TIDMADAM

RNS Number : 1081U

Adamas Finance Asia Limited

13 January 2017

Adamas Finance Asia Limited

("ADAM" or the "Company")

UPDATE ON TTS PROJECT DISPOSAL

On 4 January 2017, Adamas Finance Asia Limited announced the proposed disposal of its interest in the Tian Tong Shan Villa Project (the "TTS Project") through both the exercise of the Put Option, as defined in that announcement, and a proposed sale and purchase agreement to be entered into with R&F Properties Co. Limited ("R&F"), a Guanzhou-based real estate developer listed on the Hong Kong Stock Exchange (the "SPA").

The SPA has now been entered into by 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 2017. Completion of the SPA remains subject to the satisfactory finalisation of R&F's due diligence.

LWL expects to receive the first payment of RMB 50 million (approximately US$7.2 million) due from the exercise of the Put Option by 6 February 2017.

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 
                                    +44 (0) 743 814 
 Allan Piper                                   8968

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

January 13, 2017 03:15 ET (08:15 GMT)

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