Redemption of CULS and new loan in AUMP

RNS Number : 3281I

Alpha Real Trust Limited

01 July 2013

 



 1 July 2013

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

Redemption of the Convertible Unsecured Loan Stock ("CULS") and new unsecured loan in alpha uk multi property trust ("AUMP")

The Company announces that, in accordance with the CULS Subscription Agreement with AUMP of 13 July 2010, it has redeemed all outstanding CULS (together with any CULS issued in satisfaction of interest payments) in full at par plus the payment of the premium of 18 per cent. The redemption amount was £6.42 million.

The Preference Shares stapled to the CULS have automatically been redeemed and the associated Options have expired without being exercised.

The Company further announces that it has entered into an agreement ("Loan Facility Agreement") in which it will provide an unsecured loan ("Loan") to AUMP for £6.42 million. The proceeds of the Loan will be applied to finance the redemption of the CULS. 

The term of the Loan Facility Agreement is six months to 31 December 2013, which is extendable by five years to 31 December 2018 with the consent of both the Company and AUMP. AUMP may voluntarily prepay the loan at any time by giving 5 days notice. The coupon of the Loan is 15% per annum compounded quarterly.

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]

Further information on the Company can be found on the Company's website: www.alpharealtrustlimited.com.

 

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