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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Argo Real Est. | LSE:AREO | London | Ordinary Share | GB00B17PFQ50 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.02 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2020 to Feb 2025
TIDMAREO
RNS Number : 2398G
Argo Real Estate Opportunities Fd
04 June 2013
4 June 2013
Argo Real Estate Opportunities Fund Limited
("AREOF" or "the Company")
Statement Re: Era Shopping Park Oradea ("ESPO" or "the Project")
The Board wishes to announce that the Company's ESPO asset faces interest payment shortfalls under the terms of the EUR64.2m of loan facilities ("the Facilities") from a syndicate of banks ("the Syndicate") that support the Project. The interest payment shortfalls cause temporary defaults from time to time under the cash flow sweep arrangement operated by the Syndicate. On the last occasion such a shortfall in the interest reserve account occurred, the short-term default was remedied courtesy of the pledge held by the Syndicate over certain other Project bank accounts. Currently, a similar default has occurred which has not as yet been remedied through this mechanism.
In order to permanently remedy the situation, AREOF has entered into negotiations with the Syndicate regarding an interest rate reduction which the Company hopes will diminish the probability of such defaults occurring in the future and will place the Project on a more sound financial footing.
The default may activate cross default clauses in certain of the AREOF group's other credit agreements. Further announcements will be made should such clauses be activated.
Enquiries:
Argo Real Estate Opportunities Fund Limited David Clark, Chairman +44 (0)1481 231100 finnCap Limited (Nominated Adviser) Matthew Robinson Henrik Persson +44 (0) 207 220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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