Oslo 26.09.2018. Reference is given to the public announcement published on 23 July 2018, where the company informed that it was likely to breach its loan covenants by the end of Q3 2018. Today the company signed a short-term agreement with the bank, containing new loan covenants. The agreement expires once a long-term agreement has been signed, or at the latest on 15 December 2018. The company is likely to breach its loan covenants by the end of Q4 2018.
As part of a cost saving program, the company has decided to report accounts semi-annually with immediate effect. The next report will therefore be of figures as of 31.12.2018, see updated financial calendar.
Furthermore, the occupancy in the Gasfield building has been reduced to 75% as the media house that signed a lease in August has chosen to leave as the firm has been bought. Storm Real Estate ASA is negotiating with several new potential tenants.
For more information, please contact:
Storm Capital Management Ltd,
Morten E. Astrup
morten@stormcapital.co.uk
Telephone: +44 (0)777 8888 000