Ace Liberty & Stone PLC £3.4 million secured loan draw down (1152E)

TIDMALSP

RNS Number : 1152E

Ace Liberty & Stone PLC

14 July 2016

 
 Press Release   14 July 2016 
 

Ace Liberty and Stone Plc

("Ace" or "the Company" or "the Group")

GBP3.4 million secured loan draw down

Ace Liberty and Stone Plc (ISDX: ALSP), the active property investment company capitalising on commercial property investment opportunities across the UK, is pleased to announce that the Company has drawn down a secured loan of GBP3,396,250 against its Plymouth and Gateshead properties.

This GBP3.4million loan, which has a five years' repayment term, is provided by Nationwide Building Society, a new lender to the Group. The loan is secured by way of a first charge over Marsh Mills, Plymouth, and Shildon House, Gateshead, two purchases which were announced earlier this year. The loan will significantly improve the working capital flexibility for the Group.

As a result of Ace's open offer in February this year which was well supported by shareholders and raised GBP3.5million, and following recent purchases, the Company now has a GBP4million cash reserve which will enable it to continue to take advantage of attractive market opportunities.

Ismail Ghandour, Chief Executive of Ace Liberty & Stone, commented: "Ace is delighted to announce the successful draw down of a secured loan of GBP3.4 million following the acquisition of Marsh Mills and Shildon House, reflecting the quality of Ace's investments. In addition, the success of the Company's Open Offer in February gives us cash reserves to ensure Ace will have a high level of liquidity in a period of uncertainty following the Brexit Referendum result, allowing the Company to fund further purchases when opportunities arise."

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For further information, please contact:

 
 Ace Liberty & Stone Plc 
 Ivan Minter, Financial Director           Tel: [phone] 
                                       http://acelibertyandstone.com 
 Alfred Henry Corporate Finance Ltd, 
  ISDX Corporate Adviser 
 Jon Isaacs / Nick Michaels                Tel: [phone] 
                                                 www.alfredhenry.com 
 Hybridan LLP, Corporate Broker 
 Claire Noyce / Darshan Patel               Tel: [phone] 
                                                    www.hybridan.com 
 

Media enquiries:

 
 Abchurch 
 Julian Bosdet            Tel: [phone] 
  Canace Wong 
 [e-mail]      www.abchurch-group.com 
 

Notes to Editors

Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Sunderland, Plymouth, Dudley, Gateshead Tyne and Wear, and London. The Company locates commercial and residential 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.

The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions price growth has been minimal and consequently better value opportunities have arisen outside of London. Some smaller properties have recently begun to appreciate in value, and this trend is starting to appear amongst larger properties.

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: http://acelibertyandstone.com/

This information is provided by RNS

The company news service from the London Stock Exchange

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July 14, 2016 02:00 ET (06:00 GMT)