TIDMNRR
RNS Number : 3653J
NewRiver REIT PLC
20 August 2021
20 August 2021
NewRiver REIT plc
("NewRiver" or the "Company")
Completion of sale of Hawthorn Leisure REIT Limited
Further to the Results of General Meeting announcement on 13
August 2021, NewRiver is pleased to announce the completion of the
sale of the entire issued share capital of Hawthorn Leisure REIT
Limited ("Hawthorn"), the entity that held, either directly or
indirectly through its wholly-owned subsidiaries, NewRiver's entire
community pub business (the "Disposal") to AT Brady Bidco Limited.
Total gross aggregate cash consideration of GBP222.3 million in
respect of the Disposal has now been received. In addition, there
may be a further amount of up to approximately GBP4.0 million,
relating to a pending insurance claim, that is received by Hawthorn
following the date of Completion and any amount received shall be
payable by the Purchaser to the Company pursuant to the terms of
the Sale Agreement.
After adjustment for transaction costs, the Company has received
net aggregate proceeds from the Disposal of approximately GBP216.1
million. The net aggregate proceeds are expected to be used to
reduce net debt, significantly strengthening NewRiver's balance
sheet and accelerating the delivery of the Group's target to reduce
Group LTV below 40 per cent. The Group intends to use approximately
GBP100 million of the net aggregate proceeds of the Disposal to
repay all of the outstanding balance on the Revolving Credit
Facility.
In conjunction with the completion of the disposal, and further
to the announcement made on 28 July 2021, Will Hobman today joins
the Board and becomes Chief Financial Officer of the Company.
Capitalised terms used in this announcement have the meanings
given to them in the Class 1 circular dated 28 July 2021, which is
available on the Company's website at https://www.nrr.co.uk.
Important Notices
Information regarding forward-looking statements
This announcement contains statements which are, or may be
deemed to be, "forward-looking statements" which are prospective in
nature. All statements other than statements of historical fact are
forward-looking statements. They are based on current expectations
and projections about future events, and are therefore subject to
risks and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. Often, but not always, forward-looking
statements can be identified by the use of forward-looking words
such as "plans", "expects", "is expected", "is subject to",
"budget", "scheduled", "estimates", "forecasts", "goals",
"intends", "anticipates", "believes", "targets", "aims" or
"projects". Words or terms of similar substance or the negative
thereof, are forward-looking statements, as well as variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "should", "would", "might" or "will" be
taken, occur or be achieved. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations.
Forward-looking statements include statements relating to: (a)
future capital expenditures, expenses, revenues, earnings, economic
performance, indebtedness, financial condition, dividend policy,
losses and future prospects; (b) business and management strategies
and the expansion and growth of the Company's operations; and (c)
the effects of economic conditions on the Company's business.
Such forward-looking statements involve known and unknown risks
and uncertainties that could significantly affect expected results
and are based on certain key assumptions. Many factors may cause
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Important factors that could cause actual results,
performance or achievements of the Company to differ materially
from the expectations of the Company include, among other things,
general business and economic conditions, industry trends,
competition, changes in government and changes in regulation and
policy, including in relation to taxation as well as political and
economic uncertainty. Such forward-looking statements should
therefore be construed in light of such factors.
Neither the Company nor any of its Directors, officers or
advisers provides any representation, assurance or guarantee that
the occurrence of the events expressed or implied in any
forward-looking statements in this announcement will actually
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as at the date of this
announcement.
Other than in accordance with its legal or regulatory
obligations (including under the Listing Rules and the Disclosure
Guidance and Transparency Rules), the Company is not under any
obligation and the Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
No profit forecast
No statement in this announcement is intended as a profit
forecast or a profit estimate and no statement in this announcement
should be interpreted to mean that earnings per Ordinary Share for
the current or future financial years will necessarily match or
exceed the historical published earnings per Ordinary Share.
Rounding
Certain financial data in this announcement have been rounded.
As a result of this rounding, the totals of data presented in this
announcement may vary slightly from the actual arithmetic totals of
such data.
For further information
NewRiver REIT plc
Allan Lockhart (Chief Executive
Officer)
Will Hobman (Chief Financial
Officer)
Emily Meara (Head of Investor +44 (0)20 3328
Relations) 5800
Liberum (Sponsor to NewRiver)
Jamie Richards
James Greenwood +44 (0)20 3100
Nikhil Varghese 2000
Kinmont (Financial Adviser
to NewRiver) +44 (0)20 7087
Mat Thackery 9100
+44 (0)20 7251
Finsbury 3801
Gordon Simpson
James Thompson
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END
DISGZGZRDGVGMZM
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August 20, 2021 10:08 ET (14:08 GMT)
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