The company's lender has in its credit committee on 31/03/2017
granted amended terms to the company's loan agreement.
The amended terms include
- postponement of the maturity date to June 2019
- no amortisation up to and including Q3 2018
- waiving of covenants up to and including Q3 2018,
- adjusted covenants for the period Q4 2018 to maturity, adapted to
the changed market conditions in Russia.
These amendments are subject to that the company obtains new capital
of at least USD 3 million, to be paid to the bank as an
extraordinary amortisation within 15/07/2017. The amendments are
also subject to documentation.
These amended terms provide the company with better visibility and
ability to meet its loan obligations. The agreement with the anchor
tenant in the Gasfield building expires on 31/05/2017, and the
company is in process of sourcing new tenants.
The company has interest from new potential tenants who
appreciate the building's location, standard and parking facilities.
The company will publish signing of new contracts if they are of a
material character.
The Board will make a proposal for raising capital to the
shareholders in a General Meeting.
For further information, please contact:
Einar Pedersen
Tel: +44 207 409 3369
Email: einar@stormcapital.co.uk
Morten E. Astrup
Tel: +44 777 8888 0000
Email: morten@stormcapital.co.uk