Alpha Pyrenees Trust Limited Trading Statement (6437Q)
June 08 2018 - 1:00AM
UK Regulatory
TIDMALPH
RNS Number : 6437Q
Alpha Pyrenees Trust Limited
08 June 2018
8 June 2018
LEI: 213800NEM44T9QHNQV27
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 2018 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 2018, the Trust owned one property in France
(located at Saint Cyr L'Ecole) of approximately 6,340 square metres
(approximately 68,250 square feet) of commercial real estate.
As at 31 March 2018, the NAV is negative 63.9 pence per share.
The decrease in NAV from 31 December 2017 (negative 63.5 pence per
share) is mainly due to the loss incurred in the quarter.
FINANCING
As at 31 March 2018, the Trust had total borrowings of EUR87.3
million (GBP76.5 million) under its facilities with Barclays Bank
PLC, which mature on 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.
The Trust has the support of its lender for the sale of its
remaining property with a view to winding up the Trust's group in
due course
PROPERTY SALES
The plan for the sale of the remaining property (Saint Cyr
L'Ecole in France) is progressing and, 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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