Update re JV developments


 

TIDMCRF 
 
RNS Number : 4393T 
Ciref PLC 
05 June 2009 
 

Ciref Plc ("Ciref" or "the Company") 
 
 
Update on Major Retail Development Projects 
 
 
Further to the update made with the Company's interim results on 7 May 2009, the 
following update is provided as regards Ciref's major retail development 
projects. 
 
 
Modus Ventures Limited ("Modus"), the holding company of the wider Modus group 
including its joint venture partners with Ciref on its retail investment 
properties and development projects, was placed into administration on 29 May 
2009. 
 
 
Ciref has been taking steps to acquire control of certain of its joint venture 
retail projects. Completion of the acquisition of West Orchards Shopping Centre, 
Coventry has previously been announced. An agreement over Delamere Place 
Shopping Centre, Crewe has been reached which remains subject only to approval 
of the lending bank and advanced discussions continue as regards Birchwood 
Shopping Centre, Warrington.  Further announcements on both of these will be 
made as appropriate. Ciref expects in each case that, with the support of the 
debt providers, Ciref will continue to own and manage these projects going 
forward.No adverse impact on the Company's NAV is expected as a result of taking 
majority ownership of these shopping centres. 
 
 
As previously announced, with respect to Trinity Walk, Wakefield and Houndshill 
Shopping Centre, Blackpool, the Company has been unable to reach agreement with 
the administrator to Wakefield and Anglo Irish Bank respectively.  The Company 
has today been notified that Houndshill Shopping Centre, Blackpool has been put 
into administration by Anglo Irish Bank. 
 
 
As reported in the Company's interim results, both of these investments had been 
fully provided for and it now seems certain that the Company will not recover 
any value from these investments. Importantly Ciref has no contingent or other 
liabilities to potential creditors of either asset. 
 
 
On Friars Walk Newport, discussions are still taking place with the Newport City 
Council ("NCC") with the intention of raising an element of public sector 
funding for this project. Further details will be released once progress on the 
discussions has been made. 
 
 
Modus' investment in this asset will be diluted if agreement is reached with the 
NCC. 
 
 
+------------------------------------+------------------------------------+ 
| Ciref Plc                          | +27(0)21 683 3829                  | 
| Gavin Tipper - Chairman            |                                    | 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| Singer Capital Markets             | +44(0)203 205 7500                 | 
| Nicholas How / Richard Savage      |                                    | 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| Powerscourt                        | +44(0)207 250 1446                 | 
| Elizabeth Rous                     |                                    | 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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