Hi MariaHas the sale of RLL gone through yet? Is the money in...

Hi Maria

Has the sale of RLL gone through yet? Is the money in the bank? (and
Hawkwood and other debts been paid).


Reply from Maria

Unfortunately the sale is being delayed due to some issues with the
availability of funds. However, the directors have reported that the
deal still stands and that the sale will be finalized by Wednesday 12
November.

Admiralty has conditioned the sale of RLL to the provision of a bank
cheque for the $28m (first tranche payment).

The $3m due to Hawkswood by 31 October have not been paid and Hawkswood
has accepted to receive payment in full from the proceeds of the Rincon
sale. Given that they have a fixed and floating charge over ADY's
assets, they have had to authorize the sale and lift the mortgages
charges over the assets.

A release will be made to the market within 45 minutes from the
signature of the contract and receipts of funds.


Kind regards,

Maria Vazquez