Update re Investment

RNS Number : 5090A

Alpha Tiger Property Trust Limited

02 February 2011

 



2 February 2011

ALPHA TIGER PROPERTY TRUST LIMITED ("ALPHA TIGER")

ALPHA TIGER ANNOUNCES RECOMMENCEMENT OF ARBITRATION PROCEEDINGS TO PROTECT ITS GALAXIA INVESTMENT                                

As previously announced, Alpha Tiger and its development partner Logix Group had entered into a settlement agreement to jointly explore a sale of their interests in the Galaxia project, an 11.2 acre special economic zone located in NOIDA, India.

The Board wishes to advise that following breaches by Logix Group, Alpha Tiger has recommenced arbitration proceedings in order to protect its Galaxia investment.

Notwithstanding the above, the company is continuing to actively explore avenues for a sale of the development.

Further updates will be provided in due course.

For further information please contact:

Alpha Tiger Property Trust Limited

David Jeffreys, Chairman, Alpha Tiger                              [phone]

Brad Bauman, Joint Fund Manager, Alpha Tiger                [phone]

Panmure Gordon, Nominated Adviser to the Company

Richard Gray / Andrew Potts                                           [phone]

Notes to editors:

About Alpha Tiger Property Trust

Further information is available at www.alphatigerpropertytrust.com

 

END

 

 

MSCTBMPTMBTMBMB