REGARDING its planned disposal of a property, Huscoke Resources Holdings (00704.HK)announced that as the purchaser, Success Step Corporation Limited, had not paid the further deposit of about HK$8.9 million, steps including legal proceedings were taken to recover the further deposit.

Following a series of negotiations, a deed of settlement was entered into between the vendor and the purchaser, and a consent order was given by the High Court of Hong Kong in connection with such settlement on 14 December 2011.

Under such deed of settlement, the legal proceedings concerned were stayed (i.e. suspended), and the provisional agreement was terminated and rescinded. The registration of the provisional agreement with the Land Registry was vacated. Accordingly, the property remains to be owned by Huscoke without any encumbrance arising from or in connection with the provisional agreement. The deposit in the sum of about HK$8.9 million paid by the purchaser under the provisional agreement was forfeit to Huscoke.

Huscoke had estimated that the net proceeds would be around HK$5 million to HK$6 million which will be recorded as other income for the year ending 31 December 2011. Currently, the board of Huscoke does not have any plan to resell the property.