Resolution of legal claim

RNS Number : 4265L

Aisi Realty Public Limited

04 September 2012

 



04 September 2012

Aisi Realty Public Limited

(the "Company" or "Secure Property Development & Investment Limited")

SETTLEMENT OF OUTSTANDING LIABILITY

Secure Property Development & Investment Limited, formerly Aisi Realty Public Limited*, a South Eastern European focused property and investment company, today announces that it has settled a legal case against it.  This represents the last outstanding liability inherited by the current management following their takeover of the Company in August 2011 and will result in a small profit being realised against the US$1.5 million provision for the claim on Secure Property Development & Investment's books.  In addition, the settlement releases any claim held by the plaintiff over the Company's 23 hectare Aisi Bela land holding in Odessa, Ukraine.

Lambros Anagnostopoulos, Chief Executive Officer of Secure Property, commented: 

"This settlement is another positive step forward and is further evidence of the success we are having in turning Secure Property Development & Investment around.  It removes a significant liability and allows us to focus our time and resources on repositioning the Company for future growth.

- Ends -

Enquiries:
Secure Property Development & Investment Ltd (formerly Aisi Realty Public Ltd)		+ 380 44 459 3000
Lambros Anagnostopoulos
Liberum Capital Limited (NOMAD and Broker)		[phone]
Chris Bowman / Richard Bootle
FTI Consulting		[phone]
Richard Sunderland / Will Henderson

* The name change is subject to shareholder approval at the next Annual General Meeting 

Notes to Editors

About Secure Property Development and Investment Limited

Secure Property Development and Investment Limited ("SPDI") is a South Eastern European focused property company incorporated in Cyprus. The Company's portfolio comprises the Terminal Brovary logistics park in Kiev (Gross Leasable Area of circa 50,000 sqm), and four development projects at different stages of progression, which have a combined value of €33 m.

Established in 2005, SPDI employs a team of 15 experienced professionals operating across three countries. In August 2011, following a transaction with Narrowpeak Consultants Ltd a new internalised management team was introduced to settle the Company's liabilities and create and execute a strategy for growth. SPDI's shares are publicly traded on the AIM market of the London Stock Exchange (AIM:AISI).

About South East Continent Unique Real Estate Management (SECURE)

South East Continent Unique Real Estate (SECURE) Management ("SECURE") is a private equity platform that manages property investment and development vehicles in South East Europe. SECURE Investments I and II, have invested in residential and mixed-use developments totalling circa 300,000 sqm in Bulgaria, Romania and Serbia. SECURE is domiciled in the European Union with offices in Cyprus and Romania and has an active presence in Bulgaria and Ukraine.

With €250m worth of Assets Under Management (AUM) SECURE employs a team of 16 full time professionals, working across five countries, with a wealth of international experience and a strong track record in the real estate development, investment and finance sectors. SECURE was established in 2007 and, through a conservative and risk management focused approach, has managed to steer its clients through the difficult global economic crisis whilst continuing to add value, having even achieved an increase in the Net Asset Value for its Investment Vehicles since inception.

 

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