Treveria has sold its two wholly owned subsidiaries – Treveria Asset Management Limited and Treveria Holdings Limited – to Haflinger Invest Limited and Phylira NV. Haflinger is a company owned by a group of investors, among them Richmond Invest GmbH and Richmond Invest BV, in which David Malpica, a director of the Company, holds a beneficial interest. The sale is therefore a transaction with a related party of the Company.
Treveria has received sale proceeds of approximately €17 million in cash. This compares with a current estimated value of its interests in the subsidiaries of €24 million.
Additionally, the Company previously announced that it had initiated legal proceedings against two of its former professional advisers relating to German Real Estate Transfer Tax. The Company today announces that the legal proceedings between Treveria and the defendants have been concluded on mutually acceptable terms, which will remain confidential between the parties.
Treveria, now having disposed of all of its property assets, will shortly make a further announcement with proposals to return cash to shareholders, cancel the Company’s admission on AIM and wind up the Company. The return of cash is expected to be in the region of 3.5 Eurocents per share.
TRV : Treveria sells assets and proposes wind up