Eyeport Update
Sydney, Mar 1, 2021 AEST (ABN Newswire) - Actcelerate International Group Ltd (AIG or the Company) (
NSX:ACT) wishes to provide an update on the status of its investment in Eyeport Sdn Bhd (Eyeport). In addition to being a 30% shareholder in Eyeport, the Company, by way of a redeemable convertible preference share (RCPS) provided Eyeport with funding of RM750,000 (refer announcements 24 September 2018 and 26 March 2019).
As announced 23 December 2019, the Company had been in ongoing discussions with Eyeport regarding the repayment of the RCPS. Eyeport had previously commenced a capital raising exercise, which amongst other things, would have provided for the repayment of the RCPS loan. However, due to deteriorating business performance and the onset of COVID-19, Eyeport defaulted on its obligations under the RCPS agreement.
The Company advises that it has commenced legal proceedings against Eyeport in the Session Court in Shah Alam, Malaysia. The Session Court has granted the Company's application for Summary Judgement against Eyeport, and the Company is currently pursing the execution of the said Judgement by way of a Writ of Seizure and Sale through the Session Court. Despite the favourable ruling, there is no certainty of the Company recovering any or all of the amount owing under the RCPS agreement.
The Company will make further announcements on any material developments relating to Eyeport and its pursuit of a recovery of the RCPS loan in due course.
About Actcelerate International Group Limited
Actcelerate International Group (NSX:ACT) is a Diversified Investment Company whose focus is on the Asia-Pacific market. Our investments focus on four major sectors. These are, Information and Communications Technology, New Age Retail, Financial Services, and Green Technology. The objective of the company is to capture the above-mentioned sectors, that have a high potential for growth, in the Asia-Pacific market. This is as the Asia-Pacific is a single market and production base, and is a competitive economic region within the global economy. We invest in companies and businesses which meet the above-mentioned criteria. We then provide these companies with the opportunity to expand their market coverage. We focus on SMEs and start-up companies in the Asia Pacific that have the potential for continuous growth. We can strengthen our purchasing power by leveraging and co-investment collaborations. Our target companies will be working closely with us in all aspects of business. This gives them an in-depth, better understanding of the nature of the business. It allows us to develop focused strategies to accelerate the growth potential of the business.
