Treveria has published results for the year ended 31 December 2014. Briefly, the NAV fell to 5.1 cents (€30.7m) from 7.9 cents but the German tax authorities want €45m in Real Estate transfer Tax off them. They are disputing this but one legal challenge has failed and they must now decided if they want to take the challenge any further. In the meantime they are suing former professional advisers for alleged negligent advice. the case is against Treveria Holdings not Treveria PLC and they have been told the PLC would not be liable.
Silos G & J are now debt free and they are trying to sell of the properties in these silos so they can use the cash proceeds elsewhere. €13.4m worth was sold in the period, a further €2.1m is notarised for sale and there are six unsold properties valued at €4.8m. Silos D,F & K are being turned into cash by third parties – they have no control over these.
TRV : Treveria struggling with tax bill