Jade Road Investments Limited
13 May 2024
JADE ROAD INVESTMENTS
LIMITED
("Jade Road Investments", "JADE" or the
"Company)
Update on the disposal of Legacy
Assets
Jade Road Investments is pleased to provide an
update on the disposal of its Legacy Assets, as described in its
RNS announcement on 2 January 2024 and Shareholder Circular
published on 8 April 2024. As previously stated, all Legacy Assets
will be transferred to a separate company, Eastern Champion Limited
("Eastern"), which on
completion of the disposal will not be owned or controlled by
JADE.
The proposed disposal of all Legacy Assets is
conditional upon, among others, Shareholder approval by way of a
resolution, which was proposed as Resolution 5 at the Company's
2023 Annual General Meeting ("AGM").
The AGM was held on 1 May 2024, and all
resolutions, including Resolution 5, were duly passed.
However, certain compliance matters remain to
be completed, following which (i) the disposal of the Legacy Assets
can be effected, (ii) qualifying Shareholders will be issued with
shares in Eastern by way of the In Specie Dividend, and (iii)
Noteholders will have their Jade Road Loan Notes replaced with the
Eastern Loan Notes. It is anticipated that the relevant
documentation will be completed and sent out to Shareholders on
around 23 May 2024, but in any case, by no later than 30 May
2024.
Upon completion of the aforementioned
transactions, JADE will effectively become a clean vehicle in
search of an appropriate acquisition by way of a reverse takeover
("RTO"), which will be
transformational for the Company and will provide Shareholders with
an interest in a new business. Discussions are currently in
progress with a number of parties on this plan.
In the meantime, JADE is managing its cash
resources as its current working capital position is tight
and it will need to raise further funds in the near term to pursue
such opportunities and pending the raising of new capital in
association with any RTO.
Further updates on the Company's progress in
relation to the above matters will be provided in due
course.
Capitalised terms used in this announcement
have the same meaning given to them in the Company's RNS
announcement dated 8 April 2024, except where the context otherwise
requires.
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
|
|
|
Andrew de Andrade
|
|
|
|
|
|
Lionsgate Communications - Communications
Adviser
|
+44 (0)
779 189 2509
|
|
Jonathan Charles
|
|