Pine Capital Group Limited (Catalist:ADJ) entered into a conditional sale and purchase agreement to acquire 51% stake in Silver Tree Hong Kong Limited from David Sarkis for HKD 0.94 million on December 10, 2018. Under the terms of the agreement, the acquisition will be done in two stages. Under stage 1, Pine Capital Group will acquire 4 million shares of Silver Tree Hong Kong representing 9.9% stake and will issue 32.2 million shares as consideration and under stage 2, Pine Capital Group will acquire 16.6 million shares of Silver Tree Hong Kong representing 41.1% stake and will issue 133.5 million shares as consideration. Silver Tree Hong Kong reported net loss of HKD 10.8 million for the year ended December 31, 2017 and net assets of HKD 9.5 million as of December 31, 2017. The stage 1 and 2 acquisitions are subject to satisfactory due diligence by Pine Capital Group on Silver Tree Hong Kong, approval by the Board of Pine Capital Group Limited and approval for the listing of and quotation for the consideration shares. Stage 1 transaction is also subject to third party and regulatory approvals if required. The stage 2 transaction is additionally subject to approval by shareholders of Pine Capital Group and if applicable, to regulatory approvals. The long-stop date for the stage 1 acquisition shall be a date falling three months from the date of the agreement and long-stop date for the stage 2 acquisition shall be a date falling six months from the date of the agreement. As per the supplemental agreement dated April 15, 2019, the long-stop date for the stage 1 acquisition is extended to June 10, 2019. Completion of stage 1 acquisition and stage 2 acquisition shall take place on the date falling no more than ten business days after the satisfaction of the last condition precedent in respect of stage 1 acquisition or stage 2 acquisition. The parties agree that the non-completion of stage 2 acquisition due to whatsoever reasons shall not affect the stage 1 acquisition. On July 4, 2019, the Board of Pine Capital Group updated that the stage 1 and stage 2 long stop date i.e June 10, 2019, has lapsed and Pine Capital Group is currently liaising with David Sarkis on the extension of the long stop date and/or on the completion of this acquisition, subject to approval by the Singapore Exchange Securities Trading Limited. The agreement shall terminate automatically if any of the conditions precedent has not been fulfilled or waived, as the case may be, by the stage 1 long-stop date or stage 2 long-stop date, respectively. In the event that the termination takes place after the completion of stage 1 acquisition but before stage 2 acquisition, Pine Capital Group's rights and remedies provided for under the agreement insofar as they relate to stage 1 shares shall not be prejudiced and shall remain in full force and effect. Pine Capital Group Limited (Catalist:ADJ) cancelled the acquisition of 51% stake in Silver Tree Hong Kong Limited from David Sarkis on August 10, 2020.