26 January 2005
CET Increases Stake in Cadmus
Payment solutions company, Cadmus Technology Limited (NZX: CTL) today announced that CET Technologies Pte Ltd (CET) has
advised the Cadmus board that it has taken up its option to maintain 9.9 percent of the issued capital of CTL. The terms
of the 3-year option were approved at a meeting of Cadmus shareholders on 2nd October 2003. Cadmus will issue 6,263,514
new shares in Cadmus Technology Limited for a consideration of NZ$ 1.13 million. The new shares will be issued in line
with the formula contained in the option agreement.
CET is a wholly-owned subsidiary of Singapore Technologies Electronics Limited, the electronics arm of Singapore
Technologies Engineering, one of the ten largest companies listed on the Singapore Exchange.
In 2003, CET entered into a subscription agreement, approved by Cadmus shareholders, to acquire 16 million new Cadmus
shares, representing a 9.9 percent stake in the company, for a total of $1.2 million. Under that agreement, CET is
entitled to maintain its current level of investment in Cadmus through any subsequent capital raising activities for a
period of 3 years. The new shares will see CET’s holding return to 9.9 percent.
“We’re delighted that CET continues its commitment to Cadmus,” says Ian Bailey, Cadmus Managing Director. “We see this
as an endorsement of our broad strategy and confidence in our ability to design, manufacture and drive sales of
innovative technologies within international and domestic markets.”
CET is represented on the Cadmus Board by its Chief Executive Officer, Lau Thiam Beng.
ENDS