Real Estate Opportunities plc
NAMA Standstill Agreement
On 13 January 2012 Real Estate Opportunities plc ("REO" or the "Group") announced that demands made by the National Management Asset Agency ("NAMA") for repayment of loans advanced to certain Group subsidiaries and that a Standstill Agreement had been entered into between the Group and NAMA.
The Group subsidiaries against which the demands were made are Wintertide Limited, Radtip Properties Limited, Tenderbrook Limited, Sencode Limited, Lornabay Limited, Twynholm Limited, Rigol Limited, Ballymun Shopping Centre Limited, Coolred Limited and Montevetro II Limited (the "Subsidiaries"), for amounts totalling €568,828,437.
The Standstill Agreement and the loan repayment demands expired at 4.00pm today.
NAMA has informed the Subsidiaries that it intends to appoint Receivers on foot of its debt charges in those Subsidiaries.
The Subsidiaries subsequently applied to the Irish High Court for permission to seek leave to take a Judicial Review of NAMA's decision and the Court has directed that short notice be served on NAMA, so that NAMA can be heard by the Court, at 11 am tomorrow January 26th .
If the Subsidiaries are unsuccessful in their judicial review application, it is likely that receivers will be appointed to them.
A further announcement will be made tomorrow.
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
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