OAKS’ CEO Brett Pointon has sold some of his interests to China Pacific.
China Pacific had acquired a 5.5% initial stake in Oaks and was continuing negotiations to increase its investment in the expanding accommodation group.
Yesterday Pointon announced that approximately 8.52 million Oaks’ issued share capital controlled by him was sold to China Pacific and that he and the companies controlled by him have entered into a conditional agreement to further sell up to approximately 19.9%.
As a result, David Wu, a director of China Pacific will the board of directors as nonexecutive director.
At the same time, Oaks has extended its exclusivity agreement with China Pacific until 20 August to allow China Pacific to complete its due diligence investigations.
Australian Property Journal
