Aisi Realty Public Limited Resolution of legal claim (4265L)
September 04 2012 - 3:00AM
UK Regulatory
TIDMAISI
RNS Number : 4265L
Aisi Realty Public Limited
04 September 2012
04 September 2012
Aisi Realty Public Limited
(the "Company" or "Secure Property Development & Investment
Limited")
SETTLEMENT OF OUTSTANDING LIABILITY
Secure Property Development & Investment Limited, formerly
Aisi Realty Public Limited*, a South Eastern European focused
property and investment company, today announces that it has
settled a legal case against it. This represents the last
outstanding liability inherited by the current management following
their takeover of the Company in August 2011 and will result in a
small profit being realised against the US$1.5 million provision
for the claim on Secure Property Development & Investment's
books. In addition, the settlement releases any claim held by the
plaintiff over the Company's 23 hectare Aisi Bela land holding in
Odessa, Ukraine.
Lambros Anagnostopoulos, Chief Executive Officer of Secure
Property, commented:
"This settlement is another positive step forward and is further
evidence of the success we are having in turning Secure Property
Development & Investment around. It removes a significant
liability and allows us to focus our time and resources on
repositioning the Company for future growth.
- Ends -
Enquiries:
Secure Property Development & Investment Ltd (formerly Aisi Realty Public Ltd) + 380 44 459 3000
Lambros Anagnostopoulos
+44 (0)20 3100
Liberum Capital Limited (NOMAD and Broker) 2222
Chris Bowman / Richard Bootle
+44 (0)20 7831
FTI Consulting 3113
Richard Sunderland / Will Henderson
* The name change is subject to shareholder approval at the next
Annual General Meeting
Notes to Editors
About Secure Property Development and Investment Limited
Secure Property Development and Investment Limited ("SPDI") is a
South Eastern European focused property company incorporated in
Cyprus. The Company's portfolio comprises the Terminal Brovary
logistics park in Kiev (Gross Leasable Area of circa 50,000 sqm),
and four development projects at different stages of progression,
which have a combined value of EUR33 m.
Established in 2005, SPDI employs a team of 15 experienced
professionals operating across three countries. In August 2011,
following a transaction with Narrowpeak Consultants Ltd a new
internalised management team was introduced to settle the Company's
liabilities and create and execute a strategy for growth. SPDI's
shares are publicly traded on the AIM market of the London Stock
Exchange (AIM:AISI).
About South East Continent Unique Real Estate Management
(SECURE)
South East Continent Unique Real Estate (SECURE) Management
("SECURE") is a private equity platform that manages property
investment and development vehicles in South East Europe. SECURE
Investments I and II, have invested in residential and mixed-use
developments totalling circa 300,000 sqm in Bulgaria, Romania and
Serbia. SECURE is domiciled in the European Union with offices in
Cyprus and Romania and has an active presence in Bulgaria and
Ukraine.
With EUR250m worth of Assets Under Management (AUM) SECURE
employs a team of 16 full time professionals, working across five
countries, with a wealth of international experience and a strong
track record in the real estate development, investment and finance
sectors. SECURE was established in 2007 and, through a conservative
and risk management focused approach, has managed to steer its
clients through the difficult global economic crisis whilst
continuing to add value, having even achieved an increase in the
Net Asset Value for its Investment Vehicles since inception.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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