Ace Liberty & Stone PLC £3.4 million secured loan draw down (1152E)
14 July 2016 - 7:00AM
UK Regulatory
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."
- Ends -
For further information, please contact:
Ace Liberty & Stone Plc
Ivan Minter, Financial Director Tel: +44 (0) 20 7201 8340
http://acelibertyandstone.com
Alfred Henry Corporate Finance Ltd,
ISDX Corporate Adviser
Jon Isaacs / Nick Michaels Tel: +44 (0) 20 7251 3762
www.alfredhenry.com
Hybridan LLP, Corporate Broker
Claire Noyce / Darshan Patel Tel: +44 (0)203 764 2341
www.hybridan.com
Media enquiries:
Abchurch
Julian Bosdet Tel: +44 (0) 20 7398 7714
Canace Wong
als@abchurch-group.com 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
END
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July 14, 2016 02:00 ET (06:00 GMT)