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