Stamford Law scored the lead role in advising SGX-listed Contel Corporation Limited in its S$582 million proposed reverse take-over by British Virgin Islands incorporated but Singapore-based YuuZoo Corporation. The Proposed RTO shall be effected via a shares and options scheme of arrangement to be sanctioned by the BVI courts, whereby Contel will acquire the entire issued and paid-up YuuZoo share capital and outstanding options from the YuuZoo shares and options holders, by way of exchange for new Contel shares and options. Upon completion of the Proposed RTO, YuuZoo shares and options holders will own 85% of Contel and YuuZoo will become a wholly-owned subsidiary of Contel.
Stamford Law also advised Contel in its issuance of 0% equity linked redeemable structured convertible notes due 2016 for an aggregate amount of S$50 million to Cayman-Islands registered Advance Opportunities Fund, to raise working capital and fund the Proposed RTO.
Contel is an investment holding company, with its subsidiaries principally being original design manufacturers and original equipment manufacturers for electronic products and gaming peripherals.
YuuZoo, a global social media and e-commerce company with approximately 40 million registered users in 164 countries, develops primarily mobile-optimized but device-agnostic Targeted Social Networks for consumers, either rolling them out on its own or together with businesses or brands. It is noteworthy that several of these in-house developed solutions are patent-pending. The Targeted Social Networks provides turnkey solutions to monetise consumers in the mobile social networking space. YuuZoo’s turnkey solutions include (i) targeted mobile social networks created for age-, interest- or location-specific user groups; (ii) new mobile payment solutions that enable credit card payments to be processed anytime, anywhere, using the mobile phone and a proprietary YuuZoo software; (iii) new mobile advertising solutions; (iv) an integrated mobile payment platform that enables YuuZoo to charge the consumer directly through credit card, debit card or e-wallet payments, without having to rely on expensive carrier-billing; (v) targeted shops within each network, offering mobile content, mobile services and physical goods that users pay for through subscriptions or single-purchase payments; and (vi) software and technology that is mobile-optimized but device-agnostic, running on all major mobile operating systems and formatted for thousands of phone models, as well as on TV and online.
Leading the Stamford Law deal team is partner, YAP Lian Seng.
