Invesco investors could lose entire investment

Invesco investors could lose entire investment




Invesco Property Income Trust Limited Trust shareholders could be left with no return from their investments….

Invesco Property Income Trust Limited Trust shareholders could be left with no return from their investments.


The Directors do not expect the Company to have realised its property assets in time to meet the repayment date of 28th September 2014 under its borrowing facility, or to be able to meet in full the amounts due. 

The Directors and Investment Manager have been in discussions with the lending bank for some time to address this situation and to secure funding for the Group beyond 28th September 2014.

The outcome of the discussions with the lending bank includes:

The lending bank has indicated its intention to grant a three-month extension to the facility beyond 28 September 2014; 
In consequence, the Board and Investment Manager have no option but to accelerate its disposal programme so as to seek purchasers immediately for all the group’s remaining assets; and
The Board and Investment Manager will work with the lending bank and its advisers in marketing the remaining property assets.
It has been announced that it is not expected that the lending bank will be repaid in full from the proceeds of the sale of the remaining assets, or that any amounts due to Invesco Limited under its loan facility will be paid. 

The lending bank has agreed that provision can be made for the Group to meet its liabilities to existing trade and other creditors and any further liabilities and obligations incurred during the remaining disposal programme and in the winding up of the Company and its subsidiaries.

These conclusions to the discussions make it, in the Directors’ opinion, virtually certain that there will be no return for shareholders on completion of the Company’s winding up.

The listing of the Company’s shares were suspended with effect at 6.00 p.m. on Monday. 

The discussions with the lending bank have delayed finalisation of the Company’s Annual Financial Report for the year ended 31st March 2014. The financial statements will be published in due course following Board approval.
 

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