Premier Capital Plc – Transfer of Latvian Subsidiary

Premier Capital p.l.c. announced that it has concluded an agreement with Eagle Properties B.V., a company ultimately owned by members of the Hili family and incorporated under the laws of the Netherlands with registration number 5053514, for the sale of SIA Premier Estates Ltd, a fully owned subsidiary of Premier Capital p.l.c. registered in Latvia with company registration number 40003993068. SIA Premier Estates Ltd is a real estate company which is in the business of owning and leasing immovable property in Latvia.

The agreement between Premier Capital p.l.c. and Eagle Properties B.V. is set to have the 31st December 2012 as its effective date, with full payment of the consideration and the process required for the transfer of shares in SIA Premier Estates Ltd to be completed by no later than the 28th of March 2013.

On the basis of valuations drawn up by independent auditors engaged by the parties to the transaction, the consideration payable is EUR 3m. The profits attributable to the assets forming the subject of the transaction are expected to be circa EUR 1,770,000. The proceeds of the transaction are earmarked for investment in the expansion of the operations of Premier Capital p.l.c.

To view the official company announcement, click here.