Although the likelihood of ADVANC acquiring TTTBB and JASIF is now slim, after JASIF’s unitholders voted against an amendment to the Lease Agreements, ADVANC’s fundamentals remain unchanged. It has only lost a good opportunity for inorganic FBB business growth.
Agenda 1.1 and 1.3 approved; but Agenda 1.2 rejected
The EGM of JASIF unitholders was held on Oct 18 to vote on three agendas comprising Agenda 1.1 (JAS’ sale of its investment units in JASIF and its TTTBB shares to AWN, amending certain provisions relating to the replacement of JAS with AWN and the non-competitive provision), Agenda 1.2 (an amendment to certain provisions relating to the lease and rental payment of optical fiber cables, the termination of Rental Reassurance Agreement and the Marketing Service Agreement and the increase in advance rental payment payable by TTTBB to JASIF) and Agenda 1.3 (amending certain provisions relating to the Undertaking Agreement and the termination of the Escrow Account Agreement). Each approved agenda requires the approval of at least 3/4 of total units represented by unitholders present and eligible to vote.