Sale of Properties (5188U)
October 18 2010 - 2:00AM
UK Regulatory
TIDMNLD
RNS Number : 5188U
Nordic Land PLC
18 October 2010
18 October 2010
Nordic Land plc
Sale of Properties
Following the passing of the resolution at the shareholder
meeting on 7 October 2010, Nordic Land Plc ("Nordic Land" or the
"Company") is pleased to announce the completion of the sale of the
subsidiaries which own its two principal properties, being
Terminalen in Helsingborg and Lackeraran in Borlange. The total
gross consideration from the sale is SEK 661 million (including
cash released to Nordic Land from the subsidiaries).
The sale of its remaining property in Sicklaon has had to be
delayed because Lehman Brothers International Europe, as security
agent has been unable to locate the relevant mortgage certificates
without which the sale cannot proceed as planned. This sale has
been postponed to 10 November 2010. If the sale completes on this
date, there is not expected to be any change in the timing of the
distributions to shareholders as set out in the circular sent to
shareholders dated 17 September 2010 (the "Circular").
Under the terms of the Group's loan facilities, it has had to
repay the full amount of the bank borrowings (together with the
prepayment fees and break costs) including the borrowings on the
Sicklaon property.
Further details of the sale agreements are set out in the
Circular.
Contacts:
Nordic Land plc
Ray Horney, Chairman Tel: + 44 (0) 1273 775225
SP Angel Corporate Finance LLP Tel: + 44 (0) 20 7647 9650
Robert Wooldridge
Matrix Corporate Capital LLP
Stephen Mischler Tel: + 44 (0) 20 3206 7203
Bankside Consultants Ltd Tel: + 44 (0) 20 7367 8888
Simon Rothschild
This information is provided by RNS
The company news service from the London Stock Exchange
END
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