Alina Holdings PLC: Trading Update (1620889)
April 28 2023 - 8:08AM
UK Regulatory
Alina Holdings PLC (ALNA) Alina Holdings PLC: Trading Update
28-Apr-2023 / 14:07 GMT/BST
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Trading Update
Alina Holdings PLC
Alina Holdings PLC
(Reuters: ALNA.L, Bloomberg: ALNA:LN)
("Alina", "ALNA" or the "Company")
Trading Update
The Company is pleased to announce the sale of its Crompton
shopping arcade located at Shaw, Oldham; the sales price achieved
was GBP750K, slightly below book value ('BV') of GBP800K, but with
no development potential the Board of Directors ('Board')
(considered the sale price, at close to BV, to be a good
result.
Following the Shaw sale, the Company has three remaining
properties in Bristol (Commercial Lease), Hastings (Commercial
Lease) and Shropshire (Residential Lease).
The Company's objectives are still to sell these assets over
time. However, the Board are of the opinion that a limited amount
of investment in both Brislington and Hastings will enhance the
value of these properties and result in potential sales values in
excess of BV.
Brislington, Bristol:
In respect of Brislington, advanced stage architectural designs
have been completed for the re-development of the site, including a
mix of commercial units and up to 96 dual aspect apartments
(currently only one) in four new blocks with car parking. Envisaged
is a greatly improved public space with external seating areas,
stepped terraces, communal garden and play area. The Company's
architect is now engaged with Bristol City Council regarding
planning permission.
The Board believes that the project has good potential for
planning consent as it will also assist the local council in
achieving their need for a substantial increase in Social
Housing.
Hastings, East Sussex:
In respect of Hastings, the Company's leasehold property at 25
Castle Street is currently being refurbished. The property extends
to 14,655 sq. ft. of which 9,617 sq. ft. are currently vacant
following the departure of Argos. Argos (now part of J Sainsbury
PLC) had a full repairing lease but did not fulfil their
contractual obligations before departing. The Company is now in
dispute with Argos/Sainsbury to recover the full amount of the
repair rather than the derisory amount that they have offered.
Refurbishment has been delayed due to the existence of asbestos,
which was discovered during the pre-construction planning
survey.
Whilst the departure of Argos has resulted in the short-term
reduction of rental income, the Board is confident that the gross
rental income of the property should be significantly increased
once repair to the ground floor, and conversion of the upper two
floors to mixed residential/workspace has been completed. Works to
the upper floors are subject to planning consent. The Board's
opinion that gross rental income can be significantly increased is
based on the fact that Argos were not paying anything close to
current market rates.
Stafford, Shropshire:
The smallest of the Company's remaining properties is a
three-apartment residential unit in Shropshire which the Board is
seeking to sell.
Duncan Soukup, Chairman, on behalf of the Board:
"The disposal of the Oldham shopping arcade, following the sale
of the Company's single unit in Forfar, Scotland, was the second
disposal of the Company's legacy property assets. The Board is
confident that the Company's development plans for Brislington and
Hastings have the potential to significantly enhance shareholder
value, and we look forward to updating the market with further good
news in due course."
"On a less positive note, we regret the previously announced
pending suspension of the Company's shares, due to the delay in
publishing 2022 accounts, but are hopeful that the suspension will
be both temporary and short-lived."
END
Investor Enquiries: enquiries@alina-holdings.com
Alina Holdings PLC
www.alina-holdings.com
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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ISIN: GB00B1VS7G47
Category Code: TST
TIDM: ALNA
LEI Code: 213800SOAIB9JVCV4D57
Sequence No.: 240510
EQS News ID: 1620889
End of Announcement EQS News Service
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(END) Dow Jones Newswires
April 28, 2023 09:08 ET (13:08 GMT)
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