Result of AGM and Trading Update
15 March 2011
Aisi Realty Public Limited
("Aisi" or "the Company")
Result of AGM and Trading update
Aisi Realty Public Limited (AIM: AISI), a property investment company focusing on development projects and related investments in Ukraine, announces that all the resolutions proposed at the Annual General Meeting on 14 March 2011 were duly passed.
The Company also provides the following trading update:
Brovary
The property continues to attract interest, both from international and local companies and the Company is currently in discussions with four potential tenants, albeit with nothing binding entered into, over the remaining empty sections of the property representing in aggregate, approximately 81 per cent. of the total 48,988 sq m floor space.
Other portfolio projects
All other portfolio projects remain on hold, and the Directors are continuously reviewing the net benefits from selling either the Tsimlyansky or Kiyanovsky residential projects.
The Company has however, recently received the development rights from Interterminal Group over approximately 27 hectares of land in Zaporojie area, zoned for retail development. This land was originally mortgaged against advances by Aisi in relation to two separate development projects in Odessa and now therefore, forms part of the Group's investment property portfolio.
Financing
The Board continues to focus on managing its assets and working diligently to recover advances to strengthen the liquidity position of the Company and its subsidiaries (together the "Group").
Market conditions however remain difficult in Ukraine, and the lack of rental income has unsurprisingly resulted in available working capital of the Group becoming increasingly tight. Management are in advanced discussions with the Group's existing debt provider to restructure the current facilities. In addition, management are in discussions with (a) certain existing shareholders of the Company and (b) an independent, third party investor group to provide a working capital facility to meet any short term funding requirements. Further details will be provided in due course once the terms of any such facility have been finalised.
- Ends -
Enquiries:
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AISI Realty Public Ltd |
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Beso Sikharulidze |
+38 (0)44 459 3000 |
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Seymour Pierce Limited |
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Nandita Sahgal / David Foreman (Corporate Finance) |
+44 (0)20 7107 8000 |
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Leti McManus (Corporate Broking) |
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This information is provided by RNS