Execution of Term Sheet by DFNN Affiliate HatchAsia via Its Wholly Owned Australian Subsidiary

DFNN Inc. (PSE: DFNN) affiliate HatchAsia Inc. (HAI) has, via its wholly owned Australian subsidiary, offered a non-binding Term Sheet on August 16, 2020 to take control of Silver Heritage Group Limited (KPMG Administrators Appointed) (Receivers and Managers Appointed) ACN 604 188 445 (SVH), a corporation listed on the Australian Stock Exchange (ASX:SVH). Further, on August 25, 2020 the administrators met with the creditors of SVH who unanimously resolved that the latter execute the Deed of Company Arrangement (DOCA) and relayed the approval to HAI today.

This welcome news comes after the announcement of iWave Inc., a DFNN investee company, of its on-going listing in the Singapore Stock Exchange via another reverse takeover through a Scheme of Arrangement, as allowed under SGX rules.

HAI’s recapitalization via DOCA methodology, as allowed by the Australian Stock Exchange, subject to SVH shareholder approval, will be effected via the acquisition of shares equal to approximately 92% of the issued share capital of SVH through a consolidation of shares of existing shareholders and a new issue of ordinary shares of a new Australian subsidiary of HAI, Hatch Australia Holdings Pty Limited. The consideration for this transaction is AUD530,000 in cash and 3% of the issued shares in SVH, subject to the terms and conditions to be set in a Deed of Company Arrangement. Additional information will be disclosed when it is available as well as submitted to ASX. The successful conclusion would eventually result in the HatchAsia shareholder-controlled entity being listed on the Australian Stock Exchange and DFNN owning part of the ASX Listed Entity.

“As a shareholder, we welcome and look forward to the foray of HatchAsia in the international market. A move that will consequently provide us better access to a wider capital base as well as create new business streams for a larger audience reach that will pave the way for more Philippine businesses to globalize. Tapping the Australian capital market for this provides a conducive environment for the nature of our businesses and allows DFNN to fully value its early investments in HatchAsia,” says Calvin Lim, CEO of DFNN and incoming director of HAI.




SVH and HAI are currently in the process of developing a DOCA. Additional information will be disclosed to the Philippine Stock Exchange when available.

DFNN affiliate HAI is an entity engaged in building solutions for various industries through innovative technology and business process management, payment solutions, retail gaming outlet management consultancy. HAI is 18.98% owned by DFNN.