ST PETER PORT, Guernsey, March 1, 2023 /PRNewswire/ --
Michael Beys, Esq
Chairman
Secure Property Development & Investment plc
16, Kyriakou Matsi Avenue
Eagle House, 10th floor, PC 1082,
Nicosia, Cyprus
Dear Sir
Secure Property Development & Investment plc (the "Company")
Please see below the questions that we have submitted to St Brides Partners and which we the expect the board to answer in full on the Shareholder Call to be held at 3.00 CET on 2 March 2023.
Question 1: Please advise shareholders on the timing and process for completing the wind-down of the Company including the mechanism for distributing the underlying shares in Arcona to SPDI shareholders, as well as the closure costs of the plc head office?
On 3 January 2022 the Company announced the sale of the GreenLake land portfolio to Bougalon Investments Limited, a company in which 3 directors of the Company are interested.
Question 2: This represents the sale of one of the remaining assets of the Company and is a material transaction. When will the Strand Hanson fairness opinion referenced in the announcement be circulated to shareholders?
In the absence of this opinion we submit the following further questions for the call:
Question 3: Note 19 to the Interim Results for 1H.22 refers to the Company exercising effective management control of Green Lake Development Srl. Please confirm that the sale has been valued on a controlling interest basis?
Question 4; Please provide details of the structure of the transaction including the underlying residential units and land?
Question 5: Please explain the circumstances and conditions for the deferred consideration of €450,000 referenced in the announcement?
Question 6: With regard to Bougalon, we understand that the Directors hold a 60% interest. Who owns the remaining 40%? Do any of these shareholders have any association with the Company? In which jurisdiction is Bougalon registered?
Question 7: We understand that the Greenlake Kindergarten has been sold separately for €175,000. This seems incredibly low given that the 2020 and 2021 Annual Reports noted that (i) the property is " 100% leased to the International School for Primary Education until 2032" and (ii) it produces an "annual rent inflow of €115,000" and that more recently in the 1H 2022 Interim Results the Directors attributed a fair value to the property at 30 June 2022 at €1.32m. Please provide details of this transaction including the parties thereto?
Yours faithfully
Julia Church
Artemis Corporate Services Limited
Director
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