Unitech Corporate Parks Plc Disposal Update (2369R)
2014年9月10日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMUCP
RNS Number : 2369R
Unitech Corporate Parks Plc
10 September 2014
Unitech Corporate Parks plc
("UCP" or the "Company")
Disposal Update
Further to the announcement on 27 June 2014, the proposed sale
of Candor Investments Limited to Brookfield remains conditional,
inter alia, on the approval by the SEZ Board of the contemplated
transfer of Candor's shares. The Board of UCP announces that the
SEZ Board recently disclosed in the agenda for the 63(rd) meeting
of the SEZ Board to be held on Thursday 18 September 2014 that the
requests for approval of the contemplated transfer of Candor's
shares will be considered by the SEZ Board at that meeting.
As set out in the Circular, in the event that certain funds
placed with two financial institutions in the name of the Project
Companies are not repaid by Completion, an adjustment to the
consideration payable by Brookfield will be made. The Board has
been actively seeking repayment of these funds and UCP has now
engaged an Indian law firm to assist in their recovery. The
Company's beneficial interest in such funds is currently
approximately GBP15.6 million.
The Board believes that the Project Companies have strong
grounds for enforcing repayment of the funds. However, in the event
they are not repaid by Completion, the consideration payable by
Brookfield will be adjusted and either (i) the rights of the
Project Companies to receive repayment of 60 per cent. of such
outstanding funds will be assigned to the Company, subject to
necessary approvals or (ii) any recovery of such amounts by or on
behalf of the Project Companies will be repaid to the Company. Any
subsequent repayment to, or recovery by, the Company of these funds
is anticipated to be returned to Shareholders.
Further announcements in relation to the Disposal will be made
in due course.
Terms used and not defined in this announcement bear the meaning
given to them in the Circular.
For further information please contact:
Westhouse Securities Limited Tel: +44 (0)20 7601 6118
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Alastair Moreton
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Darren Vickers
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IOMA Fund and Investment Management Tel: +44 (0)1624 681250
Limited
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Philip Scales
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Graham Smith
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This information is provided by RNS
The company news service from the London Stock Exchange
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