ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

ALPH Alpha Group International Plc

1,900.00
65.00 (3.54%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Group International Plc LSE:ALPH London Ordinary Share GB00BF1TM596 ORD 0.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  65.00 3.54% 1,900.00 1,880.00 1,900.00 1,890.00 1,820.00 1,830.00 124,069 16:35:27
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 107.61M 36.37M 0.8396 22.51 818.78M

Alpha Pyrenees Trust Limited Trading Update (0931A)

03/06/2016 7:00am

UK Regulatory


Alpha (LSE:ALPH)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Alpha Charts.

TIDMALPH

RNS Number : 0931A

Alpha Pyrenees Trust Limited

03 June 2016

03 June 2016

Alpha Pyrenees Trust Limited (the "Trust" or the "Company")

Trading Update

Alpha Pyrenees Trust Limited today publishes its trading update statement for the quarter ending 31 March 2016 and the period up until the date of this announcement. The information contained herein has not been audited.

KEY POINTS

   --      MATURITY OF BORROWINGS EXTENDED TO 31 OCTOBER 2016 

-- TRUST HAS THE SUPPORT OF ITS LENDER FOR AN ORDERLY REALISATION OF ITS REMAINING PROPERTY ASSETS

   --      SALES PROCESS WILL NOT RESULT IN ANY RETURN TO ORDINARY SHAREHOLDERS 

-- NAV IS NEGATIVE 35.7 PENCE PER SHARE AS AT 31 MARCH 2016 (31 DECEMBER 2015: NEGATIVE 30.9 PENCE PER SHARE)

VALUATION AND NET ASSET VALUE ("NAV")

The Trust currently owns a residual portfolio of three properties in France (located at Saint Cyr L'Ecole, Champs sur Marne and Ivry-sur-Seine) and three properties in Spain (located at Alcalá de Guadaíra, Écija and Zaragoza) totalling approximately 33,680 square metres (approximately 362,500 square feet) of commercial real estate. While the properties are generally well located they suffer from weak tenant demand at the present time coupled with a high level of vacancy.

These properties were last valued on 31 December 2015 at EUR29.0m (GBP22.9m at 31 March 2016 exchange rate). The next independent revaluation will take place as at 30 June 2016.

As at 31 March 2016 the NAV is negative 35.7 pence per share. The decrease in NAV from 31 December 2015 (negative 30.9 pence per share) is due to the combined effect of the loss incurred in the period (mainly finance costs and property disposals) and adverse foreign exchange effects.

FINANCING

It was announced on 15 April 2016 that the Trust's loan facilities with Barclays Bank PLC ("Barclays") have been extended and the maturity date of all its borrowings has been extended to 31 October 2016.

Following the completion of a further three property sales in February 2016, which generated sale proceeds of GBP18.4 million (EUR24.3 million), a net repayment of borrowings of GBP17.6 million (EUR23.3 million) was made. As at 31 March 2016, the Trust had total borrowings of GBP79.3 million (EUR100.3 million) under its facilities with Barclays. After the end of the quarter, a further GBP9.2 million (EUR11.7 million) of debt repayment was made and total borrowings currently stand at GBP70.6 million (EUR89.3 million), including rolled up interest of GBP0.5 million (EUR0.7 million).

The current interest rates will continue to apply to the facilities during the extension period and the 2% arrangement fees (per annum pro-rated), charged on all borrowings from 10 February 2015, are deferred to the new maturity date and will be payable to the extent that the Trust has sufficient cash funds at that time. No additional fee was charged on the latest extension.

SALES PROCESS

As previously reported, on 3 February 2016 the Trust sold its properties located at Athis Mons, Aubergenville and Aubervilliers in France, totalling approximately 59,730 square metres, for EUR24.3 million and the sales proceeds were used to reduce the Trust's bank borrowings.

The Trust has the support of its lender for an orderly realisation of its remaining property assets which are being actively marketed. As previously stated, the Board is of the view that there will not be any value to return to ordinary shareholders after repayment of the Trust's bank borrowings has taken place to the extent possible.

The Trust will provide further updates in due course.

BOARD OF DIRECTORS

Subsequent to the significant progress in the sales programme following the transactions completed over the past quarter, and the now much reduced property portfolio, the Board has considered the composition of the Board in terms of size and cost to manage the completion of the sales process. As a result of this David Rowlinson, Phillip Rose and Dick Kingston have resigned from the Board with immediate effect. David Jeffreys and Serena Tremlett, who have been with the Company since inception, will continue as Directors and the Board will take responsibility going forward for matters previously dealt with by its sub-committees. The Board would like to take this opportunity to thank David, Dick and Phillip for their service to the Trust.

DIVIDEND

The Trust does not pay dividends.

RENTAL INDEXATION

The INSEE Construction Cost Index ("ICC"), applicable to the Trust's leases in France, showed an annualised increase of 0.25% for the latest published quarter, Q4 2015, following three quarters of negative annualised indexation.

The Spanish Consumer Price Index, applicable to the Trust's leases in Spain, was running at an annualised rate of decrease of 1.1% at the end April 2016 having been 0.0% as at the end of December 2015.

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 company news service from the London Stock Exchange

END

TSTLLFLRRVIFIIR

(END) Dow Jones Newswires

June 03, 2016 02:00 ET (06:00 GMT)

1 Year Alpha Chart

1 Year Alpha Chart

1 Month Alpha Chart

1 Month Alpha Chart

Your Recent History

Delayed Upgrade Clock