CSS Stellar plc (CSS.L) has since been informed by the acquiring party that it would be unable to honour the original terms of the sale deal. The company's directors have therefore renegotiated the terms of the sale agreement with the acquiring party to receive US$0.16 million immediately and eliminate any future uncertainty and risk of default.
The total amount to be written off in the company's 2009 results as a result of the acquirer's default on the original agreement is expected to be £0.25 million.
On 8 January 2008 , the company said it had disposed off its 75% interest in GEM Minneapolis Inc. for US$1.8 million in cash, of which US$1.1 million was received on completion and the remaining US$0.7 million was due over 3 years by way of a promissory note. US$0.1 million was received in January 2009.
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