3rd Jun 2016 07:14
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd said its net asset value declined further in the three months to the end of March, due to increased finance costs and property disposals, as well as taking a hit from foreign exchange movements.
The property investment company, which is focused on commercial, industrial, retail and logistics sectors in France and Spain, posted a negative net asset value of 35.7 pence per share at the end of March, worsened from the 30.9p per share it posted at the end of December.
This came after a period in which it completed three property sales, generating sale proceeds of GBP18.4 million and making a GBP17.6 million net repayment on its borrowings.
As at March 31, the trust has total borrowings of GBP79.3 million under its facilities with Barclays Bank PLC. After the end of the quarter a further GBP9.2 million of debt repayment was made and total borrowings currently stand at GBP70.6 million, including rolled up interest of GBP500,000. These loan facilities were extended in April and the maturity date of all its borrowings is now October 31.
Alpha Pyrenees said it will not return any funds to shareholders from the sales.
Shares in Alpha Pyrenees were untraded on Friday, having last traded at 0.10 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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