12th May 2016 08:56
LONDON (Alliance News) - Alpha Returns Group PLC, the AIM-listed investing company focused on investments in high-growth Asian economies, on Thursday said an additional cash payment of HKD24 million is to be made to its 70%-owned joint venture vehicle Riche Bright Group Ltd following its agreement to sell RB Securities.
The payment, which will be made on or before Monday next week, follows the HKD4 million paid following exchange of contracts on Octobear 30, 2015.
A final cash tranche of up to HKD5.5 million is due on completion, and will bring the maximum possible amount to be received by Riche Bright to HKD33.5 million, which would be a premium of HKD11 million to RB Securities' unaudited net assets as of October 31 of HKD22.5 million
Last month, Alpha Returns said Hzone Holdings Ltd obtained approval from the Hong Kong Securities & Futures Commission to become a substantial shareholder of RB Securities, meaning the conditional sale of RB Securities by Riche Bright Group Ltd could proceed.
Shares in Alpha Returns were untraded Thursday, having closed at 0.62 pence Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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