Market Announcement for ERII LN (the Cell shares)

RNS Number : 5256J

Real Estate Credit Inv. PCC Ltd

12 June 2014

 



12 June 2014

Real Estate Credit Investments PCC Limited (the "Company")

Market Announcement for ERII LN (the Cell shares)

The board of RECI is pleased to announce the sale of Magellan for €7.4 million, in line with its most recent valuation. Following the sale, the assets of the Cell are as follows:

ERII Cell Position Summary (in € million)

Number of Positions                                 4                

Residual Income Portfolio Valuation (31 March 2014)¹           €2.3 million

ERII Cell Cash Summary (in € million)

Cash as at 12 June 2014²    €9.1 million

1.             This figure contains the Residual Income Positions remaining as at 12 June 2014, but at their pro forma dirty fair values per 31 March 2014.

2.             The Cash balance reflects the cash settlement of the realised asset."

The Directors are considering how best to return the proceeds of the Magellan sale to shareholders, in the context of the overall objective of ERII's realisation.

For further information, please contact:

Public Relations:                             Henrietta Dehn                [phone]

Investor Relations:                         Nicole Von Westenholz  [phone]

 

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