REOP Reo Sec. Zdp

 

TIDMREOP 
 
RNS Number : 6559R 
REO Securities Limited 
26 August 2010 
 

REO Securities Limited 
26 August 2010 
 
                            REO Securities Limited 
  Proposed Battersea restructuring and suspension of interest on the Parent's 
                        Convertible Unsecured Loan Stock 
 
REO Securities Limited is a wholly owned subsidiary of Real Estate Opportunities 
plc (the "Parent" or "REO"). 
 
Further to the statements in REO's annual report and accounts published on 23 
June 2010 regarding the proposed demerger of the Battersea assets, REO and its 
advisers have been engaged in ongoing financial restructuring negotiations with 
the holders of REO's Series A and B unsecured loan notes, NAMA, Lloyds Banking 
Group and an adhoc informal committee comprising the larger holders of the 
Company's 7.5% convertible unsecured loan stock (CULS) and the zero dividend 
preference shares (ZDP) issued by REO Securities Limited.  Significant progress 
has been made towards agreeing the shape of a consensual financial restructuring 
with the informal adhoc committee that is now being discussed with REO's other 
lenders. The committee, REO Directors and Treasury Holdings (which supports the 
restructuring proposal) together account for some GBP59.4 million of convertible 
loan stock representing 59 per cent of the total amount in issue and for some 
32.9 million ZDPs representing 57 per cent of the total number of ZDPs in issue. 
 
Taking account of the status of negotiations, the Company has determined that 
the interest payment due to the CULS holders on 31 August 2010 will not be made. 
 
A further announcement will be made in due course. 
 
 
 
 
 
For further information please contact: 
 
REO Securities Limited 
Ray Horney, Chairman 
Tel + 44 (0) 1273 775 225 
Martin Daly, Investor Relations 
Tel + 353 1 618 9455 
 
 
Matrix Corporate Capital 
Paul Fincham 
  Tel + 44 (0) 20 3260 7000 
 
 
Finsbury Group 
Edward Simpkins / Gordon Simpson                                       Tel + 44 
(0) 20 7251 3801 
 
Murray Consultants 
Ed Micheau 
   Tel + 353 1 498 0300 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCLLFSDTRIEFII 
 

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