Update re. Cyprus

RNS Number : 2317B

SPDI Secure Property Dev&Inv PLC

02 April 2013

 



02 April 2013

SECURE PROPERTY Development & Investment

("SPDI" or "the Company")

Update re. Cyprus

SECURE PROPERTY Development & Investments Ltd, a South Eastern European focused property and investment company, informs its shareholders that, as the situation stands today, the Cyprus banks bail-in will have no material effect on the Company's business.

The Company holds most (98%) of its liquidity with non-Cypriot owned banking institutions, partly in Cyprus and partly outside Cyprus.

Liquidity used for operational reasons is held partly in Ukraine, with a non-Cypriot banking institution, and partly in Cyprus, predominantly with a non-Cyprus banking institution, but also a small part was placed with Cyprus Popular (Laiki) Bank. The latter is the only part of the Company's liquidity that, according to the decisions taken by the European and Cypriot authorities to date, is at risk. The maximum impact of the current measures is estimated not to exceed $135,000, or less than 1% of the Company's liquidity.

The temporary capital transfer restrictions imposed by the Cypriot authorities may have a minor and temporary effect on the Company, but this does not affect its day-to-day operations. The Company is monitoring the situation closely and will act accordingly

- Ends -

Enquiries:

SECURE PROPERTY Development & Investment plc                         + 380 44 459 3000

Lambros Anagnostopoulos                                                                    www.secure-property.eu

Constantinos Bitros

Liberum Capital Limited (Nomad and Broker)                                   [phone]

Chris Bowman

Richard Bootle

FTI Consulting                                                                                   [phone]

Richard Sunderland

Will Henderson

Daniel O'Donnell

Notes to Editors:

About SECURE PROPERTY Development & Investment plc

SECURE PROPERTY Development & Investment is a Central and South Eastern European focused property company with a portfolio that comprises the 50,000 sqm Terminal Brovary logistics park in Kiev, which is 90% let, and four development projects at different stages of progression, all of which have a combined value of €33 million.

Since the start of 2013, the Company has raised $17 million from placings with new investors including Peter Munk and Ned Goodman which followed the recapitalisation and restructuring of the Company in August 2011 and the successful completion of various stabilising initiatives during 2012.

The recent placings have provided the Company with funds to commence its strategy for growth through the acquisition of income producing assets in Central and South Eastern Europe in order to build a more geographically diverse portfolio, whilst maintaining its emphasis on efficient asset management to create and enhance value.

SPDI employs a team of 15 experienced professionals operating in three countries. SPDI's shares are publicly traded on the AIM market of the London Stock Exchange (LSE:SPDI).

 

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