TIDMALSP

RNS Number : 4021X

Ace Liberty & Stone PLC

05 January 2022

ACE LIBERTY AND STONE PLC

("Ace" or "the Company")

PROPERTY TRANSACTIONS AND ISSUE OF SHARES

Ace Liberty and Stone Plc (AQSE: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, is pleased to update shareholders on the current positive state of the Company's business.

The Company has exchanged contracts for the unconditional acquisition of Unit M, 9 Hunters Row, Stafford at a value of GBP1,260,000. The tenant is Iceland Foods Limited with eight years remaining on the lease. The rental income from the property is GBP95,000 p.a.

Ace has also completed the sales of Bridge House, Dudley for GBP5,100,000 (purchased in March 2014 for GBP4,100,000), Hillcrest House, Leeds for GBP2,300,000 (purchased in November 2013 for GBP1,450,000) and Willow and Holly Court, Plymouth for GBP4,450,00 (purchased in April 2016 for GBP3,500,000). These sales crystallise profits of GBP2,800,000 as well as enabling a reduction in the Company's secured borrowing and freeing up funds for further acquisitions when the time is right.

The Company has also issued 130,555 ordinary shares of 25p in settlement of Convertible Loan Note ("CLN") interest and fees as follows:

     --      41,000 shares were issued at 90p and 
   --      89,555 shares were issued at 100p. 

250,000 shares of 25p were also issued to LiBank s.a.l. at 80p by exercise of the option to convert GBP200,000 5% CLN. LiBank now owns 16,178,963 shares representing 27.5% of the entire share capital of the Company.

Following these allotments, the total number of issued shares and the total number of voting rights in the Company is 58,846,850. The total issued share capital is now GBP14,711,712.

The above figure of 58,846,850 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Following the CLN conversion, the outstanding balance of the original issue is GBP375,000. This was due to mature on 31 December 2019 but was rolled over on the existing terms.

Ismail Ghandour, CEO, commented, "These property sales yield a profit of nearly 35% on the prices originally paid in addition to the very substantial rents received over a long period. The cash from the sales enables a reduction in borrowing, which in turn strengthens the Company's position for future acquisitions and growth."

The Directors accept responsibility for this announcement.

- ends -

For further information, please contact:

 
 
  Ace Liberty & Stone Plc 
   Ivan Minter, Financial Director         Tel: +44 (0) 20 7201 8340 
                                           http://acelibertyandstone.com 
   Alfred Henry Corporate Finance Ltd, 
    AQSE Growth Market Corporate Adviser    Tel: +44 (0) 20 3772 0021 
   Jon Isaacs / Nick Michaels              www.alfredhenry.com 
 
 
   SP Angel Corporate Finance LLP 
    Broker                                  Tel: +44 (0)20 3470 0470 
    Vadim Alexandre / Rob Rees              www.spangel.co.uk 
 

Notes to Editors

Ace Liberty & Stone Plc is a property investment company with a diverse portfolio of properties located across the UK, currently including Sunderland, Middlesbrough, Gateshead, Barnstaple, Margate and Manchester. The Company locates commercial and residential 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.

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 www.acelibertyandstone.com

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January 05, 2022 02:00 ET (07:00 GMT)

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