11th Mar 2016 08:46
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd plunged on Friday after the trust posted a loss for 2015, saying it disposed of the majority of its portfolio over the year.
Shares in Alpha Pyrenees were at 0.02 pence on Friday morning, down 80%.
The property investment company, which is focused on commercial, industrial, retail and logistics sectors in France and Spain, reported a loss of GBP41.3 million for the year ended December 31, representing a loss of 35.1 pence per share. Alpha Pyrenees said it had negative net asset value of 30.9 pence per share at year-end.
Alpha Pyrenees said it completed nine sales over the year for a total of GBP123.3 million, and three sales after the year-end for a total of GBP18.4 million. It said maturity of borrowings were extended to April 15.
The trust said it has the support of its lender for an orderly realisation of its investment property.
Alpha Pyrenees said it does not expect there will be any value to return to shareholders.
By Hannah Boland; [email protected]; @Hannaheboland
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