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RNS Number : 0009Y

Treveria PLC

03 September 2015

Treveria PLC

("Treveria" or the "Company")

Investment Update

Treveria announces that, in accordance with its Investment Policy to carry out an orderly realisation of its portfolio, the Company has signed an agreement to sell its two wholly owned subsidiaries - Treveria Asset Management Limited ("TAML") and Treveria Holdings Limited ("Holdings") - to Haflinger Invest Limited ("Haflinger") and Phylira NV ("Phylira"). Haflinger is a company owned by a group of investors, among them Richmond Invest GmbH and Richmond Invest BV, in which David Malpica, a director of the Company, holds a beneficial interest. The sale is therefore a transaction with a related party of the Company. Treveria has received sale proceeds of approximately EUR17 million in cash. This compares with a current estimated value of its interests in the subsidiaries of EUR 24 million. In accordance with Rule 13 of the AIM Rules for Companies ("AIM Rules"), Graham Smith, as the Company's independent director considers, having consulted with Treveria's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Additionally, the Company previously announced that it had initiated legal proceedings against two of its former professional advisers relating to German Real Estate Transfer Tax. The Company today announces that the legal proceedings between Treveria and the defendants have been concluded on mutually acceptable terms, which will remain confidential between the parties.

The Company, now having disposed of all of its property assets, will shortly make a further announcement with proposals to return cash to shareholders, cancel the Company's admission on AIM and wind up the Company. The return of cash is expected to be in the region of 3.5 Eurocents per share. In addition, the Company has today become an investing company under Rule 15 of the AIM Rules for Companies. As an investing company under Rule 15, in the event that alternative options are pursued by the Company which do not involve a cancellation of the Company's admission on AIM and a winding up, it would be required to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement an investing policy approved at general meeting to the satisfaction of the London Stock Exchange within 12 months of becoming an AIM Rule 15 investing company. If this were not fulfilled, the Company would be suspended pursuant to AIM Rule 40

Furthermore, due to the fact that the Company no longer holds any investments, and expects its affairs to be wound up imminently, the Company does not intend to seek a replacement for Eitan Milgram, former Chairman of the Company, whose resignation was announced on 26 August 2015.

In accordance with Schedule Four of the AIM Rules, the Company provides the following further information:

In the financial year to 31 December 2014, losses attributable to TAML amounted to EUR0.1 million and losses attributable to Holdings (including its subsidiaries) amounted to EUR8.1 million.

Enquiries:

 
 Treveria 
 Graham Smith               +44 (0)1624 681250 
 
 
 N+1 Singer 
 James Maxwell / Richard    +44 (0)20 7496 
  Salmond                    3000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 03, 2015 07:40 ET (11:40 GMT)

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