21/09/2009 10:38
Leda Investments Public Company Ltd announced today the cancellation of the agreement with CADS International Ltd for the acquisition of 75% of Zircon Estates Ltd, as this was announced on 7/4/2008.
It is reminded that Zircon Estates Ltd is the owner of Zircon Estates GTB in Georgia, where it has reached an agreement with the government of Adjara of Georgia for the construction of a project of more than 60,000 sq. meters, which will include a hotel, a casino and flats.
The reasons for the cancellation are the differentiation of the investing climate and the investment risk in Batumi of Georgia after the political unrest that makes funding difficult and the oppressive timetables that must be followed and are not in line with the current economic crisis.
As a result of the cancellation, CADS International Ltd returned the 23,076,923 shares of Leda, which had been granted as an exchange for the 75% of Zircon Estates Ltd and the Company will take measures for the cancellation of the issued capital.
The Company will be affected by the reduction of its net worth by €10,875,000 compared to the results dated 30/6/2009 due to the reduction of capital.
Compared to the initial cost of the investment, there is no profit or loss. However, due to the provision for depreciation in investment of €4,125,000 in the six-month results 2009, this provision is cancelled and restored.
It is reminded that Zircon Estates Ltd is the owner of Zircon Estates GTB in Georgia, where it has reached an agreement with the government of Adjara of Georgia for the construction of a project of more than 60,000 sq. meters, which will include a hotel, a casino and flats.
The reasons for the cancellation are the differentiation of the investing climate and the investment risk in Batumi of Georgia after the political unrest that makes funding difficult and the oppressive timetables that must be followed and are not in line with the current economic crisis.
As a result of the cancellation, CADS International Ltd returned the 23,076,923 shares of Leda, which had been granted as an exchange for the 75% of Zircon Estates Ltd and the Company will take measures for the cancellation of the issued capital.
The Company will be affected by the reduction of its net worth by €10,875,000 compared to the results dated 30/6/2009 due to the reduction of capital.
Compared to the initial cost of the investment, there is no profit or loss. However, due to the provision for depreciation in investment of €4,125,000 in the six-month results 2009, this provision is cancelled and restored.
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