Trading Statement (4037J)
29 Junho 2011 - 1:25PM
UK Regulatory
TIDMSPFL
RNS Number : 4037J
Sofia Property Fund Limited
29 June 2011
29 June 2011 AIM: SPFL
Sofia Property Fund Limited
(the "Company")
(AIM: SPFL)
The Directors announce that the Company has secured a loan for a
total of GBP500,000 from the Pluto Partnership (the "Lender"). The
loan will be available in two tranches of GBP250,000 subject to
certain conditions.
The first tranche, which will be available immediately following
the execution of a charge in favour of the Lender over the
Company's property at Crystal Glade, is repayable on 28 June 2012
in a principal amount of GBP312,500 unless previously repaid at
par.
The second tranche will be made available immediately following
either (i) the Company entering into, or being the subject of, a
pre-defined qualifying event or (ii) the Lender electing to proceed
with a sale agreement under the forward sale agreement arrangements
set out below. The second tranche is repayable on 28 June 2012 in a
principal amount of GBP312,500 unless previously repaid at par.
As part of these arrangements, the Company has today entered
into forward sales agreements with the Lender under which the
Lender has the right (but not the obligation) to acquire title over
the Company's properties at Crystal Glade and Dolna Banya (Lake)
any time between 30 September 2011 and 28 June 2012. Should the
Lender proceed with such transactions, the second tranche of the
loan would become payable to the Company and the total loan would
then be forgiven.
Following any such transaction, the Company has the right up to
28 June 2012 to repurchase the Company's properties at Crystal
Glade and Dolna Banya (Lake) for a total of GBP625,000 and has the
right of first refusal on sale thereafter. The value of the two
sites at 30 December 2010 was Euro 1.78 million.
The Company has granted the Lender warrants over a total of 25
million new ordinary shares in the Company which are exercisable
pro rata at 1p per share until 28 June 2013. The warrants are
subject to an anti-dilution provision upon the issue of further
ordinary shares in the Company.
Pluto Partnership, a private partnership formed under the laws
of England and Wales. Lord Howard of Penrith, a former Chairman of
the Company, is one of the partners.
The Company welcomes the opportunity afforded by the loan to
identify and formalise a long term strategic solution to the
benefit of all shareholders.
For further enquires -
Sofia Property Fund Limited
Charles Burton
Dominic Morley,- Panmure Gordon
+44 (0) 20 7459 3600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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