December 23 - A memorandum of understanding has been signed between Pan Ocean and its preferred bidder, a consortium comprising Harim Group and JKL.
Pan Ocean said in an announcement on the Singapore stock exchange that the key terms of the MoU include "to set the rights and obligations of the company [Pan Ocean] and the preferred bidder" and "to set the terms and conditions for the negotiation of the investment details, such as assessment and fixing the undertaking account, etc."
Pan Ocean said that it will grant Harim and JKL exclusive rights for preferential negotiation for three months after the MoU is signed, or until the removal date of the MoU, or until the date of investment contract agreement - whichever is earliest. However, the grant period can be extended with agreement of both parties and with approval from the Korean court.
Harim and JKL will carry out an inspection for 15 working days from January 5, 2015.
Another announcement on the Singapore stock exchange stated that lawyer Christopher Anand Daniel has been appointed independent director of Pan Ocean for a one-year term, beginning December 24, 2014.