PHU M&L Property

 
TIDMPHU 
 
Pactolus Hungarian Property plc (the "Company" or "Group") 
 
                                 Loan Facility 
 
The Group has today repaid its outstanding loan balance with Investec Bank plc 
(Irish Branch) ("Investec"), which was due to be repaid by 19 December 2014. 
The Group made a numerous attempts to roll the facility for a further period, 
but Investec declined to respond positively to the Group's requests. 
 
The funds paid to Investec to discharge their facility were loaned to the Group 
by M & M Investment Company plc, a company associated with Midas Investment 
Management Limited and Mark Sheppard, the asset manager to the Company who 
have, along with their associates, an interest over 51.4% of the Company's 
share capital. 
 
The loan provided by M & M Investment Company plc will be on similar terms as 
the previous loan provided by Investec, with an interest charge of 4.8% above 3 
month Euribor. The loan from Investec required a fixed charge over all the 
properties in the Group's portfolio, whereas the new loan is secured on a 
floating basis only. 
 
The total amount now outstanding to M & M Investment Company plc and their 
associates is GBP1.652m. 
 
The Transaction is a related party transaction pursuant to AIM Rule 13, the 
Directors of the Company, having consulted with the Company's nominated 
adviser, believe that the terms of the Transaction to be fair and reasonable 
insofar as its shareholder are concerned. 
 
In the last few months, the Group has received a higher level of interest from 
investors interested in potentially purchasing a handful of its properties. A 
few of these aforementioned investors have signed non-binding letters of 
intent. Should a material amount of such potential transactions complete, a 
further announcement will be made. 
 
For further information, please contact: 
 
Asset Manager: 
Midas Investment Management Limited 
Tel: +44 (0) 161 228 1709 
 
Nominated Adviser: 
Liam Murray/Jo Turner 
Cairn Financial Advisers LLP 
Tel: +44 (0) 20 7148 7900 
 
 
 
END 
 

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