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Share Name | Share Symbol | Market | Type |
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Targets TR Xx | AMEX:TCY | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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RNS Number:4450T TeleCity PLC 18 December 2003 TELECITY PLC MUNICH LEASE ARRANGEMENTS 18 December 2003 In April 2000, the Company's subsidiary, TeleCity GmbH, entered into a 16-year lease for the Company's Munich site. Under the lease, a monthly rent of approximately Euro175,000 (#121,000) was payable. The lease was due to terminate on 31 July 2016. On 7 April 2003, in the announcement of the preliminary results for the year ended 31 December 2002, the Company reported that the negotiations to terminate the lease of the Company's Munich site had been successfully concluded. Further, included in another announcement made on 10 June 2003, of the Company's first quarter results to 31 March 2003, was a statement that the Company had exited from all its surplus properties, which included Munich. The aforementioned negotiations had envisaged the termination of the Munich lease on 31 December 2003. However, it has recently become apparent to the Board that the lease had not in fact been effectively terminated under and in accordance with German law and that further action was therefore necessary to negate or reduce the Company's financial obligations under the lease. The Company has renegotiated the lease with the landlord with the result that, under the terms of an agreement signed today, the monthly rent payable by the Company under the lease has been reduced to approximately Euro108,000 (#75,000) per month with effect from 1 January 2004. This reduction in rent payable has been achieved by the surrender of 40% of the leased property back to the landlord for re-letting to other tenants. In addition, the landlord has undertaken to refurbish, at its own expense, the surrendered part of the property as office space. As from 1 January 2004, the Company continues to be liable for the rental payments related to the remaining 60% of the Munich property, until 31 July 2016. The Company is now working on a constructive basis with the landlord to find new tenants for the remaining 60% of the building, which if successful, is expected to result in further surrenders back to the landlord and further reductions in the rent payable by the Company. For further information: Ricky Hudson 020 7519 4877 Josh Joshi 020 7519 4886 Citigate Dewe Rogerson - 020 7638 9571 Sue Pemberton/Freida Moore This information is provided by RNS The company news service from the London Stock Exchange END MSCUWRNROBRUAAA
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