Sunmoon Food Company 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.
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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.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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