3rd 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 13th 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