Ablon Group Limited Loan transfer update (7301C)
19 April 2013 - 2:22AM
UK Regulatory
TIDMABL
RNS Number : 7301C
Ablon Group Limited
18 April 2013
18 April 2013
Ablon Group Limited
("ABLON" or "the Company")
Update on transfer of certain loans and associated
arrangements
ABLON, a subsidiary of CPI Group a.s., which is in the closing
stages of its successful cash offer for the Company, today gives an
update on the loan arrangements originally announced on 22 March
2013.
The EUR5.5 million increase on the loan granted to Global Immo
Kft by Volksbank AG ("Volksbank") ("Gateway Loan Increase") was
drawn as to EUR1.8 million on 9 April 2013, in order to fully repay
two long term Ablon Group loans, being loans in respect of the
Fogarasi and Hightech Park projects, and as to EUR3.7 million on 16
April 2013, as a source of additional liquidity for the Company.
The interest on the Gateway Loan Increase is at 2% above the 3
month Euribor.
On 21 March 2013 the Company entered into an assignment
agreement with Volksbank whereby it purchased the EUR1.25 million
loan on the Buyway Soroksár project for a consideration of EUR1.
The Company has also assumed the corporate guarantee originally
provided by CPI Beta a.s. ("CPIB") to Volksbank in respect of the
repayment of the principal and interest of the Fogarasi, Buyway
Dunakeszi and Buyway Soroksár loans. Following the repayment of the
Fogarasi loan by the Gateway Loan Increase, as detailed above, the
guarantee now only extends to the Buyway loans.
In addition, the expired loans that were purchased by CPIB from
Volksbank on the following projects:
-- Hightech Park, Hold, Katona, Nap projects in Hungary;
-- Kolben, May House and Ritka project in the Czech Republic; and
-- Mogosaia project in Romania.
have been prolonged until 21 September 2014 with the interest
rate being maintained at the same level as that of the expired
loans. CPIB has waived a EUR0.8 million penalty interest which has
accrued on some of the loans.
Under its cooperation agreement with CPI Group a.s., details of
which were announced on 10 April 2013, excess financial liquidity
out of the refinancing of EUR2.8 million, was transferred to CPI
Group a.s. on 16 April 2013.
Enquiries:
Alex Borrelli / Adrienn Lovro
Ablon Group Limited
+44 7747 020 600/+36 1 225 6600
Roland Cornish/Emily Staples
Beaumont Cornish Limited
+44 207 628 3396
About ABLON Group Limited
Founded in 1993 in Budapest (Hungary), ABLON and its
subsidiaries (together the "ABLON Group") has properties at 33
locations, of which there are 15 completed projects and 23
development projects in Budapest, Prague, Bucharest and Warsaw. Its
portfolio comprises a diversified mix of office, residential,
retail, logistics and hotel developments valued at approximately
EUR370 million by external independent appraiser (Colliers
International) as at 31 December 2012. The ABLON Group had, as at
31 December 2012, approximately 208,800 square metres of existing
and income generating office, residential, hotel, retail and
logistics assets (at 15 locations) in Budapest and Prague, with a
significant development land bank comprising a further circa.
1,164,500 square metres (at 23 locations) in Budapest, Prague,
Bucharest and Warsaw. ABLON's shares are traded on the Main Market
of the London Stock Exchange under the ticker 'ABL'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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