Alpha Pyrenees Trust Limited Trading Update (1063W)
November 10 2017 - 2:00AM
UK Regulatory
TIDMALPH
RNS Number : 1063W
Alpha Pyrenees Trust Limited
10 November 2017
10 November 2017
Alpha Pyrenees Trust Limited (the "Trust" or the "Company")
Trading Update
Alpha Pyrenees Trust Limited today publishes its trading update
statement for the period ended 30 September 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 30 September 2017, the Trust owned a residual portfolio of
one property in France (located at Saint Cyr L'Ecole) and two
properties in Spain (located at Alcalá de Guadaíra and Écija)
totalling approximately 17,990 square metres (approximately 193,600
square feet) of commercial real estate.
These properties were last valued on 30 June 2017 at EUR11.1
million (GBP9.8 million at 30 September 2017 exchange rate). The
next independent revaluation will take place as at 31 December
2017.
As at 30 September 2017 the NAV is negative 58.8 pence per
share. The decrease in NAV from 30 June 2017 (negative 57.2 pence
per share) is mainly due to the loss incurred in the period.
FINANCING
As at 30 September 2017, the Trust had total borrowings of
GBP76.4 million (EUR86.6 million) under its facilities with
Barclays Bank PLC ("Barclays"), which maturity date 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
The remaining three properties (Saint Cyr L'Ecole in France;
Alcalá de Guadaíra and Écija in Spain) are being actively marketed
for sale 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 30 June 2017.
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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