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13 Jan 2017 08:15
Adamas Finance Asia Limited
("ADAM" or the "Company")
UPDATE ON TTS PROJECT DISPOSAL
On 4 January 2017, Adamas Finance Asia Limited announced the proposed disposal of its interest in the Tian Tong Shan Villa Project (the "TTS Project") through both the exercise of the Put Option, as defined in that announcement, and a proposed sale and purchase agreement to be entered into with R&F Properties Co. Limited ("R&F"), a Guanzhou-based real estate developer listed on the Hong Kong Stock Exchange (the "SPA").
The SPA has now been entered into by LWL, R&F and Splendid Sun, the vehicle of Wang Chun Fang, which owns the remainder of the TTS Project not owned by LWL, on the terms set out in the announcement of 4 January 2017. Completion of the SPA remains subject to the satisfactory finalisation of R&F's due diligence.
LWL expects to receive the first payment of RMB 50 million (approximately US$7.2 million) due from the exercise of the Put Option by 6 February 2017.
Enquiries:
Adamas Finance Asia Limited | |
John Croft | +44 (0) 1825 830587 |
WH Ireland Limited - Nominated Adviser | |
Tim Feather Ed Allsopp | +44 (0) 113 394 6600 +44 (0) 117 945 3444 |
finnCap Limited - Broker | |
William Marle Grant Bergman | +44 (0) 20 7220 0500 |
First City Public Relations (Hong Kong) | +852 2854 2666 |
Allan Piper | +44 (0) 743 814 8968 |
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