Warrant re Logix Group Residential Property

RNS Number : 8955F

Alpha Real Trust Limited

23 May 2017

 

23 May 2017

ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST" OR THE "COMPANY")

Indian court issues warrant of attachment against residential property owned by Shakti Nath and Meena Nath of Logix Group ("Logix") 

Further to the announcement of 15 May 2017 the Company announces that as part of the ongoing execution of the arbitration award the Delhi High Court has issued a warrant of attachment against the primary residential property owned by Shakti Nath and Meena Nath, promoters of Logix Group. The Company has had the residential property independently valued at approximately £6m.

The sum awarded to the Company has now accrued to £13.8 million at the current exchange rate.

Additionally, restraint orders have been passed against the Logix corporate office in NOIDA and against transfer of shares in several Logix group companies and development SPVs. The Logix Promoters have been directed to furnish a statement of their assets and bank statements within 4 weeks or else appear in person in court at the next hearing on 17 August 2017.

Further updates will be provided in due course.

For further information please contact:

Alpha Real Trust Limited

David Jeffreys, Chairman, Alpha Real Trust                         [phone]

Brad Bauman, Joint Fund Manager, Alpha Real Trust       [phone]

Panmure Gordon, Broker to the Company

Richard Gray / Andrew Potts                                                      [phone]

 

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