By LSE RNS
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 |
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John Croft |
+44 (0) 1825 830587 |
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WH Ireland Limited - Nominated Adviser |
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Tim Feather Ed Allsopp |
+44 (0) 113 394 6600 +44 (0) 117 945 3444 |
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finnCap Limited - Broker |
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William Marle Grant Bergman |
+44 (0) 20 7220 0500 |
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First City Public Relations (Hong Kong) |
+852 2854 2666 |
Allan Piper |
+44 (0) 7438 148968 |
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