TCF Theracryf Plc

TIDMTCF

RNS Number : 9442O

Terra Catalyst Fund

12 August 2014

12 August 2014

TERRA CATALYST FUND

Net Asset Value of the Company

The Directors of Terra Catalyst Fund ("the Company") wish to announce that the Net Asset Value for the Company as of 31(st) July 2014 was 201.2264 pence per share.

This Net Asset Value incorporates a revaluation of the Company's investment in Spazio Investment NV ("Spazio"). As at 30(th) June 2014, the Company's holding in Spazio was valued at EUR 2.47, which was a significant discount to the Net Asset Value per share of EUR 7.04 disclosed in the audited financial statements of Spazio as at 31 December 2013.

The Board of the Company have been advised by Spazio that:

1 In relation to the dispute with the Italian fiscal authorities for the tax years 2006-2009:

-- The Claim has now been settled for a total amount of EUR 14 million to be paid in instalments; and

-- Spazio believes that, following this settlement, there are currently no outstanding tax disputes.

   2          In relation to the management of Spazio's assets: 
   --     At 31 December 2013 the remaining outstanding balances on the renegotiated facilities were: 

a) Principal of EUR180.4m for the jumbo loan, repayable on 31 October 2016 with a total interest rate of 3.27% pa

b) Principal of EUR38.1m for the EGP loan, repayable on 31 December 2015 with a total interest rate of 3.1% pa

The current loan to value ratio is 61% and all proceeds from sales of properties will be used to reduce the outstanding debt until the loan to value ratio falls below 50%.

-- As a result of the inability to distribute dividends to shareholders, Spazio's investment strategy has moved away from the sales of assets towards improving lease terms and maximising income from properties, thereby increasing their values in preparation for future sales.

As such the carrying value per share of Spazio now included in the Company's NAV as at the 31(st) July 2014 is EUR 6.43 (which is equivalent to the EUR 7.04 value per share as per the audited financial statements of Spazio as at 31 December 2013 adjusted for the tax settlement).

The previous carrying value of Spazio of EUR 2.47 had been an estimate of realizable value, intended to reflect the discounts and costs (including provisions for legal and other costs) required to sell assets of Spazio in a short period of time, settle liabilities and return cash to its shareholders. As there has been a change of investment strategy at Spazio the basis of valuation has also been changed.

The revised Spazio share price of EUR 6.43 will also be used in the audited financial statements of the Company for the year ended 31 March 2014 ("the Financial Statements"). The Financial Statements will also include further information on the tax settlement and are due to be published, along with the notice of the annual general meeting of the Company, prior to 31 August 2014.

-ends-

ENQUIRIES TO:

Quintillion Ltd

Eoghan McAteer

Tel: +353 1 523 8022

Smith & Williamson Corporate Finance Limited

Azhic Basirov

Tel: +44 (0)20 7131 4000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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