Alpha Group International Regulatory News (ALPH)

31 Jul 2007 07:01

Alpha Pyrenees Trust Limited31 July 2007 31 July 2007ALPHA PYRENEES TRUST LIMITED("ALPHA PYRENEES" OR THE "COMPANY") ALPHA PYRENEES TRADING UPDATE Alpha Pyrenees Trust Limited today issues this trading statement in respect ofthe first half of the 2007 financial year. The trading statement is in advanceof the group's interim results, which are scheduled for release on 20 September.The information contained herein has not been audited. HIGHLIGHTS • TOTAL INVESTMENT IN THE PORTFOLIO NOW €335 MILLION• NAV UP 6.8% TO 97.8p• DIVIDEND OF 3 PENCE PER SHARE FOR THE SIX MONTHS TO 30 JUNE 2007• DIVIDEND EXPECTED TO BE INCREASED TO 7 PENCE PER SHARE PER ANNUM IN 2008• COMPANY TO MOVE TO QUARTERLY DIVIDEND PAYMENTS AND VALUATIONS• APPOINTMENT OF ADDITIONAL BROKER TOTAL INVESTMENT IN THE PORTFOLIO NOW €335 MILLION Following completion of the acquisitions announced on 9 July and 19 July, theCompany's investment in its portfolio will total approximately €335m (£225m) andwill provide an average rental yield of approximately 7.25% on a stabilised rentroll of approximately €24.3m per annum (£16.3m). The Company is continuing to see a good flow of new opportunities that meet itscriteria and is currently in due diligence on a number of additional propertyacquisition opportunities totalling over €100m (£67m). NAV* UP 6.8% TO 97.8p (31 DECEMBER 2006: 91.6p) As at 30 June 2007, Alpha Pyrenees' investment portfolio increased in value on alike for like basis by €14.0m (£9.4m). During the period the Company acquiredproperties in Aubergenville and Nimes which were valued at €22.4m at 30 June2007. The board is pleased to see that the valuation of the assets acquiredduring the period indicates that the Company has already substantially recoupedthe associated acquisition costs of these properties. After accounting for acquisition costs and foreign exchange movements during theperiod the net valuation uplift is €12.3m (£8.3m). This represents a 6.5 penceper share increase in addition to the dividend in April 2007 of 2.5 pence pershare. (*Adjusted NAV - after adjustments for the unrealised mark-to-market of thecurrency hedge, fixed rates loans and deferred taxation). COMPANY TO MOVE TO QUARTERLY DIVIDEND PAYMENTS The Directors recommend an interim dividend of 3 pence per share for the sixmonths to 30 June 2007. Thereafter the Company will move to dividends beingpaid quarterly and intend to recommend a dividend of not less than 1.5 pence pershare for each of the quarters ending 30 September and 31 December 2007. DIVIDEND EXPECTED TO BE INCREASED TO 7 PENCE PER SHARE PER ANNUM IN 2008 Based on the continued progress on acquisitions and the Company's healthypipeline of property investment opportunities, it is the Board's currentintention to increase the quarterly dividend to 1.75 pence per share in respectof the quarter to 31 March 2008 and each quarter thereafter. It is therefore theBoard's current intention to pay a dividend of not less than 7 pence per sharein respect of the year to 31 December 2008. COMPANY TO MOVE TO QUARTERLY VALUATIONS Alpha Pyrenees will move to quarterly valuations with the first such valuationat 30 September 2007. The Company will provide a quarterly NAV update toshareholders based on a quarterly independent property valuation by theCompany's valuers Knight Frank. APPOINTMENT OF ADDITIONAL BROKER Alpha Pyrenees has appointed KBC Peel Hunt as joint broker alongside CenkosSecurities. This appointment should further contribute to the development of theCompany's profile in the investment market. FINANCIAL CALENDER The financial calendar for the interim results is as follows:- Announcement of interim results Thursday 20 September 2007Ex-Dividend date Wednesday 26 September 2007Record date Friday 28 September 2007Payment date Monday 15 October 2007 The Investment Manager to Alpha Pyrenees is Alpha Real Capital LLP. For further information please contact: Dick Kingston, Chairman, Alpha Pyrenees 01481 715601Phillip Rose, CEO, Alpha Real Capital 020 7591 1609 / 07771 880 318Paul Cable, Fund Manager, Alpha Real Capital 020 7591 1635 / 07715 168 910Tilly von Twickel, M: Communications 020 7153 1541 NOTES: FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements which are inherentlysubject to risks and uncertainties because they relate to future events andtherefore actual results may differ materially from those expressed or impliedby such forward-looking statements. The statements regarding dividends forfuture periods are the Board's current intentions and do not represent a profitforecast. ABOUT ALPHA PYRENEES TRUST The Company is a Guernsey registered closed-ended investment company investingin French and Spanish commercial real estate. Investment Strategy The Company's strategy is to invest in a diversified portfolio of properties inFrance and Spain, focusing on commercial property in the industrial, logistics,office and retail sectors. Alpha Real Capital believes that there will becapital growth opportunities in the portfolio through income growth, activeasset management and yield compression. For more information on Alpha Pyrenees please visit www.alphapyreneestrust.com ABOUT ALPHA REAL CAPITAL Alpha Real Capital is a value-adding international property fund managementgroup with operations in both the French and Spanish real estate markets. AlphaReal Capital was established by Phillip Rose and Sir John Beckwith. Alpha Real Capital is the Investment Manager to Alpha Pyrenees Trust. Alpha RealCapital's European Funds Director, Paul Cable, is Fund Manager, Alpha PyreneesTrust. For more information on Alpha Real Capital please visit www.alpharealcapital.com This information is provided by RNS The company news service from the London Stock Exchange