The Board of Directors of P99 Holdings Limited announce that it had on 29 July 2014, entered into a memorandum of understanding with Verto Group Enterprise Ltd. (VGEL) and its two shareholders, Thomas William David Carr (TC) and Richard James Pearce (RP) (collectively, the parties) in respect of a proposed joint venture to invest in property development projects in the United Kingdom. Under the terms of the MOU, it is envisaged that the company will form with VGEL a joint venture company with a paid-up capital of approx. SGD 1.05 million in the proportion of 60% and 40% respectively (the JV Co) with details of contribution to be discussed by the Parties upon signing of the MOU.

The entry into the MOU is not expected to have any material effects on the net tangible assets per share and earnings per share of the Group for the financial year ending 31 December 2014.