Top Creation Investments Limited Update on Investment Exit and Change of Advisor (0880W)
04 November 2014 - 7:58PM
UK Regulatory
TIDMTOPC
RNS Number : 0880W
Top Creation Investments Limited
04 November 2014
4 November 2014
Top Creation Investments Limited
("TOPC" or the "Company")
Update on Investment Exit
Change of Advisor
The Company announces that, further to the announcement on 24
September 2014, it now expects to receive the balance of the funds
for the sale of Lot 129, being RM7.0m (an initial deposit of RM0.7m
was paid at the time the agreement was signed), within the next
three weeks.
The funds must be paid within 14 days from the date of
presentation to the Land Office in Malaysia of the Memorandum of
Transfer ("MOT") and the legal charge in favour of the purchaser.
However, prior to this happening, the stamp duty for the transfer
needed to be fixed by the Land Office, which occurred on 21 October
2014. On 30 October 2014, the Company signed its MOT form for
submission to the Land Office. We expect the purchaser to summit
their MOT forms by end of this week and so payment to the Company
should follow within two weeks thereafter.
The further RM7.7m, giving an aggregate consideration of RM15.4m
for the disposal and which is due in relation to the development
costs incurred, has to be paid within three months of 1 October
2014, being the date on which the agreement became unconditional.
However, the Company expects to receive these funds at the same
time as the balance of the purchase price outlined above.
The Company also gives notice that its current Nominated
Advisor, Daniel Stewart & Company Plc, has tendered its
resignation and will cease to act for TOPC as of 30 November 2014.
If the Company has not appointed another nominated adviser by this
date then trading on AIM in the Company's shares will be
suspended.
For further information, please contact:
Top Creation Investments Limited
Wong Yu Sun, Finance Director Tel: 006012 2778972
Daniel Stewart & Company plc
Antony Legge Tel: 020 7776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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