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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June 02, 2017 02:00 ET (06:00 GMT)

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