VV3 is a company incorporated in Singapore and listed on the Catalist-board of the SGX. It is involved in the business of digital content production specialising in virtual reality, visual effects and computer generated imagery.
The net tangible asset value of the sale shares is about $1.9 million. There was no independent valuation on the sale shares conducted by the company in connection with the proposed disposal.
The sale share was based on the volume-weighted average price (VWAP) of 1.97 cents per share of VV3 for trades transacted on the Catalist-board of the SGX on May 28.
The consideration for the proposed disposal is 1.734 cents per sale share, or about $1.69 million, arrived at following negotiations between parties.
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The board of mm2 says that the proposed disposal is in the best interest of the group as it is an opportunity for the company to realize the value of sale shares, enhance the liquidity of the group and improve its overall financial position and flexibility.
Shares in mm2 Asiaclosed flat at 0.9 cents on May 28.
