Interim Management Statement (5966X)
February 17 2012 - 1:00AM
UK Regulatory
TIDMWNER
RNS Number : 5966X
Warner Estate Holdings PLC
17 February 2012
Warner Estate Holdings PLC (the 'Group')
Interim Management Statement
Discussions with the Group's lenders, as announced in the
Group's Half Year Report on 30 November 2011, continue. With
respect to the Royal Bank of Scotland, those discussions are with
Blackstone Real Estate Debt Advisers, which is managing the loan
for an RBS affiliate, in which a Blackstone debt fund now holds a
minority interest. There remains no certainty as to the terms of
any agreement with the Group's lenders or whether it will be
possible to reach an agreement. The Board continues to believe that
any position reached with the lenders will deliver little or no
value to existing shareholders, other than the opportunity to
participate in an equity raise were that solution to be feasible
and pursued.
The Group has continued to market certain properties in order to
reduce total outstanding debt.
The Group disposed of 30/36 Market Place, Romford, 12/15 Above
Bar, Southampton and Goldvale House, Woking for GBP4.7m (September
2011 book value GBP6.3m). The proceeds from the first two disposals
were used to settle the break costs on two swaps relating to debt
of GBP25m, one at 4.4675% to March 2015 and the other at 2.01% to
December 2012. The net impact on NAV was a reduction of
GBP1.4m.
The Group continues to perform well at an operational level,
through protecting income and controlling costs. However, as
previously announced, the outcome of the discussions with the
Group's lenders will determine its future. -ends-
Date: 17th February 2012
Enquires:
Warner Estate Holdings PLC
Philip Warner, Chairman
Mark Keogh, Group Managing Director
Robert Game, Group Manager Director, Property
Tel: 0207 907 5100
Web: www.warnerestate.co.uk
City Profile
Jonathan Gillen
Simon Courtenay
Tel: 0207 448 3244
This information is provided by RNS
The company news service from the London Stock Exchange
END
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