| Type | Announcement |
| Subject | MEMORANDUM OF UNDERSTANDING |
| Description |
HEADS OF AGREEMENT IN RELATION TO THE PROPOSED ACQUISITION OF THE ENTIRE EXISTING BUSINESS AND UNDERTAKINGS OF JINJIANG YANGSEN GARMENTS CO., LTD (YANGSEN) INCLUDING ALL OF ITS ASSETS AND CERTAIN AGREED LIABILITIES |
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Reference is made to the announcement by the Company on 29 July 2015, the replies to query announced by the Company on 31 July 2015 and 3 August 2015 and the announcement dated 23 October 2015 in relation to the Proposed Acquisition. Unless otherwise stated, defined terms used in this reply shall have the same meanings as those used in the abovementioned announcements. In relation to the above, the Company wishes to announce that the Parties have mutually agreed to terminate the HOA (“Mutual Termination”). Following negotiations, the Parties concluded that it would be in their mutual interest to terminate the HOA as both parties were unable to come to an agreement on the terms and conditions for the Proposed Acquisition after taking into consideration the recent and current market development. Upon the Mutual Termination, the HOA becomes null and void and neither Party shall have any claims whatsoever, directly or indirectly against the other in respect of the HOA. This announcement is dated 29 February 2016. |
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| Company Name | XIDELANG HOLDINGS LTD |
| Stock Name | XDL |
| Date Announced | 29 Feb 2016 |
| Category | General Announcement for PLC |
| Reference Number | GA1-29022016-00095 |