Last checked at 8 Jun 2018 07:00
8 June 2018
LEI: 213800NEM44T9QHNQV27
Alpha Pyrenees Trust Limited (the "Trust" or the "Company")
Trading Update
Alpha Pyrenees Trust Limited today publishes its trading update statement for the quarter ended 31 March 2018 and the period up until the date of this announcement. The information contained herein has not been audited.
VALUATION AND NET ASSET VALUE ("NAV")
As at 31 March 2018, the Trust owned one property in France (located at Saint Cyr L'Ecole) of approximately 6,340 square metres (approximately 68,250 square feet) of commercial real estate.
As at 31 March 2018, the NAV is negative 63.9 pence per share. The decrease in NAV from 31 December 2017 (negative 63.5 pence per share) is mainly due to the loss incurred in the quarter.
FINANCING
As at 31 March 2018, the Trust had total borrowings of €87.3 million (£76.5 million) under its facilities with Barclays Bank PLC, which mature on 31 October 2018. The current interest rates continue to apply to the facilities during this period. Arrangement fees (charged at 2% per annum pro-rated) on the initial and all extensions up to 15 April 2016 will be deferred to the maturity date and will be payable to the extent that the Trust has sufficient cash funds at that time.
The Trust has the support of its lender for the sale of its remaining property with a view to winding up the Trust's group in due course
PROPERTY SALES
The plan for the sale of the remaining property (Saint Cyr L'Ecole in France) is progressing and, as the Board has previously stated, the sales process will not result in any return to ordinary shareholders after repayment of the Trust's bank borrowings has taken place, to the extent that this is possible.
The Trust will provide further updates on progress in due course.
DIVIDEND
The Trust does not pay dividends.
For further information:
Serena Tremlett, Chairman, Alpha Pyrenees Trust Limited 01481 231100
Paul Cable, Fund Manager, Alpha Real Capital LLP 020 7391 4700
For more information on the Company, please visit www.alphapyreneestrust.com.
FORWARD-LOOKING STATEMENTS
This trading update contains forward-looking statements which are inherently subject to risks and uncertainties because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are based on the Board's current view and information known to them at the date of this update. The Board does not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this trading update should be construed as a profit forecast.