TIDMALPH

RNS Number : 9831O

Alpha Pyrenees Trust Limited

11 November 2016

11 November 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 ending 30 September 2016 and the period up until the date of this announcement. The information contained herein has not been audited.

VALUATION AND NET ASSET VALUE ("NAV")

The Trust currently owns a residual portfolio of three properties in France (located at Saint Cyr L'Ecole, Champs sur Marne and Ivry-sur-Seine) and three properties in Spain (located at Alcalá de Guadaíra, Écija and Zaragoza) totalling approximately 33,680 square metres (approximately 362,500 square feet) of commercial real estate. While the properties are generally well located they suffer from weak tenant demand at the present time coupled with a high level of vacancy.

These properties were last valued on 30 June 2016 at EUR26.4m (GBP22.8m at 30 September 2016 exchange rate). The next independent revaluation will take place as at 31 December 2016.

As at 30 September 2016 the NAV is negative 44.6 pence per share. The decrease in NAV from 30 June 2016 (negative 41.1 pence per share) is due to the combined effect of the loss incurred in the period and adverse foreign exchange effects.

FINANCING

As at 30 September 2016, the Trust had total borrowings of GBP77.5 million (EUR89.8 million) under its facilities with Barclays Bank PLC ("Barclays").

It was announced on 31 October 2016 that the Trust's loan facilities with Barclays Bank PLC ("Barclays") have been extended and the maturity date of all its remaining borrowings (EUR89.8m) has now been extended to 31 October 2018.

The current interest rates will continue to apply to the facilities during the extension 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 new maturity date and will be payable to the extent that the Trust has sufficient cash funds at that time. No additional arrangement fee has been charged for the new extension period.

SALES PROCESS

The Trust has the support of its lender for an orderly realisation of its remaining six investment properties with a view to winding up the Trust's group in due course.

The sales process is ongoing and 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 30 June 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, to the extent that this is possible, has taken place.

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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(END) Dow Jones Newswires

November 11, 2016 05:37 ET (10:37 GMT)

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