TIDMADAM

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 
                                    +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 
 Allan Piper                    +44 (0) 7438 148968

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEAFALALFXEFF

(END) Dow Jones Newswires

February 24, 2017 06:45 ET (11:45 GMT)

Jade Road Investments (LSE:JADE)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Jade Road Investments Charts.
Jade Road Investments (LSE:JADE)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Jade Road Investments Charts.