Information  X 
Enter a valid email address

Hanseatic & Baltic (HBPO)

  Print      Mail a friend

Friday 30 April, 2010

Hanseatic & Baltic

Termination of MoU



HANSEATIC & BALTIC PROPERTIES PLC
MEMORANDUM OF UNDERSTANDING AND OPTION AGREEMENT TERMINATED

Hanseatic & Baltic Properties Plc ("Hanseatic & Baltic" or "the Company") announces that the Memorandum  of
Understanding  ("MoU") to acquire the entire issued share capital United Sino Limited ("Sino"),  a  company
incorporated in the Cayman Islands, and associated Option Agreement, have been terminated.

Despite considerable efforts the vendors of Sino were unable to guarantee raising sufficient funds  for  us
to  satisfy  ourselves that the enlarged group would have had sufficient working capital to carry  out  the
projects.

Leo Knifton, Chairman, commented:

"We are disappointed to be unable to proceed with this acquisition, which would have led to us becoming one
of  PLUS's  largest  companies. We are however confident of attracting other deals to maximise  shareholder
value."

30 April 2010

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Nigel Weller
Hanseatic & Baltic Properties PLC
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel: +44 (0) 20 7309 2281
Fax: +44 (0) 20 7566 0023

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel: +44 (0) 20 7251 3762

Hanseatic & Baltic Properties plc								

						                                                                                                                                                                   

a d v e r t i s e m e n t