Eurocastle Releases First Quarter 2023 Interim Management Statement And Announces Annual General Meeting To Be Held On 14 June 2023
15 May 2023 - 4:00PM
UK Regulatory
TIDMECT
EUROCASTLE INVESTMENT LIMITED
Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Hannah Crocker
Tel: +44 1481 723450
Eurocastle Releases First Quarter 2023 Interim Management
Statement and
Announces Annual General Meeting to be held on 14 June 2023
Guernsey, 15 May 2023 -- Eurocastle Investment Limited (Euronext
Amsterdam: ECT) today
https://www.globenewswire.com/Tracker?data=AVm1yzXrEoaTCYLoaMSOHCMMPHf39fBop-yVnUPu4sAh5TRuNdWuvpLv-6Ocn4NH
has released its interim management statement for the quarter ended
31 March 2023 and announced it will hold its Annual General Meeting
on 14 June 2023.
-- ADJUSTED NET ASSET VALUE ("NAV")1 of EUR10.3 million, or EUR10.34 per
share2, up EUR0.01 per share vs. Q4 2022 primarily due to valuation
movements on its real estate fund investments.
Q1 Cash Q1 FV
Q4 2022 Movement Movement Q1 2023 NAV
---------------- ---------------
EUR EUR EUR EUR
EUR'm p.s. EUR'm p.s. EUR'm p.s. EUR'm p.s.
Real Estate Funds 0.6 0.63 - - 0.0 0.01 0.6 0.64
Net Corporate Cash(3) 17.1 17.15 (0.2) (0.17) (0.2) (0.19) 16.7 16.79
Legacy German Tax
Asset 4.6 4.67 0.2 0.17 - - 4.8 4.84
------- -------
IFRS NAV 22.4 22.45 - - (0.2) (0.18) 22.2 22.27
======= =======
Additional Reserves(4) (12.1) (12.12) - - 0.2 0.19 (11.9) (11.93)
Adjusted NAV 10.3 10.33 - - 0.0 0.01 10.3 10.34
====================== ======= ======= ===== ====== ===== ====== ====== =======
Ordinary shares
outstanding 995,555 995,555
As at 31 March 2023, the Company's remaining assets
comprise:
1. Two Real Estate Fund Investments with an NAV of EUR0.6 million, or
EUR0.64 per share, where the underlying apartments are now all sold with
both funds currently in liquidation.
2. EUR16.7 million, or EUR16.79 per share, of net corporate cash3
BUSINESS HIGHLIGHTS:
-- Real Estate Funds -- With all units in both funds having been sold, the
funds are focused on their respective liquidations. In April, Eurocastle
received EUR0.5 million, or over 80% of its Q1 NAV in these investments.
-- New Investment Strategy -- The Company established a subsidiary in
Luxembourg through which it shortly expects to commence investing. The
Company has identified several opportunities in Greece to acquire real
estate assets that are currently collateral to defaulted claims or owned
by banks as a consequence of a repossession process.
ANNUAL GENERAL MEETING
The Company will hold its Annual General Meeting on Wednesday,
14 June 2023, at the Company's registered office at 2:00 pm
Guernsey time (3:00 pm CET). Notices and proxy statements will be
posted on 30 May 2023 to shareholders of record at close of
business on 26 May 2023.
NOTICE: This announcement contains inside information for the
purposes of the Market Abuse Regulation 596/2014.
ADDITIONAL INFORMATION
For investment portfolio information, please refer to the
Company's most recent Financial Report, which is available on the
Company's website (www.eurocastleinv.com).
Terms not otherwise defined in this announcement shall have the
meaning given to them in the Circular.
ABOUT EUROCASTLE
Eurocastle Investment Limited ("Eurocastle" or the "Company") is
a publicly traded closed-ended investment company. On 18 November
2019, the Company announced a plan to realise the majority of its
assets with the aim of accelerating the return of value to
shareholders. On 8 July 2022, the Company announced the relaunch of
its investment activity and is currently in the early stages of
pursuing its new strategy by initially focusing on opportunistic
real estate in Greece with a plan to expand across Southern Europe.
For more information regarding Eurocastle Investment Limited and to
be added to our email distribution list, please visit
www.eurocastleinv.com.
FORWARD LOOKING STATEMENTS
This release contains statements that constitute forward-looking
statements. Such forward-looking statements may relate to, among
other things, future commitments to sell real estate and
achievement of disposal targets, availability of investment and
divestment opportunities, timing or certainty of completion of
acquisitions and disposals, the operating performance of our
investments and financing needs. Forward-looking statements are
generally identifiable by use of forward-looking terminology such
as "may", "will", "should", "potential", "intend", "expect",
"endeavour", "seek", "anticipate", "estimate", "overestimate",
"underestimate", "believe", "could", "project", "predict",
"project", "continue", "plan", "forecast" or other similar words or
expressions. Forward-looking statements are based on certain
assumptions, discuss future expectations, describe future plans and
strategies, contain projections of results of operations or of
financial condition or state other forward-looking information. The
Company's ability to predict results or the actual effect of future
plans or strategies is limited. Although the Company believes that
the expectations reflected in such forward-looking statements are
based on reasonable assumptions, its actual results and performance
may differ materially from those set forth in the forward-looking
statements. These forward-looking statements are subject to risks,
uncertainties and other factors that may cause the Company's actual
results in future periods to differ materially from forecasted
results or stated expectations including the risks regarding
Eurocastle's ability to declare dividends or achieve its targets
regarding asset disposals or asset performance.
(1) In light of the Realisation Plan announced in November 2019,
the Adjusted NAV as at 31 March 2023 reflects additional reserves
for future costs and potential liabilities, which have not been
accounted for under the IFRS NAV. No commitments for these future
costs and potential liabilities existed as at 31 March 2023. IFRS
NAV as at 31 March 2023 was EUR22.2 million or, EUR22.27 per
share.
(2) Per share calculations for Eurocastle throughout this
document are based on 995,555 shares, unless otherwise stated.
(3) Reflects corporate cash and cash equivalents net of accrued
liabilities and other assets where treasury investments mainly
comprise notice accounts and Italian Government Bonds.
(4) Reserves that were put in place when the Company realised
the majority of its investment assets in December 2019 in order for
the Company to continue in operation and fund its future costs and
potential liabilities. These reserves are not accounted for under
IFRS.
(END) Dow Jones Newswires
May 15, 2023 02:00 ET (06:00 GMT)
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