20 Mar 2019 10:45
20 March 2019
PME African Infrastructure Opportunities plc
("PME" or the "Company" and together with its subsidiaries the "Group")
(AIM: PMEA.L)
Property Valuation and Notice of Results
PME African Infrastructure Opportunities plc reports that the independent annual property valuation on the Company's Dar-es-Salaam leasehold property (the "Property") as at 31 December 2018 (the "Valuation Report") has now been completed. As a result of, inter alia, continued uncertainty as to the economic position of Tanzania, a decline in the market for high end office accommodation, an increase of vacancy rates during the period and a reduction in the remaining lease term, the Valuation Report places a value of US$3.62m on the Property (31 December 2017: US$4.66m).
The board of directors of PME (the "Board") intends to reduce the carrying value of the Property as at 31 December 2018 in line with the Valuation Report and, considering the impact of the Group's ongoing operating costs, the Board currently expects to announce a net asset value per PME ordinary share as at 31 December 2018 of approximately US$0.15 to US$0.16 (30 June 2018: US$0.20; 31 December 2017: US$0.21).
The Board looks forward to updating shareholders on PME's operations in the Company's final results for the year ended 31 December 2018, which are expected to be published in May 2019.
For further information please contact:
Cenkos Securities plc Nominated Adviser Azhic Basirov / Ben Jeynes
|
+44 20 7397 8900 |
Stifel Nicolaus Europe Limited Broker Neil Winward / Tom Yeadon
| +44 20 7710 7600 |
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.