13th Nov 2015 09:59
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd on Friday said it doesn't expect there to be any money to return to shareholders after selling assets and using the proceeds to repay its bank borrowings.
The trust said its adjusted net asset value per share was zero pence at the end of September, down from 2.4p at the end of June.
"The trust has the support of its lender for an orderly realisation of its investment property. The investment manager is focussed on this process and formal marketing of the majority of the trust's properties is progressing with the aim of realising sales proceeds to support the settlement of the bank borrowings as they mature," Alpha Pyrenees said in a statement.
"The results of the marketing process to date indicate that although there is no certainty that any transactions will take place, if they do, the board does not expect that there will be any value to return to ordinary shareholders after repayment of its bank borrowings has taken place," Alpha Pyrenees said.
In October the trust extended its loan facilities with Barclays Bank PLC to April 15. It has borrowings of EUR257.3 million.
Shares in Alpha Pyrenees were down 89% at 0.110p on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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