(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcements dated 26 June 2020, 1 July 2020, 30 July 2020, 25 September 2020 and 12 October 2020 in relation to the Proposed Acquisition, where applicable, unless stated otherwise or defined herein.)

With reference to the Company’s announcements made on 26 June 2020 ,1 July 2020, 30 July 2020, 25 September 2020 and 12 October 2020, the Board of Directors of ATS wishes to inform that AGESB, our wholly-owned subsidiary, had upon reviewing the due diligence reports provided by the professional advisers appointed by AGESB in relation to the due diligence exercise conducted on PGSB, its business, assets, legal and financial position (“Due Diligence Exercise”), determined that the board of directors of AGESB is not satisfied with the outcome and findings of the Due Diligence Exercise. 

Accordingly, AGESB has on even date issue a notice of termination to the Vendors to terminate the SSA in accordance with the terms and conditions stated in the SSA.

This announcement is dated 11 November 2020.