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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ground Rents Income Fund Plc | LSE:GRIO | London | Ordinary Share | GB00B715WG26 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.00 | 30.00 | 32.00 | 32.00 | 31.00 | 32.00 | 22,900 | 08:00:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 5.6M | -7.52M | -0.0786 | -3.94 | 29.66M |
TIDMGRIO
RNS Number : 6898P
Ground Rents Income Fund PLC
12 February 2019
Ground Rents Income Fund plc
("GRIO" or the "Company")
AGM Statement
Malcolm Naish, the Chairman of Ground Rents Income Fund plc (LSE: GRIO), a listed real estate investment trust investing in UK ground rents, will make the following statement at today's Annual General Meeting of the Company.
"Further to the announcement made on 1 February 2019 regarding the High Court judgment which has been handed down in connection with the Company's wholly owned subsidiary North West Ground Rents Limited ('NWGR'), the Company and NWGR continue to take advice on how best to respond to the judgment.
"The court ordered the temporary hoardings which had been erected by Carillion outside the hotel as an exclusion zone to be removed by 28 February 2019. It is expected that the completion of their removal will be finished within days.
"The cost of the permanent remedial works to the façade of Beetham Tower, Deansgate, Manchester, has been estimated by NWGR's advisers, based on their recommended solution, to be approximately GBP4.0million, excluding VAT, any professional advisory costs and damages yet to be determined. Carillion was the contractor which constructed the building and from the date the faults in the façade were discovered in the summer of 2014, with its subcontractor BUG, began investigating the solution to the faults and how repairs could be put into place. These investigations and remedial work proposals were in the final phases of planning when Carillion went into compulsory liquidation in January 2018.
"NWGR is pursuing the proceedings it has already issued against Carillion through its insurers and the sub-contractor BUG, through existing warranties and indemnities, which, if successful, would greatly limit any potential liabilities or irrecoverable losses for NWGR.
"However, in order to comply with the judgment NWGR will be required to finance the remedial work and any litigation costs while seeking recovery from Carillion's Insurers and BUG. There can be no guarantee that NWGR will be successful in that recovery, but it has received legal and expert advice which suggests that its case is strong.
"If NWGR is unsuccessful in its action against the original contractor's insurers or the sub-contractor, it may be able to recover some of the remedial works costs from other parties.
"NWGR is reliant on the financial support of the Company to finance further legal action and to comply with the judgment. The Company continues to review its own obligations in regard to NWGR and NWGR's obligations under the judgment.
"The Company will keep shareholders informed of progress and provide a further update as and when appropriate.
"I am pleased to report that, in all other respects, the Company is trading in line with the directors' expectations"
Contacts:
Ground Rents Income Fund plc Simon Wombwell (Director) 020 7499 6424 Brooks Macdonald Funds Limited James Agar (Head of Specialist Funds) 020 7659 3454 N+1 Singer (Broker) James Maxwell / Ben Farrow 020 7496 3000 Tavistock (Media) James Whitmore / Jeremy Carey 020 7920 3150 Appleby Securities (Channel Islands) Limited (Sponsor) Andrew Weaver/Zim Ceko 01534 818230
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
February 12, 2019 02:00 ET (07:00 GMT)
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