15 Feb 2021 11:51
15 February 2021
All Active Asset Capital Limited
('AAA' or 'the Company')
Sale of investment
AAA has agreed terms to sell the Company's 7% interest ('Interest') in Allure Group Co., Ltd. ('Allure') to Oxbow Enterprise Limited, an existing shareholder of AAA, for a cash consideration of £100,000 ('the Sale').
Allure is the holding company for Myanmar Allure Group Co., Ltd ('MAG'), which owns and operates the Allure Resort, a hotel in Myanmar. The book value of the Interest in AAA's latest unaudited financial statements was £150,000, reflecting the Directors' assessment of MAG's future prospects. It is anticipated that completion of the Sale will occur before the end of February 2021. The net proceeds from the Sale will be used for the general working capital purposes of the Company.
The Company's Interest in Allure is a legacy investment, held since 2013. The Sale will allow AAA to focus on its core investments, including a convertible loan in MESH Holdings plc and an option, exercisable under certain conditions, to acquire up to €125 million of equity in AAQUA B.V.
For further information:
All Active Asset Capital Limited
James Normand, Non-Executive Chairman
Rodger Sargent, Executive Director
www.aaacap.com
Allenby Capital Limited (Nominated Adviser and Broker)
Alex Brearley / Nick Athanas
T: +44 (0) 203 328 5656
www.allenbycapital.com
Buchanan (Financial PR)
Richard Oldworth / Chris Lane / Toto Berger
T: +44 (0) 207 466 5000
E: AAAC@buchanan.uk.com