Brief: Birmingham Int'l updates on deal in relation to settlement agreement; continuous suspension of trading

Zo Future

10/05/2016 14:43

May 10 (Reuters) - Birmingham International Holdings Ltd  2309.HK : 
 * Special deal in relation to a settlement agreement and continuous suspension  of trading  
 * Upon mutual discussions and negotiations, the parties have agreed to discontinue high court action 
 * On 4 may 2016, company, BCFC, Pannu, Asia Rays and Amazing Top amicably resolved and have entered into the settlement agreement 
 * Trading in shares will remain suspended until further notice 
 * On 20 April 2016, parties applied for a stay of proceedings under HCA 1355/2015 pending settlement negotiations 
 * Board considers that it will take a prolonged period of time before the legal proceedings involving the company can be settled 
 * Entering into of settlement agreement as part of proposed restructuring could facilitate resumption of trading of shares 
 
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