Eurocastle Receipt Of Revised Tax Assessments On Legacy German Investment
16 Février 2022 - 8:00AM
UK Regulatory
TIDMECT
EUROCASTLE INVESTMENT LIMITED
Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Tracy Lewis
Tel: +44 1481 723450
Receipt of Revised Tax Assessments on Legacy German
Investment
Guernsey, 16 February 2022 -- Eurocastle Investment Limited
today
https://www.globenewswire.com/Tracker?data=lFSLhra-pjAfgNlBSRbSOV2joaMJyEjsVK6-Ha_NYToCz37ET2o4aSTSq5Pj_zib
announces that it has received revised tax assessments relating to
a legacy German property investment. As previously disclosed, the
potential liability arising from this matter had already been
fully
reflected in the Adjusted NAV as part of the additional reserves
established in December 2019. As at 30 September 2021, the Adjusted
NAV was EUR9.76 per share. The revised assessments cover the period
from 2008 -- 2012 and determine a liability of EUR4.6 million, or
EUR2.50 per share, which is in line with the amount reserved by the
Company for this liability. In respect of the same investment, the
Company has separately reserved for further interest accruals, as
well as the years 2013 -- 2015 which remain subject to ongoing tax
audits.
The Company intends to appeal these assessments through the
German tax system and, having taken independent advice, considers
it probable that the matter will finally be determined in the
Company's favour.
ADDITIONAL INFORMATION
For investment portfolio information, please refer to the
Company's most recent Financial Report, which is available on the
Company's website (www.eurocastleinv.com).
ABOUT EUROCASTLE
Eurocastle Investment Limited ("Eurocastle" or the "Company") is
a publicly traded closed-ended investment company, focused on
Italian performing and non-performing loans, Italian loan servicing
platforms and other real estate related assets in Italy. On 18
November 2019, the Company announced a plan to realise the majority
of its assets with the aim of accelerating the return of value to
shareholders. The Company will not currently seek material new
investments from the proceeds of the realisation but will continue
to support its existing investments to the extent required in order
to optimise returns and distribute cash to shareholders when
available (the "Realisation Plan"). For more information regarding
Eurocastle Investment Limited and to be added to our email
distribution list, please visit www.eurocastleinv.com.
(END) Dow Jones Newswires
February 16, 2022 02:00 ET (07:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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