Alpha Returns Group plc Termination Of Investment

 
TIDMARGP 
 
   Alpha Returns Group PLC 
 
   ("Alpha Returns" or the "Company") 
 
   13 December 2016 
 
   Termination of Investment in Jesoft International Limited ("Jesoft") 
 
   The Company is pleased to announce that its wholly owned subsidiary ARGP 
Investments Limited ("ARGPI") has entered into an agreement 
("Termination Agreement") for the termination of the conditional sale 
and purchase agreement ("SPA") for the acquisition of 50 per cent. of 
the issued share capital of Jesoft from Wuxopi Group Limited (the 
"Vendor"). As announced on 7 July, the preconditions relating to the 
Company's conditional indirect investment in Jesoft had not been 
satisfied by the extended long-stop date. 
 
   Under the terms of the Termination Agreement, the Vendor shall make a 
cash payment of HK$928,125 (approximately GBP94,200) on or before 21 
December 2016 as full and final repayment of the initial consideration 
of 17,394,054 ARGP ordinary shares paid by ARGPI, which at yesterday's 
closing price of 0.4p per share had a value of approximately GBP69,600. 
This compares to the book value of the conditional investment of 
GBP295,700 as at 30 June 2016 in the Company's consolidated accounts. 
Once the repayment has been made in full, the SPA shall terminate and be 
of no effect and none of the parties shall be under any obligation or 
liability in respect of the SPA. 
 
   -ends- 
 
   For further information: 
 
 
 
 
                                Christopher Neo 
Alpha Returns Group plc          Executive Director              020 3286 6388 
ZAI Corporate Finance Ltd       Peter Trevelyan-Clark / Tim 
 (NOMAD)                         Cofman                          020 7060 2220 
Peterhouse Corporate Finance 
 (Broker)                       Duncan Vasey / Lucy Williams     020 7220 9797 
 
 
   This announcement contains inside information for the purposes of 
article 7 of the Market Abuse Regulation (EU) No. 596/2014. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Alpha Returns Group plc via Globenewswire 
 
 
  http://www.alpharet.com 
 

(END) Dow Jones Newswires

December 13, 2016 09:19 ET (14:19 GMT)

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