Mirland Development Corporation PLC Century Project Acquisition Update (7048H)
August 19 2016 - 9:29AM
UK Regulatory
TIDMMLD
RNS Number : 7048H
Mirland Development Corporation PLC
19 August 2016
19 August 2016
MirLand Development Corporation PLC
(the "Company")
Withdrawal of the funds from escrow account and Century Project
Acquisition Update
The Company announced on 22 June 2016 that it had entered into a
conditional agreement with TMJK Holdings Limited and Fadida
Holdings Limited (together, the "Partners") to acquire their
minority interest in the Century Project, representing two Class B+
office buildings totalling 20,903 sqm of leasable space located in
the northern part of Moscow's Novoslobodsky business district (the
"Acquisition").
In accordance with the Bonds restructuring plan that was
approved by the Bondholders of the Company on 10 August 2016 the
Company announces that Industrial Buildings Corporation Ltd,
Jerusalem Economy Ltd. and Darban Investments Ltd. (the
"Controlling Shareholders") have transferred US$1.17 million to the
Company.
This further funding commitment from the Controlling
Shareholders permits US$4.83 million to be released to the Company
from the escrow account established in accordance with the
standstill agreement entered into by the Company and the trustee of
its bondholders. Out of total funding amount of US$6.0 million,
US$4.75 million will be deposited in escrow in relation to the
Acquisition and the remaining funds will be used by the Company for
its working capital
Further announcements in relation to the Acquisition will be
made in due course.
MirLand Development Corporation plc
Roman Rozental +7 495 787 49 62
roman@mirland-development.com +7 499 130 31 09
FTI Consulting
Dido Laurimore / Tom Gough / Ellie Sweeney +44 20 7327 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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