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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 (the "Company") Update on Option Agreements with BuySell On 21 November 2005 the Company announced that it had exercised seven options to purchase properties in Sofia situated in the Vitoshavets Simeonovo, Krustovat and Dragalevtsi areas of Sofia. These properties comprised residential villas and apartment developments, together with shops, some small offices and parking to be developed by BuySell Real Estate Agent Limited ("BuySell"), a Bulgarian incorporated property development company. On exercise of these options the Company paid a deposit to BuySell of EUR 9,150,471 plus an indexation allowance, retaining the liability to pay the outstanding balance of the purchase price (being 400 per cent. of the deposit) on final completion of construction if the properties had not previously been sold to third parties. The audited financial statements of the Company for the year ended 31 December 2005 recorded this contingent liability at EUR 36,601,885. In February 2008 the Company completed the purchase of one of the properties and in May 2008, 11,272 square metres of build area were sold by BuySell to a Greek insurance company. Following these transactions and further reductions of outstanding liabilities, the contingent liability was estimated to stand at around EUR 28.9 million as at 28 February 2009. The Company has received legal advice that BuySell is in default under all of the option agreements in place and announces that it has today served notices giving BuySell until 17 April 2009 to perform its obligations under each of the option agreements. If BuySell fails to perform its obligations by this date, the Company will rescind the relevant option agreement due to non-performance. Once rescission is effective, the Company will be entitled to claim from BuySell all payments made under each option agreement, including all deposits, and in addition to receive a sum equivalent to the deposit by way of penalty. Further announcements will be made as appropriate. For further information contact: Lewis Charles Sofia Property Fund Charles Burton Tel: +44 (0) 20 7936 9910 Panmure Gordon (UK) Limited Dominic Morley Stuart Gledhill Tel: +44 (0) 20 7459 3600 Conduit PR Ltd Ed Portman Leesa Peters Tel: +44 (0) 20 7429 6607 / +44 (0) 77 3336 3501
1 Year Lewis Charles Sofia Prop Fund Chart |
1 Month Lewis Charles Sofia Prop Fund Chart |
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