AREO Argo Real Est.

TIDMAREO

RNS Number : 9344Y

Argo Real Estate Opportunities Fd

28 February 2013

28 February 2013

Argo Real Estate Opportunities Fund Limited

("AREOF" or "the Company")

Statement Re: Proton Bank Loan Facility

On January 2(nd) 2013, the Board announced that AREOF failed to make an interest payment of EUR 409,090 due by 31 December 2012 under the terms of its EUR 29.3m loan facility from Proton Bank. This omission was caused by delays the Company has experienced in upstreaming excess cash generated by its Riviera Shopping City ("RSC") retail park in Odessa, Ukraine.

The Company had hoped to resolve the matter and make the payment of interest due to Proton Bank by 28(th) February 2013. Unfortunately, the process of upstreaming cash from the Company's RSC retail park has continued to experience delays. AREOF expects to complete the process in the near future and will make an announcement to that effect when the Company has done so.

AREOF's inability to meet its obligations to Proton Bank may activate certain cross default clauses in a number of the Company's other loan agreements. The Board is confident that if cross default clauses are activated they will be waived by those lenders affected and continues to engage with Proton Bank and other lenders in respect of these undertakings. The Board will update investors if this changes.

Enquiries:

 
 Argo Real Estate Opportunities Fund Limited 
  David Clark, Chairman                         +44 (0)1481 735 540 
 
 finnCap Limited (Nominated Adviser) 
  Matthew Robinson 
  Henrik Persson                                +44 (0) 207 220 0500 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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