Ann: Placement Update, page-15

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mthpom

16 Posts.

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01/11/22

11:17

Post #: 64519670
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Originally posted by BobF: ↑

The only reason I think this was highlighted in its own announcement is that here the delay can be clearly attributed to another party other than AKP or EM. In this case the delay exists while the co waits for a decision by the AU govt.

"... Earth Mountain (Suzhou) Microelectronics Ltd (Earth Mountain), currently working with AKP to commercialise AKP’s digital speakers committed to take 308,325 ordinary shares ($4,316,550) in the placement which are expected to settle in the current quarter once the necessary approvals from the Ministry of Commerce and the State Administration of Foreign Exchange are received. In the announcement dated 24 August 2022, the Company indicated that the funds were expected by 30 September 2022, however this has been delayed due to the above requirements for approvals to remit the funds from China. The Company will advise the market as soon as the funds are received and the shares issued and in any case by 31 December 2022. ..."

Given the current situation wrt China - US/AU and other Western nations re semiconductors this will be interesting to watch. AP's speakers may be groundbreaking technology but they are unlikely to be considered to be strategic to national security by any party. I'm not sure whether EM, a strategic mover in the Chinese consumer electronics industry of the future, investing in one of its overseas customer's businesses to the tune of around a 1% holding would be regarded as precedent setting. The governments decision may be meaningful however.

(Sorry Paddy. Not sure if this would be spinny enough to satisfy you!)

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https://www.safe.gov.cn/en/ Is a Chinese Ministry.

AKP Price at posting: $11.42 Sentiment: Buy Disclosure: Held
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