Warner Estate Holdings PLC Interim Management Statement (2657K)

TIDMWNER

RNS Number : 2657K

Warner Estate Holdings PLC

17 August 2012

Warner Estate Holdings PLC

("the Company" or "the Group")

Interim Management Statement

As announced on 31(st) July 2012, the Group has been in negotiations with an affiliate of The Royal Bank of Scotland ('the RBS Affiliate') to agree a proposal for the RBS Affiliate, directly or indirectly, obtaining control of its secured real estate and related assets together with the benefit of certain of its other secured assets. The directors of two of the Group subsidiaries, Warner Estate Investments Limited and Warner Estate Development (Folkestone) Limited, have consensually agreed with the RBS Affiliate to appoint fixed charge receivers over certain secured real estate assets of those two companies as the preferred option to maximise the return to this lender.

The Group continues negotiations with the RBS Affiliate in relation to the remaining assets over which it has security.

The Company has informed its other two secured lenders, Lloyds Banking Group and Barclays, of this situation and continues to work with them to deliver their preferred solutions agreed last year and announced previously, whilst also developing their contingency plans.

The Group continues to make progress on the disposal of its wholly owned portfolio to reduce debt. Since the announcement on 31(st) July 2012 the Group has sold one London asset for GBP7.05m and exchanged conditional contracts on a further two assets in London and the south east for GBP5.65m .

The Group is pleased to report that it has completed the divestment of its joint venture property investments with the disposal of its 50% equity interest in Agora Shopping Centres Limited for GBP1 to 24 Bruton Place Limited. The investment has been held at GBPNil on the Company's balance sheet for a number of years.

The 31(st) July 2012 announcement explained that the strategic aim of the Group is now to focus solely on asset management activities, initially based on the Ashtenne Industrial Fund and the Apia Regional Office Fund. Both the above consensual appointment of fixed charge receivers and completion of the divestment of the Group's JV equity interests were anticipated steps towards the achievement of this objective.

However, the Group remains reliant on the continuing support of its lenders and the outcome of the negotiations with them will determine the Group's future.

17 August 2012

-ends-

For further information contact:

 
 Warner Estate Holdings PLC              Numis 
 Philip Warner, Chairman                 Heraclis Economides 
 Mark Keogh, Group Managing Director 
 Robert Game, Group Managing Director,   Tel: 020 7260 1224 
  Property 
 Tel: 020 7907 5100 
 Web: www.warnerestate.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

IMSGGUPURUPPGUM

Wt Wner Usd (LSE:WNER)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024