One of the issues faced by the company
(not vested)
Sunmoon reaches final settlement with nTan Corporate Advisory
SINGAPORE (Oct 20): Sunmoon Food Company ( Valuation: 0.30, Fundamental: 0.95) says that it has reached a full and final settlement with nTan Corporate Advisory on nTan's writ of summons served to the group on April 10, 2014.
nTan's claims related to fees allegedly due to nTan for services provided to Sunmoon in identifying and securing investors under a letter of engagement signed on November 14, 2006.
As part of the settlement, the group will pay nTan $2.1 million and an additional 7% GST, in instalments. Sunmoon says that it had provided for about half of the settlement sum in previous years and all of the payments will be funded through its internal resources.
The settlement is expected to have a significant impact on the group's financial performance for the current fiscal year, it adds.
Sunmoon's shares last closed at 5.2 cents.
http://www.theedgemarkets.com/sg/article...e-advisory