Alpha Pyrenees Trust Limited Trading Statement (9302G)
June 02 2017 - 2:00AM
UK Regulatory
TIDMALPH
RNS Number : 9302G
Alpha Pyrenees Trust Limited
02 June 2017
2 June 2016
Alpha Pyrenees Trust Limited (the "Trust" or the "Company")
Trading Update
Alpha Pyrenees Trust Limited today publishes its trading update
statement for the quarter ended 31 March 2017 and the period up
until the date of this announcement. The information contained
herein has not been audited.
VALUATION AND NET ASSET VALUE ("NAV")
As at 31 March 2017, the Trust owned a residual portfolio of two
properties in France (located at Saint Cyr L'Ecole and
Ivry-sur-Seine) and two properties in Spain (located at Alcalá de
Guadaíra and Écija) totalling approximately 24,740 square metres
(approximately 266,200 square feet) of commercial real estate.
These properties were last valued on 31 December 2016 at EUR15.1
million (GBP12.8 million at 31 March 2017 exchange rate). The next
independent revaluation will take place as at 30 June 2017.
As at 31 March 2017 the NAV is negative 53.4 pence per share.
The decrease in NAV from 31 December 2016 (negative 50.2 pence per
share) is due to the combined effect of the loss incurred in the
period and the loss on the sale of the Trust's property at
Champs-sur-Marne.
FINANCING
As at 31 March 2017, the Trust had total borrowings of GBP74.9
million (EUR87.8 million) under its facilities with Barclays Bank
PLC ("Barclays") and the maturity date of all its remaining
borrowings (EUR87.8m) with Barclays is 31 October 2018. The current
interest rates continue to apply to the facilities during this
period. Arrangement fees (charged at 2% per annum pro-rated) on the
initial and all extensions up to 15 April 2016 will be deferred to
the maturity date and will be payable to the extent that the Trust
has sufficient cash funds at that time.
PROPERTY SALES
As previously reported, on 30 March 2017 the Trust has sold its
vacant office property located at Champs-sur-Marne in France and
totalling approximately 5,930 square metres for GBP2.2 million
(EUR2.6 million). On 23 May 2017 the Trust sold its largely vacant
warehouse and office property located at Ivry-sur-Seine in France
and totalling approximately 7,420 square metres for GBP2.5 million
(EUR2.9 million).
The above sales form part of the ongoing orderly realisation
process supported by the Trust's lender, Barclays, and the net
proceeds have been used in the reduction of the Trust's bank
borrowings.
The remaining three properties (Saint Cyr L'Ecole in France;
Alcalá de Guadaíra and Écija in Spain) are being actively marketed
with a view to winding up the Trust's group in due course. The
results of the marketing to date indicate that, although there is
no certainty that transactions will take place, if they do, the
prices achieved are most likely to be lower than the valuation as
at 31 December 2016.
As the Board has previously stated, the sales process will not
result in any return to ordinary shareholders after repayment of
the Trust's bank borrowings has taken place, to the extent that
this is possible.
The Trust will provide further updates on progress in due
course.
DIVIDEND
The Trust does not pay dividends.
For further information:
Serena Tremlett, Chairman, Alpha Pyrenees Trust Limited 01481 231100
Paul Cable, Fund Manager, Alpha Real Capital LLP 020 7391 4700
For more information on the Company, please visit
www.alphapyreneestrust.com.
FORWARD-LOOKING STATEMENTS
This trading update contains forward-looking statements which
are inherently subject to risks and uncertainties because they
relate to events and depend upon circumstances that will occur in
the future. There are a number of factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. Forward-looking statements are
based on the Board's current view and information known to them at
the date of this update. The Board does not make any undertaking to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Nothing in
this trading update should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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