REO Real Estate

TIDMREO

RNS Number : 2731W

Real Estate Opportunities PLC

26 January 2012

Real Estate Opportunities plc

NAMA update

The Company announces that following the announcement it made on 25 January 2012, a receiver has been appointed to each of the following Group subsidiaries, together the "Subsidiaries":

   --     Wintertide Limited; 
   --     Radtip Properties Limited; 
   --     Tenderbrook Limited; 
   --     Sencode Limited; 
   --     Lornabay Limited; 
   --     Twynholm Limited; 
   --     Rigol Limited; 
   --     Ballymun Shopping Centre Limited; and 
   --     Coolred Limited. 

Both Rigol Limited and Radtip Properties Limited are 50% owned by the Group.

The challenge by way of judicial review made by the Subsidiaries to the appointment of the receivers, and to the making of demands by NAMA in respect of the underlying loans, will be heard by the Irish High Court on 21 February 2012, that court directed yesterday. Pending the court's decision on the validity of NAMA's actions, the Subsidiaries have undertaken to cooperate with the receivers. The receivers have undertaken to give 48 hours' notice to Treasury Holdings before initiating any process of sale.

The Board has requested that the Company's shares be temporarily suspended from trading on the main market of the London Stock Exchange with effect from 7.00am on 27 January 2012 pending the outcome of the hearing on 21 February 2012.

Enquiries:

Real Estate Opportunities plc

Ray Horney, Chairman

Tel: +44 (0)1273 775 225

Matrix Corporate Capital

Paul Fincham / Jonathan Becher

Tel: +44 (0)20 3206 7000

RLM Finsbury

Gordon Simpson

Tel: +44 (0)207 251 3801

Murray Consult

Ed Micheau

Tel: +353 1 498 0300

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBFMBTMBBTTIT

Real Estate Opportunities (LSE:REO)
Historical Stock Chart
From Oct 2024 to Nov 2024

Real Estate Opportunities (LSE:REO)
Historical Stock Chart
From Nov 2023 to Nov 2024