WARNER ESTATE HOLDINGS PLC 
By Warner Estate Holdings PLC
("the Group")
Interim Management Statement
As the Group announced, 30th July, negotiations continue with its lenders and other key stakeholders regarding options to realise value for the security held by those lenders over the asset management business and units in the Ashtenne Industrial Fund whilst providing continuity of asset management services to the funds the Group manages. The options being discussed would not realise enough value to repay the outstanding debt in full, a position that can result in an insolvency process.
As previously reported, the Group remains reliant on the continuing support of its lenders and other key stakeholders particularly because at certain times the cash held by the business will be low and headroom will be marginal.
The outcome of these negotiations will determine the Group's future. The Board believes that there is little or no value to existing shareholders whatever the outcome of these negotiations.
Date: 16 August 2013
-ends-
For further information contact:
Warner Estate Holdings PLC
Philip Warner, Chairman
Mark Keogh, Group Managing Director
Robert Game, Group Managing Director, Property
Tel: 020 7907 5100
Numis Securities Ltd
Heraclis Economides
Tel: 020 7260 1224
This information is provided by RNS
|
distributed by
|
