Statement re Stylo plc

 

TIDMTCSC TIDMSTYL 
 
RNS Number : 2461M 
Town Centre Securities PLC 
26 January 2009 
 

26 January 2009 
 
 
TOWN CENTRE SECURITIES PLC 
 
 
Re: Stylo plc 
 
 
 
 
Town Centre Securities plc ("TCS" or "The Company"), the Leeds based property 
investment and development company, notes this morning's announcement by Stylo 
plc ("Stylo"), with whom it shares common directors (Edward and Michael Ziff) 
and common shareholders (including Edward and Michael Ziff and Ziff family 
members). The Administrators of the principal trading subsidiaries of Stylo are 
proposing Company Voluntary Arrangements ("CVAs") to the creditors of each of 
the subsidiaries in administration. 
 
TCS believes that CVAs represent an innovative and pioneering route to address 
the issues faced by many retailers in the current economic environment. CVAs 
recognise the interests of all creditors, including landlords, in contrast to 
the "prepack" administrations which have been common in recent months. 
 
On a trading level the relationship between TCS and Stylo extends to only one 
store, in the Merrion Centre, Leeds, where TCS is the landlord and Stylo is the 
tenant. On the basis that TCS is in favour of a CVA in preference to a 
"prepack", it will consider the proposals in detail, but in principle expects to 
approve Stylo's CVA. 
 
- ENDS- 
 
 
For further information, please contact: 
 
 
Town Centre Securities PLC www.tcs-plc.com 
Edward Ziff, Chairman and Chief Executive0113 222 1234 
Bob Bigley, Finance Director 
 
 
Smithfield 
Reg Hoare    0207 360 4900 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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