Add Profit Corporation entered into a conditional sale and purchase agreement to acquire Masterpiece Enterprises Limited from Phimedix Plc (AIM:PHM) for £0.10 million on February 14, 2020. Pursuant to the sale and purchase agreement, Add Profit Corporation has agreed to acquire Masterpiece Enterprises Limited from Phimedix Plc and, as a result, assume all its assets and liabilities. The consideration will be paid in cash at completion. For the year ended March 31, 2019, Masterpiece Enterprises consolidated revenue and loss before tax amounted to HKD 363.23 million (£35.9 million) and HKD 61.34 million (£6.06 million) respectively. As at March 31, 2019, Masterpiece Enterprises consolidated total assets amounted to HKD 50.33 million (£4.98 million). Conditional on completion, Wenjie Zhou, Jianfeng Li and Peter Greenhalgh will resign as Directors of Phimedix Plc. Following completion, the Board then intends to make additional appointments to assist Phimedix Plc in its new strategic direction as a cash shell, including conditional on completion, the appointment of Nicholas Nelson. The transaction is conditional on approval of shareholders of Phimedix Plc. The Independent Directors, having consulted with the Nominated Adviser, consider the terms of the disposal to be fair and reasonable insofar as Phimedix Plc's shareholders are concerned and recommend shareholders to vote in favour of the Resolutions. The transaction is expected to complete on or about March 9, 2020. As of March 9, 2020, the shareholders of Phimedix approved the transaction. SPARK Advisory Partners Limited acted as financial advisor to Phimedix Plc.