REO Real Estate

TIDMREO

RNS Number : 1981W

Real Estate Opportunities PLC

25 January 2012

Real Estate Opportunities plc

NAMA Standstill Agreement

On 13 January 2012 Real Estate Opportunities plc ("REO" or the "Group") announced that demands made by the National Management Asset Agency ("NAMA") for repayment of loans advanced to certain Group subsidiaries and that a Standstill Agreement had been entered into between the Group and NAMA.

The Group subsidiaries against which the demands were made are Wintertide Limited, Radtip Properties Limited, Tenderbrook Limited, Sencode Limited, Lornabay Limited, Twynholm Limited, Rigol Limited, Ballymun Shopping Centre Limited, Coolred Limited and Montevetro II Limited (the "Subsidiaries"), for amounts totalling EUR568,828,437.

The Standstill Agreement and the loan repayment demands expired at 4.00pm today.

NAMA has informed the Subsidiaries that it intends to appoint Receivers on foot of its debt charges in those Subsidiaries.

The Subsidiaries subsequently applied to the Irish High Court for permission to seek leave to take a Judicial Review of NAMA's decision and the Court has directed that short notice be served on NAMA, so that NAMA can be heard by the Court, at 11 am tomorrow January 26th .

If the Subsidiaries are unsuccessful in their judicial review application, it is likely that receivers will be appointed to them.

A further announcement will be made tomorrow.

Enquiries:

Real Estate Opportunities plc

Ray Horney, Chairman Tel: +44 (0)1273 775 225

Matrix Corporate Capital

Paul Fincham/ Jonathan Becher Tel: +44 (0)20 3206 7000

RLM Finsbury

Gordon Simpson Tel: +44 (0)207 251 3801

Murray Consult

Ed Micheau Tel: +353 1 498 0300

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLLFFTLTIEFIF

Real Estate Opportunities (LSE:REO)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

Real Estate Opportunities (LSE:REO)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024