3rd Jun 2015 10:14
LONDON (Alliance News) - Eastern European Property Fund Ltd Wednesday said its focus is on selling its remaining properties at good prices.
In a statement, Chairman Martin Adams said the next phase of its realisation investment objective and policy will be initiated once it disposes of its properties.
"While sales are being pursued, the board remains vigilant to minimise operating costs and cash burn," Adams said.
"In support of the objective to dispose of properties at prices reflective of their true value, the manager has offered to defer its collection of administration and management fees until further property sales have been achieved, which will enable EEP to continue to meet its liabilities as they fall due for the foreseeable future," Adams said.
The board is keeping the estimated timing and costs of appointing a liquidator under review, according to Adams, who said that preliminary talks have occured with potential service providers. However, provisions for the costs of winding-up the company were not included in its results for 2014 as they are not expected to be material.
The company said its net asset value was GBP16.4 million, equivalent to 105.36 pence per share, at the end of 2014, compared with GBP17.4 million or 105.19p per share at the end of 2013.
The company bought back 955,000 shares during the year, returning about GBP600,000 to shareholders.
"No buybacks will be undertaken in the foreseeable future unless further properties are realised," Adams said.
Shares in the company were untraded on Wednesday. The stock last traded at 54 pence.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Eastern European Property