UCP Ucp

TIDMUCP

RNS Number : 2369R

Unitech Corporate Parks Plc

10 September 2014

Unitech Corporate Parks plc

("UCP" or the "Company")

Disposal Update

Further to the announcement on 27 June 2014, the proposed sale of Candor Investments Limited to Brookfield remains conditional, inter alia, on the approval by the SEZ Board of the contemplated transfer of Candor's shares. The Board of UCP announces that the SEZ Board recently disclosed in the agenda for the 63(rd) meeting of the SEZ Board to be held on Thursday 18 September 2014 that the requests for approval of the contemplated transfer of Candor's shares will be considered by the SEZ Board at that meeting.

As set out in the Circular, in the event that certain funds placed with two financial institutions in the name of the Project Companies are not repaid by Completion, an adjustment to the consideration payable by Brookfield will be made. The Board has been actively seeking repayment of these funds and UCP has now engaged an Indian law firm to assist in their recovery. The Company's beneficial interest in such funds is currently approximately GBP15.6 million.

The Board believes that the Project Companies have strong grounds for enforcing repayment of the funds. However, in the event they are not repaid by Completion, the consideration payable by Brookfield will be adjusted and either (i) the rights of the Project Companies to receive repayment of 60 per cent. of such outstanding funds will be assigned to the Company, subject to necessary approvals or (ii) any recovery of such amounts by or on behalf of the Project Companies will be repaid to the Company. Any subsequent repayment to, or recovery by, the Company of these funds is anticipated to be returned to Shareholders.

Further announcements in relation to the Disposal will be made in due course.

Terms used and not defined in this announcement bear the meaning given to them in the Circular.

For further information please contact:

 
 Westhouse Securities Limited          Tel: +44 (0)20 7601 6118 
------------------------------------  ------------------------- 
 Alastair Moreton 
------------------------------------  ------------------------- 
 Darren Vickers 
------------------------------------  ------------------------- 
 
 IOMA Fund and Investment Management   Tel: +44 (0)1624 681250 
  Limited 
------------------------------------  ------------------------- 
 Philip Scales 
------------------------------------  ------------------------- 
 Graham Smith 
------------------------------------  ------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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