Financials
By Josh White
Date: Friday 13 Jan 2017
LONDON (ShareCast) - (ShareCast News) - Adamas Finance Asia updated the market on the disposal of the Tian Tong Shan Villa Project on Friday.
The AIM-traded company had announced the proposed disposal of its interest in the TTS Project on 4 January, through both the exercise of a put option and a proposed sale and purchase agreement to be entered into with R&F Properties Company.
R&F is a Guangzhou-based real estate developer listed on the Hong Kong Stock Exchange.
"The sale and purchase agreement has now been entered into by [Adamas subsidiary] 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," the board of Adamas confirmed on Friday.
"Completion of the agreement remains subject to the satisfactory finalisation of R&F's due diligence."
Adamas said its LWL division expects to receive the first payment of CNY 50m - due from the exercise of the put option - by 6 February.
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Currency | UK Pounds |
Share Price | 1.38p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 2.16 |
52 Week Low | 1.10 |
Volume | 0 |
Shares Issued | 355.55m |
Market Cap | £4.89m |
RiskGrade | 184 |
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Chair | John Michael Croft |
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