RNS Number : 2421D
Belvedere Leisure Resorts PLC
17 February 2020
 

17 February 2020

 

Belvedere Leisure Resorts plc

 ("Belvedere" or the "Company")

 

CORPORATE UPDATE

 

The Directors of Belvedere are pleased to provide the following update to the market.

 

Shortly, following successful listing onto NEX, one of the identified potential investors put forward a proposal to provide the balance of the full subscription and required a period of exclusivity in order to ensure they could satisfy their own internal capital requirements before sign off to formally issue credit terms and enter into legals. 

 

The Company granted this period up to 31 January 2020 and we can now confirm that following the lapse of this deadline, this particular investor could not provide sufficient confidence or comfort to the board in which to provide the investment level pledged so the Company and its investor relations team have re-engaged with the other funds who had previously registered investor interest and talks are now on-going to secure new bond subscriptions in the coming weeks.

 

The Company are pleased to announce that since 3 February 2020, there are now several institutions and investors who have shown willing to subscribe and the Company hopes to see these subscriptions realised.  The board remain confident that now its investor relations team are back in talks with UK & overseas investors that these subscriptions shall start to be received within the next six weeks.

 

Belvedere are also pleased to announce specifically regarding the project that construction works on site by its holding company have continued to progress, with road infrastructure works now underway and lodges under construction.  The holding company and its professional team will continue to progress on site works whilst the Company focusses on securing the bond subscriptions.

 

 

For further information, please contact:

 

 

Mr Alan McNamara
Executive Director

Belvedere Leisure Resorts plc

T: + 44 (0) 7851 88 00 70

Email: alan@belvederepark.co.uk

 

Alfred Henry Corporate Finance Limited
NEX Corporate Advisor to Belvedere Leisure Resorts plc
Jon Isaacs
www.alfredhenry.com
Tel: +44 (0) 203 772 0021

 

 




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