REG - Jade Road Investmnts - Updates on Disposal of Legacy Assets

Jade Road InvestmentsAnnouncement

03/04/2024 16:00

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RNS Number : 2123J  Jade Road Investments Limited  03 April 2024

 

3(rd) of April 2024

JADE ROAD INVESTMENTS LIMITED

 

("Jade Road Investments", "JADE" or the "Company")

Updates on Disposal of Legacy Assets

 

Jade Road Investments Limited (AIM: JADE), the London quoted company focused
on seeking the best risk-adjusted returns globally, is pleased to provide
details of a disposal of its legacy assets.

In reference to the Company's Operational Update dated the 13(th) of December
2023 regarding the proposed sale of Future Metal Holdings, the Company is
pleased to announce that the transaction documents were executed and that
CNY39.90MM (USD5.5MM) ("Transaction Consideration") was received in the escrow
account of the Company's lawyers onshore in China. The Transaction
Consideration received will cover the local taxes and other associated costs.

Moving forward, the high-level next steps include complying with local
authorities' requirements for offshore transmission of the funds. The local
authorities include, but are not limited to, the State Administration of
Foreign Exchange, the Bank of China, and the tax bureau.

It is important to note that the timing of the offshore remittance of the
funds is subject to the requirements and efficiency of the local authorities,
over which the Company has limited control. As a result, the Company will
refrain from providing the exact timeline for this transfer and will provide
an update once funds are remitted offshore. The funds will be transferred net
of the transaction costs. The exact amount of the transaction costs is not yet
known.

John Croft, Executive Chairman commented: "Despite the arduous process of
dealing with various parties involved in this transaction, the Transaction
Consideration being received in the escrow account represents a critical
milestone achieved. Meanwhile, this demonstrates that the divestment of
mainland Chinese legacy assets requires extra patience. We appreciate both the
shareholders' and the noteholders' continued support and understanding as we
navigate through this process. I look forward to providing further updates on
our plans in due course."

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

Jade Road Investments Limited

+44 (0) 778 531 5588

John Croft

 

WH Ireland Limited - Nominated Adviser

+44 (0) 20 7220 1666

James Joyce

 

Hybridan LLP - Nominated Broker

+44 (0) 20 3764 2341

Claire Louise Noyce

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