Last checked at 10 Nov 2017 07:00
10 November 2017
Alpha Pyrenees Trust Limited (the "Trust" or the "Company")
Trading Update
Alpha Pyrenees Trust Limited today publishes its trading update statement for the period ended 30 September 2017 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 30 September 2017, the Trust owned a residual portfolio of one property in France (located at Saint Cyr L'Ecole) and two properties in Spain (located at Alcalá de Guadaíra and Écija) totalling approximately 17,990 square metres (approximately 193,600 square feet) of commercial real estate.
These properties were last valued on 30 June 2017 at €11.1 million (£9.8 million at 30 September 2017 exchange rate). The next independent revaluation will take place as at 31 December 2017.
As at 30 September 2017 the NAV is negative 58.8 pence per share. The decrease in NAV from 30 June 2017 (negative 57.2 pence per share) is mainly due to the loss incurred in the period.
FINANCING
As at 30 September 2017, the Trust had total borrowings of £76.4 million (€86.6 million) under its facilities with Barclays Bank PLC ("Barclays"), which maturity date is 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.
PROPERTY SALES
The remaining three properties (Saint Cyr L'Ecole in France; Alcalá de Guadaíra and Écija in Spain) are being actively marketed for sale with a view to winding up the Trust's group in due course. The results of the marketing to date indicate that, although there is no certainty that transactions will take place, if they do, the prices achieved are most likely to be lower than the valuation as at 30 June 2017.
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.