Metro Baltic Horizons PLC Property Disposal (0209C)
10 April 2013 - 8:20PM
UK Regulatory
TIDMMET
RNS Number : 0209C
Metro Baltic Horizons PLC
10 April 2013
Metro Baltic Horizons PLC
Disposal of St. Petersburg asset
10 April 2013
The Board of Metro Baltic Horizons PLC ("MBH" or the "Company")
announces that it has entered in to an agreement to dispose of the
entire issued share capital of its subsidiary company Pedragon
Investments Limited ("Pedragon") for an initial consideration of
EUR5.5m and further deferred consideration of up to EUR0.2m (the
"Disposal"). Pedragon owns the Company's St. Petersburg development
asset.
Pedragon is being sold to Fitzroy Ventures Limited ("Fitzroy") a
company controlled by Mr. Boris Petrov, the current manager of the
St. Petersburg property following a competitive bidding process. In
addition to the property asset Pedragon also contains EUR1.9million
of loan notes that will transfer to Fitzroy. The St. Petersburg
asset had a carrying value of EUR6.25m in the Company's latest
published balance sheet as at 30 June 2012. Accordingly, the
transaction represents a net gain on sale for the Company of
EUR1.1m. The asset contributed approximately EUR0.05m to group
operating profits in the year to 31 December 2012.
The proceeds of the Disposal will be used to continue to fund
litigation and may in part be distributed to shareholders.
The Disposal is subject to certain standard conditions precedent
and is expected to complete by 21 April 2013.
The Company is reviewing its Investing Policy in light of the
Disposal.
Further announcements will be made as appropriate.
Enquiries
Metro Baltic Horizons PLC
Ronan Reid Tel: +353 1 6333843
S. P. Angel Corporate Finance LLP
Stuart Gledhill Tel: 020 3463 2260
This announcement will be available on MBH's website
http://www.metrobaltichorizons.com/ as soon as practicable in
accordance with AIM Rule 26.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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