Reconstruction Capital II Ltd Disposal of last plot of Policolor S.A. site (6478N)
25 Settembre 2019 - 12:44PM
UK Regulatory
TIDMRC2
RNS Number : 6478N
Reconstruction Capital II Ltd
25 September 2019
25 September 2019
Reconstruction Capital II Limited
Disposal of last plot of Policolor S.A. site
Reconstruction Capital II Limited ("RC2" or the "Company")
announces that its 40%-owned investee company Policolor S.A.
("Policolor") has today sold the last plot of land on its main
Theodor Pallady Bulevard Bucharest site, comprising 3.2 hectares,
for a total price of EUR5.2 million, of which an advance of EUR1
million had already been received over 2017 and 2018. Originally,
Policolor was due to receive the remaining balance of EUR4.2
million in the summer of 2019. However, pursuant to negotiations
with the buyers, EUR3.4 million was received today, a further
EUR0.1 million is due to be received in November 2019, and EUR0.7
million represents a "holdback" amount in respect of certain
warranties and indemnities provided by Policolor, to be released,
if applicable, in September 2020. Policolor's bankers have agreed
to Policolor paying out a dividend of up to EUR2 million out of the
land proceeds, subject to certain conditions being met, of which
RC2's share would be EUR0.8 million. Policolor intends to make
dividend payments to the extent permitted by its bankers over
2019-2020, subject to its cashflow allowing it to make such
distributions.
For further information, please contact:
Reconstruction Capital II Limited
Cornelia Oancea / Anca Moraru
Tel: +40 21 316 7680
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Tel: +44 (0) 20 7383 5100
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constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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END
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