1 Oct 2020 07:00
1 October 2020
THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014
Urban Exposure Plc
Company Update
On 22 September 2020, Urban Exposure PLC ("the Group") announced that it expected shareholder returns from the Group's wind down strategy to be within a range of between 72p-78p per ordinary share and provided an estimate as to the timing of proceeds. At the time of that update, the Group had a cash balance of £51m, of which it expected approximately £26m to be distributed to shareholders within a 2 month time frame. At that date, the Group had also reduced its forecast capital drawdown obligations to approximately £10.2m.
Following further repayments, the Group is pleased to announce that its cash balance is now £65.5m, of which it expects to distribute approximately £43m within the next 2 months. The nature and timing of this capital return will be announced in due course. In addition, the Group's forecast capital drawdown obligations have further reduced to approximately £7.7m.
Enquiries:
Urban Exposure plc Tel: +44(0)207 408 0022
Graham Warner, Chairman
Sam Dobbyn, Chief Executive Officer
Liberum (NOMAD and Corporate Broker) Tel: +44(0)203 100 2000
Neil Patel
Gillian Martin
Louis Davies
Nikhil Varghese
UrbanExposure@liberum.com