18th Jan 2006 13:30
Hidong Estate PLC18 January 2006 Hidong Estate PLC Litigation update For immediate release 18 January 2006 Further to the announcement on 16 January 2006 of the ex-parte mandatoryinjunction obtained by the Palamsel Holdings Sdn Bhd, the Purchaser of HidongEstate PLC's Plantation, the Directors of Hidong Estate PLC ("the Company")announce that after negotiations the parties agreed this morning that theex-parte injunction be set aside by the Court, which the Court has done. As aresult of negotiation with the Purchaser and on the advice of the Company'ssolicitors, the Company and the Purchaser have consented to the following:- 1) The Company will now only deliver vacant possession of the properties to the Purchaser upon receipt of the full sale proceeds from the Purchaser. 2) The original document of title to the said properties will be forwarded to the Purchaser's solicitor with their undertaking that they will not effect transfer of the said properties until the Company's shareholders' approval has been obtained as provided in the Sale and Purchaser Agreement. Even though the above terms are not in total compliance of the terms of the Saleand Purchase agreement, the Directors consider after much deliberation that itis in the best interest of the Company that the current terms are accepted inthe face of the said ex-parte injunction. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hidong Est.