Hong Kong Debt Management Limited entered into a share purchase agreement to acquire APAC Coal Limited in a reverse merger transaction.
Upon completion, APAC Coal Limited will restructure its Board, with the existing Directors (Luke Ho Khee Yong, Quah Boon Ban and Brett Crowley) stepping down, and Jimmie Wong, Mel Ashton, King Wong, Krista Bates and Vincent Lai replacing the existing Directors, change its name to "Credit Intelligence Limited", and re-commence trading on the ASX. The transaction is subject to a restructuring between Hong Kong Debt Management Limited and its wholly owned subsidiaries, Hong Kong I.V.A. Consultants Limited and Hong Kong Debt Management Services Limited, Hong Kong Debt Management Limited issuing a pre-completion dividend to its shareholders, APAC Coal Limited re-complying with ASX's requirements, capital raising and approval of the shareholders of APAC Coal Limited, the meeting for which will be convened in November. The transaction may not proceed if the ASX's re-complying requirements are not met. As on December 19, 2017, APAC Coal Limited issued notice of general meeting to its shareholders to be held on January 23, 2018. The transaction was approved by the shareholders of APAC Coal Limited on January 23, 2018. As of January 31, 2018, the consolidation of APAC Coal Limited's shares was completed. As of May 16, 2018, APAC Coal Limited recently received a conditional letter from the ASX to be reinstated to the official list and intends to be reinstated on or before May 22, 2018. APAC Coal Limited is unable to change its name to Credit Intelligence Limited and will be reinstated under its current name. The transaction is expected to complete on December 22, 2017. As of December 19, 2017, transaction is expected to complete on February 7, 2018. As of May 10, 2018, the transaction is expected to complete in May-June 2018.