Ace Liberty & Stone PLC Acquisition of Ordinary Shares by Ace(EBT)Limited (8656X)

TIDMALSP

RNS Number : 8656X

Ace Liberty & Stone PLC

28 April 2023

ACE LIBERTY AND STONE PLC

("Ace" or "the Company")

Acquisition of Ordinary Shares by Ace (EBT) Limited

Ace Liberty and Stone Plc (AQSE: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, today announces that it has completed a related party transaction. One of its majority shareholders, LIBANK S.A.L (Levant Investment Bank) (" LIBANK"), has sold 1 million ordinary shares of 25p per share in the Company at a price of 40p per share to Ace (EBT) Limited ("Ace EBT"), for a total consideration of GBP400,000.

Ace EBT is the trustee of the Company's employee trust. The acquisition of shares by Ace EBT will allow Ace to further incentivise its employees by giving them a direct stake in the Company and reward good performance.

The Directors of the Company (excluding, for this purpose, Tony Ghorayeb as Director of LIBANK and Director of Ace EBT, Kayssar Ghorayeb as Director of LIBANK and Ivan Minter as Director of Ace EBT), having exercised reasonable care, skill and diligence, believe that the related party transaction is fair and reasonable as far as the shareholders of the Company are concerned.

The Directors accept responsibility for this announcement.

- ends -

For further information, please contact:

 
 
 Ace Liberty & Stone Plc 
 Ivan Minter, Financial Director        Tel: [phone] 
                                    http://acelibertyandstone.com 
 Alfred Henry Corporate Finance 
  Ltd, 
  AQSE Exchange Corporate Adviser 
 Nick Michaels                          Tel: [phone] 
                                              www.alfredhenry.com 
 
 SP Angel Corporate Finance LLP 
  Broker 
 Vadim Alexandre / Rob Rees              Tel: [phone] 
                                                www.spangel.co.uk 
 

Notes to Editors

Ace Liberty & Stone Plc is a property investment company with a diverse portfolio of properties located across the UK, currently including Manchester, Gateshead, Barnstaple, Margate and Northampton. The Company locates commercial properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than-average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

For more information on the Company please visit www.acelibertyandstone.com

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(END) Dow Jones Newswires

April 28, 2023 04:13 ET (08:13 GMT)