17th Apr 2014 10:21
LONDON (Alliance News) - Public Service Properties Investments Ltd saw its shares fall Thursday after it said it was looking into the implications of European Care & Lifestyles (UK) Ltd falling into administration.
The company let nine care facilities in Merseyside and one in Scotland to European Care & Lifestyle companies in 2004 on 35 year leases. It also holds the license for the domiciliary care business operated by European Care & Lifestyles, and became a minority shareholder in it, as well as providing it with a subordinated loan note, after selling it some properties in 2012.
It said it has carried a minimum value of GBP2,000 on its balance sheet since 2012 for its minority shareholding and the subordinated loan note.
Public Service Properties Investments said it currently isn't aware of any notices of intention to appoint administrators for the European Care & Lifestyle entities which are tenants and licensees of its properties, and it received the monthly rents and business license fees for the properties as normal on April 15.
It said it will make further announcements in due course, if appropriate.
Public Service Properties shares were down 9.8% at 23 pence Thursday morning, one of the biggest declines on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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