Global Fixed Income Realisation gets cash for Indonesian asset – On 29 August 2017, Global Fixed Income Realisation Limited announced that it had been advised by the administrator of 3D Propco Limited that the underlying asset, the Bintan Lagoon Resort in Indonesia, had been sold.
On 18 September 2017 the company announced that it has received from 3D Propco’s administrator a cash distribution equivalent to GBP3.067 million. Global Fixed income Realisation has requested, but is still yet to receive, details underlying the sale and cash distribution, in particular what the proceeds of sale of the Bintan Lagoon Resort were and whether any additional distributions to investors in 3d Propco are expected.
The cash received compares with the Company’s carrying value of its holding in the Fund of GBP3.733 million (net of the valuation reserves applied). The Board intends to make arrangements for a return of surplus capital to shareholders as soon as practicable.
A further announcement will be made in due course.
“With a beachfront facing the glistening South China Sea, Bintan Lagoon Resort is a tropical paradise, home to sun, sea, and two world championship golf courses. This Indonesian-style 470-room resort is sprawled over 310 hectares of manicured gardens, with a private, white sand beach that stretches nearly 1.5km. What sets this iconic Bintan resort apart from the rest is a private ferry, landing directly at its own beach terminal.”
GRIR : Global Fixed Income Realisation gets cash for Indonesian asset