Worsley Investors Limited Curno cinema update (6364T)
21 Julio 2020 - 5:13AM
UK Regulatory
TIDMWINV
RNS Number : 6364T
Worsley Investors Limited
21 July 2020
21 July 2020
Worsley Investors Limited
("Worsley Investors" or, together with its subsidiaries, the
"Group")
Curno cinema update
On 23 February 2020, the governmental authorities of Lombardy,
Italy, decreed that, in light of the Covid-19 situation, all
cinemas in the region were to close temporarily.
During the period since, the Group has been in discussions with
UCI Italia S.p.A. ('UCI'), the tenant of the Group's multiplex
cinema in Curno, and understands it is their current intention to
re-open in mid-August.
The Board is pleased to announce that agreement in principle has
been reached for the amendment of the terms of UCI's lease of the
cinema.
It is proposed that, in exchange for a considerable period of
rent holiday, the base annual rental (currently EUR830,000) under
the lease will increase significantly from 1 March 2021 and its
minimum term will extend until 30 June 2035 rather than the present
31 December 2033.
The rental holiday will deliver a substantial cash flow benefit
to UCI during a period when the cinema has not operated normally.
In return, the rental increase and lengthening of the lease term
will provide Worsley Investors with a corresponding benefit to
capital value.
The agreement remains subject to documentation which is in the
process of being finalised, following which a further announcement
containing full details of the new arrangements will be made.
Enquiries:
For further information, please contact:
Worsley Associates LLP (Investment Advisor)
Blake Nixon
Tel: +44 (0) 203 873 2288
Shore Capital (Financial Adviser and Broker)
Robert Finlay / Anita Ghanekar / Hugo Masefield
Tel: +44 (0) 20 74080 4050
Praxis Fund Services Limited (Administrator and Secretary)
Matt Falla / Katrina Rowe
Tel: +44 (0) 1481 73760
LEI: 213800AF85VEZMDMF931
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END
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