Sofia Property Fund Limited Agreement with Pluto re loan repayment (0365I)
July 19 2012 - 5:07AM
UK Regulatory
TIDMSPFL
RNS Number : 0365I
Sofia Property Fund Limited
19 July 2012
COMPANY ANNOUNCEMENT
FOR IMMEDIATE RELEASE 19 July 2012
SOFIA PROPERTY FUND LIMITED
(the "Company")
Company Registration Number: 43191
Agreement with Pluto on extension of loan repayment
The Company announced on 28 June 2012 that the loan of
GBP500,000 made available from the Pluto Partnership ("Pluto") as
announced on 29 June 2011 became repayable, together with the
applicable redemption premium, on 28 June 2012 and that it was in
discussions with Pluto with a view to deferring the repayment of
such loan and crystallisation of security granted therefore.
The Company is now pleased to announce that Pluto has agreed to
extend the repayment date to 31 July 2012. Pluto and the Company
have also agreed that if a pre-defined qualifying event as
envisaged in the announcement of 29 June 2011 ("Transaction")
occurs or is agreed on or before 31 July 2012 or funding is then in
place to complete a Transaction in due course notwithstanding the
grant of the extension, the terms of the Transaction will provide
for full repayment of loan principal and redemption premium on
completion of the Transaction.
If funding is not in place to complete a Transaction on or
before 31 July 2012, or if funding is in place by such date but a
Transaction does not complete by 31 December 2012, the above
extension means that the redemption penalty will come into
operation if repayment of principal plus redemption premium is not
made on or before July 31 2012. In such a situation Pluto will have
the right (but not the obligation) to acquire title over the
Company's properties at Crystal Glade and Dolna Banya (Lake).
Further announcements will be made as appropriate.
Enquiries:
Sofia Property Fund Limited
Charles Burton
Panmure Gordon (UK) Limited
Dominic Morley
Phone: +44 207 614 8388
This information is provided by RNS
The company news service from the London Stock Exchange
END
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