LONDON (Alliance News) - Alpha Returns Group PLC on Tuesday said it will not proceed with the planned, conditionally agreed purchase of a 50% stake in Jesoft International Ltd from Wuxopi Group Ltd after the necessary conditions were not met in time.
Alpha Returns first revealed the conditions had net been satisfied in July, and has been in talks about terminating the sale and purchase agreement since. Jesoft International is special purpose vehicle set up solely to invest in Jesoft Computer Technology Co, a Chinese IT firm.
As a result of the termination, Wuxopi will pay HKD928,125, or GBP94,200, to Alpha Returns Group before December 21. That is to pay for the 17.4 million shares in Alpha Returns Group's subsidiary that were issued as payment, which at the time equalled GBP69,600.
Alpha Returns said this compares to the book value of the conditional investment of GBP295,700 at the end of June.
Alpha Returns Group shares were untraded on Tuesday, last trading at 0.250 pence.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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