up as paper loss..  dun know wanna sell to cut loss or hold on..