Ace Liberty & Stone - Property Purchase/ Issue of Shares
RNS Number : 8079T
Ace Liberty & Stone PLC
08 October 2014
 

 

 

 

Press Release

8 October 2014

 

Ace Liberty and Stone Plc

 

(''Ace'' or the ''Company'')

 

Property Purchase

Issue of Shares

                                      

Ace Liberty and Stone Plc (ISDX: ASLP), the specialist real estate company capitalising on commercial property investment opportunities across the UK, today announces a further addition to the Company's portfolio with a suite of residential properties in Barnsley for a total consideration of £1,475,500.

 

The purchase compromises of 12 residential properties and one area of development with planning permission to build up to four flats.

 

The purchase price is made up of cash of £733,000 and the issue of 27,000,000 ordinary shares at 2.75p. With the exception of one property currently being refurbished, all properties are let and income earning. It is anticipated the properties will accrue an income of £164,740 per annum once fully let.

 

Of the 27,000,000 new shares, 22,562,273 ordinary shares were issued to Ismail Ghandour and or his close family at a price of 2.75p. Ismail and family have a total interest of 119,586,078 ordinary shares representing 25.75% of the issued share capital of the Company. In addition, 1,142,857 ordinary shares were issued to Levant Investment Bank (LiBank) s.a.l. at a price of 3.05p. LiBank now have a total interest of 21,394,238 ordinary shares representing 4.61% of the issued share capital of the Company.

 

Terms have been agreed with Habib Bank AG Zurich to drawdown a loan of £750,000 secured on the portfolio meaning the acquisition has been made without the expenditure of the Company's cash resources.

 

The Directors of Ace also announce that they have issued 14,545,455 ordinary shares at 2.75p per share to Dr Abdel-Karim el-Rousstom for a cash consideration of GBP 400,000.

 

Dr Abdel-Karim el-Rousstom now owns 90,330,248 ordinary shares representing 19.45% of the issued share capital of the Company.

 

The Company now has 464,393,166 ordinary shares in issue.

 

 

- Ends -

 

For further information, please contact:

Ace Liberty and Stone Plc


Keith Pankhurst, Chairman

Tel: +44 (0)  20 7201 8340


http://acelibertyandstone.com

Alfred Henry Corporate Finance Ltd


John Isaacs / Nick Michaels

Tel: +44 (0) 20 3328 5657


www.alfredhenry.com

Media enquiries:

Abchurch


Quincy Allan / Canace Wong

Tel: +44 (0) 20 7398 7720

quincy.allan@abchurch-group.com

www.abchurch-group.com

 

Notes to Editors

 

Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Sheffield, Leeds, Doncaster and Stoke. The Company locates commercial properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation.  Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

 

The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions price increases have started with the smaller properties, and are spreading towards larger properties.

 

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

 

For more information on the Company please visit: http://acelibertyandstone.com/ 

 

 


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