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Eredene Capital PLC (ERE)

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Friday 19 September, 2014

Eredene Capital PLC

Disposal

RNS Number : 1303S
Eredene Capital PLC
19 September 2014
 



19 September 2014

Eredene Capital PLC ("Eredene")

(a closed ended investment company in infrastructure projects in India, registered in England and Wales with company number 5330839)

 

 

Sale of Aboyne Mauritius Limited ("AML" or "Aboyne") by Aboyne Mauritius Holdings Limited ("AMH"), 100% owned by Eredene Capital PLC, and consequent complete divestment of Mumbai situated real estate project, Matheran Realty and Gopi Resorts

 

Eredene today announces the receipt of £3.01m in cash for the sale of Aboyne to Brick Eagle Projects (Singapore) Private Limited ("BE" or "Brick Eagle") as part of the on-going strategy to reaslise assets.

Brick Eagle has acquired 100% of AMH's interest in Aboyne for a total consideration of up to INR 500,000,000 (five hundred million Rupees). Payment will take place in two stages;

·      On 18 September 2014, Brick Eagle paid INR 300,000,000 (three hundred million Rupees) to purchase 100% of the ordinary shares of AML, for which Eredene received £3.01m in cash

·      Subject to the future profitability of the underlying asset, the balance of INR 200,000,000 (two hundred million Rupees) will be satisfied by the redemption of Redeemable Preference Shares with a maturity of three years ending on 18 September 2017

Aboyne owns 100% of Matheran Realty Private Limited ("MRPL" or Matheran Realty") and Gopi Resorts Private Limited ("GRPL" or "Gopi Resorts"), directly through its 32.25% holding in Gopi Resorts and indirectly through its 100% shareholding in Matheran Realty, which owns 67.75% of Gopi Resorts.

Matheran Realty and Gopi Resorts are the owners of an integrated residential township development project on about 100 acres of contiguous land in Karjat Taluka (Maharashtra, India).

Brick Eagle operates as a financial services platform for the affordable housing industry in India. The company has offices in Hong Kong, Singapore and India.

In Eredene's Annual Report as at 31 March 2014, Matheran Realty and Gopi Resorts were valued at £3.2m. The amount invested to 31 August 2014 was £16.1m.

Following the sale of Aboyne, Eredene now has aggregate cash balances of £5.6m. The Board will shortly consider the most efficient way of returning an appropriate portion of this cash to shareholders in a timely manner.


ENDS

 


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