ARGP.L Share News (ARGP)

(ShareCast News) - Asia-focused investment company Alpha Returns announced on Monday that its 70%-owned joint venture Riche Bright Group has repurchased its own shares from its 30% minority shareholders for cash at attributable net asset value, turning Riche Bright into a wholly-owned subsidiary available for use as an intermediate bare holding company for future investments.The AIM-traded company's move follows the disposal by Riche Bright of Riche Bright Securities for a total cash consideration of HKD 33.17m, as initially announced on 12 May."Under a share repurchase agreement dated 30 June between Riche Bright, Alpha Returns and three selling shareholders, Riche Bright has repurchased for cancellation a total of 300,000 shares, representing 30% Riche Bright's issued share capital, for a consideration equal to 30% of its current assets less total liabilities as at 30 June," the company's board said in a statement."These are not expected to differ materially from those at 31 May when they stood at HKD 33m, which would give rise to total cash consideration of approximately HKD 9.9m, of which HKD 9m has been paid, with the balance expected to be paid on 11 July."As a result of the buy-back and cancellation, Riche Bright becomes a wholly owned subsidiary of Alpha Returns with cash of some HKD 20m available for investment and a further HKD 3m advanced to Alpha Returns Hong Kong Limited for working capital," the board explained.