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UPDATE ON TTS PROJECT DISPOSAL

By LSE RNS

RNS Number : 8092X
Adamas Finance Asia Limited
24 February 2017
 

Adamas Finance Asia Limited

("ADAM" or the "Company")

 

UPDATE ON TTS PROJECT DISPOSAL

 

Further to the announcement on 8 February 2017 in relation to the proposed disposal of its interest in the Tian Tong Shan Villa Project, ADAM announces that the Company's subsidiary, Lead Winner Limited, has received a payment of US$700,000 in part settlement of the RMB 50 million (approximately US$7.2 million) due from the exercise of the Put Option (as defined in the announcement on 4 January 2017).  The remainder of the amount owed under the Put Option is expected to be paid when the due diligence process being undertaken by the purchaser, R&F Properties Co. Limited, is finalised and payment conditions are met in accordance with the sale and purchase agreement.

 

A further announcement will be made in due course.

 

 

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) 7438 148968

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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