Adamas Finance Asia Limited UPDATE ON TTS PROJECT DISPOSAL (1081U)
13 January 2017 - 7:15PM
UK Regulatory
TIDMADAM
RNS Number : 1081U
Adamas Finance Asia Limited
13 January 2017
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
+44 (0) 113 394
6600
Tim Feather +44 (0) 117 945
Ed Allsopp 3444
finnCap Limited - Broker
William Marle +44 (0) 20 7220
Grant Bergman 0500
First City Public Relations
(Hong Kong) +852 2854 2666
+44 (0) 743 814
Allan Piper 8968
This information is provided by RNS
The company news service from the London Stock Exchange
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