NAMA Standstill Agreement (1981W)
26 January 2012 - 5:29AM
UK Regulatory
TIDMREO
RNS Number : 1981W
Real Estate Opportunities PLC
25 January 2012
Real Estate Opportunities plc
NAMA Standstill Agreement
On 13 January 2012 Real Estate Opportunities plc ("REO" or the
"Group") announced that demands made by the National Management
Asset Agency ("NAMA") for repayment of loans advanced to certain
Group subsidiaries and that a Standstill Agreement had been entered
into between the Group and NAMA.
The Group subsidiaries against which the demands were made are
Wintertide Limited, Radtip Properties Limited, Tenderbrook Limited,
Sencode Limited, Lornabay Limited, Twynholm Limited, Rigol Limited,
Ballymun Shopping Centre Limited, Coolred Limited and Montevetro II
Limited (the "Subsidiaries"), for amounts totalling
EUR568,828,437.
The Standstill Agreement and the loan repayment demands expired
at 4.00pm today.
NAMA has informed the Subsidiaries that it intends to appoint
Receivers on foot of its debt charges in those Subsidiaries.
The Subsidiaries subsequently applied to the Irish High Court
for permission to seek leave to take a Judicial Review of NAMA's
decision and the Court has directed that short notice be served on
NAMA, so that NAMA can be heard by the Court, at 11 am tomorrow
January 26th .
If the Subsidiaries are unsuccessful in their judicial review
application, it is likely that receivers will be appointed to
them.
A further announcement will be made tomorrow.
Enquiries:
Real Estate Opportunities plc
Ray Horney, Chairman Tel: +44 (0)1273 775 225
Matrix Corporate Capital
Paul Fincham/ Jonathan Becher Tel: +44 (0)20 3206 7000
RLM Finsbury
Gordon Simpson Tel: +44 (0)207 251 3801
Murray Consult
Ed Micheau Tel: +353 1 498 0300
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFFTLTIEFIF
Real Estate Opportunities (LSE:REO)
Historical Stock Chart
From Oct 2024 to Nov 2024
Real Estate Opportunities (LSE:REO)
Historical Stock Chart
From Nov 2023 to Nov 2024
