17th Aug 2020 18:51
Worsley Investors Ltd - closed-ended, self-managed investment firm - Amends terms of company's lease of multiplex cinema in Curno to UCI Italia SpA. Rent from period from March 1 to November 30 is waived. From December 1 until February 28, Worsley will pay annual rent of EUR830,000. From March 1, that will rise to EUR915,000. The minimum term of the lease is extended until June 2035 from December 2033.
"The rental holiday delivers a substantial cash flow benefit to UCI during a period when the cinema has not operated normally. In return, the rental increase and lengthening of the lease term provides Worsley Investors with a corresponding benefit to capital value," company said.
NAV per share as at June 30 was 38.1p, which takes into account lease amendments.
Current stock price: 21.00 pence
Year-to-date change: down 32%
By Paul McGowan; [email protected]
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