Russian Real Estate Investment Company : BONDHOLDERS PUT A HOLD ON ACQUISITION OF FONTANKA 57. RURIC CONVENES INFORMATIVE MEETING ON APRIL 27
(Thomson Reuters ONE) -
Press Release 2012-04-23
The proposed transaction in which Ruric would acquire Scorpio's share in
Fontanka 57 is put on hold by the bondholders until the financial situation of
Ruric has been solved.
On 14th March Ruric announced an agreement with Scorpio to buy their share in
the project company for Fontanka 57 for almost SEK 88 mln (see press release
dated 14th March 2012 at www.ruric.com for further details). This agreement was
conditional on approval by the respective companies' board of directors and
bondholders. The bondholders' votes were counted on Friday 20th April and the
conclusion is that the bondholders voted against the transaction.
A letter to Ruric from bondholders owning slightly less than 50 % of all
obligations clarifies that they are not against the transaction as such but are
open to support the transaction in case the following issues will be addressed:
* Better description of the conditions for the transaction, e.g. a resolution
of a Shareholders' meeting is required to enable Scorpio's right to
conversion under the agreement, which should precede bondholders' acceptance
of the terms.
* The date for the formal reply should be set after the Annual General Meeting
on the 21 May, where possibly a new Board has been appointed.
* A dialogue about Ruric's financial situation should be initiated and
possible solutions be presented before the debt has been restructured.
As previously announced Ruric's management holds an information meeting on
27(th) April where the overwhelming majority of these issues will be addressed.
Russian Real Estate Investment Company AB (publ).
For further information please refer to
Adam Fischer, VD
Tel +46 8 509 00 101
email afischer(at)ruric.com
web www.ruric.com
ABOUT RURIC
Rurics strategi är att förvalta fastigheter i Sankt Petersburgs centrala delar.
Härutöver skall Ruric även förvärva Ruric's business strategy is to manage real
estate in the centre of St Petersburg. In addition Ruric shall also acquire real
estate and implement value creating additional investments at attractive
conditions. Through professional management and good tenant relations spaces of
high class are offered to tenants looking for possible spaces in central
locations willing to pay for it. Ruric offers primarily office- and retail
premises.
Rurics Certified Advisor at First North os Erik Penser Bankaktiebolag
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(i) the releases contained herein are protected by copyright and
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originality of the information contained therein.
Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1604969]
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Datum: 23.04.2012 - 08:23 Uhr
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News-ID 1105925
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