SINGAPORE (July 3): Attilan Group, the penny stock which is urgently searching for a new core business before being forcibly delisted, has disclosed more relationships between its directors – both past and present -- and the seller of its acquisition target.

The disclosures were in response to queries by the Singapore Exchange following Attilan’s May 28 announcement that it is proposing to buy Tremendous Entertainment Group (TEG) from seller Tremendous Opportunity Fund I LP (TOF) for $100 million in a “very substantial acquisition” which could result in a reverse takeover of the company.

See also: Attilan in RTO deal to transform into entertainment content producer despite delisting notice

In a Wednesday morning filing, Attilan says managing director and controlling shareholder Jared Lim Chih Li was a former a director of TEG, Tremendous Asia Partners Inc. (TAPI) and Tremendous Asia Management Inc. (TAMI).

Attilan says controlling shareholder Ng Teck Wah is also a director of TEG and TAPI, the general partner of TOF, and a director of TAMI, the fund manager of TOF.

In addition, Mohammed Azlan Bin Hashim, the sole shareholder and a former director of Tremendous Asset Partners which owns TAPI and TAMI, was formerly a chairman and non-executive director and also a former controlling shareholder of Attilan.

Currently, Ng, Lim and Mohammed do not have any interest in the vendor or TEG, adds Attilan.

In other responses to SGX, Attilan says the purchase consideration of $100 million was based on and invested capital of US$35 million ($47 million); TEG’s historical and prospective financial performance; discussions with prospective investors and professionals involved in the transaction; TEG’s Intellectual Properties and licences, including its media library of Hi-5 programme which the company had previously valued at US$30 million, exclusive licences for CSI and Star Trek as well as its franchise education model.

Attilan also says the purchase consideration will be satisfied with $5 million in cash and the remaining balance of $95 million in the form of consideration shares to be issued at and agreed price between the company and vendor TOF.

Attilan, formerly known as Asiasons Capital, one of the three penny stocks allegedly manipulated by John Soh Chee Wen in 2013 which led to a massive crash of the Singapore market, wiping out some $8 billion in value.

The two other penny stocks Blumont Group and LionGold Corp are still trading on SGX while the trial of alleged mastermind Soh and his co-conspirator Quah Su-Ling will resume in August.

Attilan was first placed on the SGX watch-list on April 11, 2016. It had received the notification from SGX on June 4 after group did not meet the requirements for its removal from the watch-list. Shares in Attilan are currently suspended. It last traded at 0.2 cent on June 21, 2018.