After the injection of assets operability, performance time limits for research and feasibility studies, Aeolus controlling shareholder China National Chemical Rubber Co., Ltd. (referred to as the rubber below) has finally given regarding tire assets into a clear timetable.
Aeolus today announced the company received June 20 rubber in accordance with the relevant regulatory guidelines require re-regulate About avoid competition with the commitment letter, will clear the rubber Aeolus as China National Chemical Corporation (Sinochem Rubber Parent, hereinafter referred to as China Chemical) tire assets of its integration platform, that China's chemical industry has entered the tire business or assets of the company when the conditions listed in accordance with legal procedure to select private placement, merger, purchase, etc. will be an effective way to cash Aeolus tire asset injection.
Companies should establish a sound room, operation and maintenance of safety management system, appoint a special department and the person responsible for safety management room, take reasonable physical access control, access to the engine room personnel review, registration, to ensure the implementation of the room 7 × 24 hour real-time monitoring.
Further pointed out that the rubber parts in the commitment letter, and it will be submitted to the China Chemical's assets into Aeolus tire of specific programs to Aeolus before December 31, 2017. In this point in time as failure to submit tire asset injection plan, or failure to obtain the relevant injection program Aeolus by the Board or the shareholders' meeting approving authority or consent of the rubber will be taken including, but not limited to entrust management related Aeolus tires business or assets to a third party not associated with tire disposal in an appropriate manner to solve business or assets to compete with Aeolus peers.
In addition, rubber, said in formulating future business development plan, will under the direction of corporate business development, product type, market distribution, sales and other customer be distinguished, try to avoid other companies affiliated with the formation of a new Aeolus with the competition.
These complementary Commitment Letter baked background, the presence of intra-industry competition Aeolus and the rubber and the company's actual controller of some enterprises in China's chemical control. In response to this situation, the rubber in May last year when he had made commitments, but that time clear, feasible solution is not formed.
