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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lewis Charles (See LSE:SPFL) | LSE:LCSS | London | Ordinary Share | GB00B0BV8078 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLCSS LEWIS CHARLES SOFIA PROPERTY FUND LIMITED DISPOSAL AND OPTION TO REPURCHASE Lewis Charles Sofia Property Fund Limited (the "Company") announces that its wholly-owned subsidiary, Splendid Investment S.A. ("Splendid"), has entered into an agreement with Enderton Company Assets Inc ("ECA"), a company registered in the British Virgin Islands, under which ECA will acquire the share capital of Black Sea Properties EOOD ("BSP") from Splendid for a nominal consideration in cash. The sole asset of BSP (referred to as Sofia Kambanite Bistritsa in the Company's accounts) is 100,713 sq meters of land close to the Sofia Business Park and near the bottom of the Vitosha mountain. As part of these arrangements, Splendid has undertaken to transfer aggregate indebtedness of EUR2,360,000 due to it from BSP to ECA for a consideration of EUR1,720,000 in cash and ECA has undertaken to procure the repayment by BSP of indebtedness of EUR135,000 due to the Company. These transactions will provide the Company with cash for general corporate purposes. Also as part of these arrangements, ECA has granted Splendid an option which entitles Splendid to acquire back from ECA control of BSP and the loans originally held by Splendid for an aggregate exercise price of EUR4,000,000. The option must be exercised by 15 December 2009. The land held by BSP has outline permission for residential development and was valued by Forton International at 30 June 2008 at EUR26,900,000. Charles Burton, Chairman of the Company, said "These are exceptionally difficult conditions in which to raise cash, and the transaction was arranged against the backdrop of the continuing severe shortage of bank finance. The Directors, whilst mindful of their responsibility to ensure that the Company has sufficient cash to continue its operations, were determined to preserve as much of the value of the Company's portfolio as possible. We were especially anxious to avoid a `fire sale' which would have permanently damaged the value of the Company's excellent property portfolio. This transaction has enabled the Company to raise cash whilst preserving as much of the value of the portfolio as possible." Lewis Charles Sofia Property Fund Loraine Pinel, Fund Manager Mark Anderson, Fund Manager Tel: +44 20 7456 9114 Panmure Gordon, Nominated Adviser and Broker Dominic Morley Stuart Gledhill Tel: +44 20 7459 3600 Conduit PR Ltd Ed Portman Ben Way Tel: +44 20 7429 6607/Mob: +44 7733 363 501
1 Year Lewis Charles Sofia Prop Fund Chart |
1 Month Lewis Charles Sofia Prop Fund Chart |
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