Unitech Corporate Parks Plc Shareholder Update (4065N)
2015年5月18日 - 3:01PM
RNSを含む英国規制内ニュース (英語)
TIDMUCP
RNS Number : 4065N
Unitech Corporate Parks Plc
18 May 2015
Unitech Corporate Parks Plc ('UCP' or the 'Company')
Shareholder Update
The Board of UCP is today providing an update on the status of
work which has been ongoing to recover certain funds placed with
two financial institutions, SREI Infrastructure Finance Limited
('SREI'), ATEN Portfolio Managers Services Private Limited and ATEN
Capital Private Limited (together 'ATEN'), as well as on other
matters.
Recovery of funds from SREI and ATEN
As previously disclosed in the Company's half yearly statement
of results, two of the Indian joint venture companies in the
Company's group, Unitech Realty Projects Limited ('G1') and Unitech
Developers and Project Limited ('G2') had previously placed funds
on deposit with SREI and ATEN. The Company was entitled to 60% of
these funds, totalling GBP15.76 million, at the date of completion
of the Company's disposal of the entire share capital of Candor
Investments Limited to BSREP India Office Holdings PTE. Ltd
('Brookfield'), and since the funds had not been repaid it gave
rise to an adjustment to the consideration due to the Company of a
corresponding amount.
Pursuant to the sale and purchase agreement entered into by the
Company and Brookfield, the right to receive any amount recovered
with respect to these monies was effectively assigned to UCP and
Brookfield and its group companies are required to provide
information and assistance which is reasonably required for the
purposes of recovering these funds.
In seeking to recover the funds the Company has facilitated and
directed the commencement of legal actions by the relevant joint
venture companies against the deposit holders, SREI and ATEN, and
has lodged petitions for injunctive relief under section 9 of the
Indian Arbitration Act 1996.
In addition, formal complaints have been made by UCP to the
Reserve Bank of India and the Securities and Exchange Board of
India, two Indian regulatory bodies who have jurisdiction over SREI
and ATEN.
The Company continues to work actively towards the recovery of
these funds although the timing and eventual amount recovered
cannot be estimated with certainty.
Withholding of amount due to Nectrus
The Board is of the opinion that the transactions placing funds
with SREI and ATEN were not conducted in accordance with Group
Treasury policy and accordingly represented breaches by Nectrus
Limited ('Nectrus'), a Cypriot company ultimately controlled by
Unitech Limited, of the investment management agreement entered
into, inter alia, between the Company and Nectrus. Nectrus has been
notified of these breaches and of the Company's claim for GBP18.2
million of damages arising from the non-recovery of the funds
placed on deposit and the past and anticipated costs associated
with attempts to recover the funds. The Company cannot currently
estimate the timing and resolution of this claim.
In light of this claim against Nectrus, the Company withheld
GBP18.2 million from the cash return which would otherwise have
been payable to Nectrus pursuant to the B share distribution
earlier this year. The Company will release the appropriate
proportion of these funds to Nectrus to the extent that amounts are
recovered from SREI and ATEN.
Submission of 31 March 2015 tax return
The Company has started the process of making a tax return in
India. The Board continues to be advised that no tax will be
payable although the Company has no certainty as to how quickly or
otherwise the tax return will be dealt with.
Further distribution to shareholders
In light of the uncertainties in relation to the recovery of
funds from SREI and ATEN and the timeframe in which the Company's
tax return will be dealt with, it continues to be difficult to
estimate the timing and amount of any further distribution to
shareholders. The Company will continue to keep shareholders
informed of material developments and will provide a further update
at the time of the announcement of its results for the financial
year ended 31 March 2015, which is expected to be released towards
the end of September.
For further information please contact:
Westhouse Securities Limited Tel: +44 (0)20 7601
6118
Alastair Moreton
IOMA Fund and Investment Management Limited Tel: +44 (0)1624
681250
Philip Scales
Graham Smith
This information is provided by RNS
The company news service from the London Stock Exchange
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