REG - Jade Road Investmnts - Update on the disposal of Legacy Assets

Jade Road InvestmentsAnnouncement

13/05/2024 07:00

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RNS Number : 0709O  Jade Road Investments Limited  13 May 2024

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

 

 

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