XXIC Xxi Century

TIDMXXIC

RNS Number : 8117O

XXI Century Investments Public Ltd

25 September 2013

25 September 2013

XXI Century Investments Public Limited

("XXI Century" or the "Company")

Extension to Eurobank Cyprus Ltd US$ 54 million loan and Funding update

Eurobank Cyprus Ltd loan

Further to the announcement of 1 March 2013, the Company is pleased to announce that an extension to the terms of the Eurobank Cyprus Ltd ("EFG") US$ 54 million loan has been agreed and the loan maturity extended to February 2014.

The following amendments to the Loan Agreement have been agreed:

   --      The final maturity date of the loan has been extended to 28 February 2014; 

-- A revised schedule of repayment has been adopted, with US$799,000 of the principal due to be paid in monthly installments until maturity of the loan;

-- The payment of all of the previously accrued commissions and fees is to be made not later than on 28 February 2014;

-- The rate of interest on the loan has been set at 6.8% over One Month USD LIBOR, with an additional commission of 0.4% to be separately accrued and paid by the Borrower to the Bank not later than 28 February 2014;

-- Additional collateral to be provided to the bank in the form of the "Zhitomir Landplot" comprising of five land plots located in Ukraine, Kiev region, with total area of 22 ha;

Funding update

Further to the announcement of 24 July 2013, discussions with providers of finance, including Ovaro Holding Limited remain on-going to secure additional funding in order for the Company to continue with its activities and its planned development program. The Directors have instituted measures to preserve cash and are actively looking at disposal options for non-core projects to generate additional funds. There is no certainty that disposals can be carried out in a timely manner or that discussions with providers of finance can be successfully concluded. Shareholders should be aware that without the additional funding, the Company will in due course not be able to meet its obligations as they fall due and will be reliant on the financial support of its existing shareholders.

For further information, please contact:

XXI Century Investments Public Limited +380 44 2000 457

Irina Tkachenko, Investor Relations Manager ir@21.com.ua

   Shore Capital & Corporate Limited                            +44 (0) 20 7408 4090 

Anita Ghanekar

Toby Gibbs

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCKMGZLNDFGFZM

XXI Century (LSE:XXIC)
Historical Stock Chart
From May 2024 to Jun 2024

XXI Century (LSE:XXIC)
Historical Stock Chart
From Jun 2023 to Jun 2024