Information  X 
Enter a valid email address

Alpha Returns Group plc (ARGP)

  Print      Mail a friend       Annual reports

Thursday 12 May, 2016

Alpha Returns Group plc

Further re Disposal

Further re Disposal

Alpha Returns Group plc
(the "Company" or "Alpha Returns")

 12 May 2016

Further re disposal of Riche Bright Securities Limited ("RB Securities")

Further to the announcement made on 29 April 2016, Alpha Returns, the AIM traded investing company focussing on investments in high-growth Asian economies, is pleased to announce that additional cash consideration of HK$24 million (£2.1 million) is to be paid to its 70 per cent owned joint venture vehicle Riche Bright Group Limited ("Riche Bright") on or before 16 May 2016, in addition to the HK$4 million (then £0.3 million) paid following exchange of contracts on 30 October 2015. A final tranche cash consideration of up to HK$5.5 million (£0.49 million) is due on completion, bringing total consideration receivable by Riche Bright to up to HK$33.5 million, being a premium of HK$11 million to RB Securities' unaudited net assets at 31 October 2015 of HK$22.5 million, subject to downwards only adjustment on a $ for $ basis to reflect any agreed monthly operating expenses at RB Securities in excess of HK$400,000 from 1 November 2015 until 30 April 2016. The final tranche consideration is payable on or before 31 May 2016.

Following receipt of the final tranche consideration, it is intended that Riche Bright will repurchase its 30 per cent. minority shareholdings from shareholders other than Alpha Returns for cash at attributable net asset value, leaving Riche Bright as a wholly-owned subsidiary available for use as an intermediate bare holding company for future investments by Alpha Returns in accordance with its investing policy. The Company will announce further details in due course.

The Company continues to hold its 52.5% interest in Singapore based IT service solutions provider Telistar Solutions Pte Ltd, a 30% investment in Oriental Ventures Limited/Shenzhen MaxLife Catering Management Co., Ltd., and a conditional 50% investment in Jesoft International Limited/Jesoft Computer Technology Co. Ltd., a PRC corporate IT solutions provider.

For further information:

Alpha Returns Group plc  Christopher Neo
Executive Director
020 3286 6388
ZAI Corporate Finance Ltd (NOMAD) Peter Trevelyan-Clark / Tim Cofman 020 7060 2220
Peterhouse Corporate Finance (Broker)  Duncan Vasey / Lucy Williams  020 7220 9797

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Alpha Returns Group plc via Globenewswire


a d v e r t i s e m e n t