SGX Announcement: Result of First Meeting of Creditors

The Judicial Manager of Guangzhao Industrial Forest Biotechnology Group Limited (the “Company”) refers to the Notice of Judicial Manager to Creditors of First Meeting dated 13 July 2012 (the “Notice”), which was announced on SGXNET on 16 July 2012. 

Reference is also made to the Company’s announcement dated 4 July 2012 in relation to the entry by the Company into (i) a conditional subscription agreement with Shi Jiangang and Sam Kok Yin in relation to their subscription of 0% secured convertible notes to be issued by the Company (the “Subscription Agreement”) and (ii) a debt restructuring agreement with certain unsecured creditors of the Company (the “Debt Restructuring Agreement”). 

Further to the Notice, the Judicial Manager wishes to announce that such meeting was held on 30 July 2012 at 2.00pm and that the meeting unanimously resolved to approve the Statement of Proposal contained in the Judicial Manager’s report dated 13 July 2012. 

The Statement of Proposal was for the Company to proceed to take all actions required to be taken by the Company under the Subscription Agreement and Debt Restructuring Agreement and that the Company remains under judicial management until such time as appropriate to enable such actions to be taken as required or appropriate for the purposes of fulfilling the conditions precedents in the Subscription Agreement and Debt Restructuring Agreement.