HTI Hawtin

TIDMHTI

RNS Number : 9750W

Hawtin PLC

29 November 2010

HAWTIN PLC

UPDATE REGARDING HAWTIN'S SUBSIDIARY, CROWN INVESTMENTS LIMITED

Hawtin PLC ("Hawtin" or the "Group"), the south Wales based property investment group announces that its Jersey registered wholly owned subsidiary, Crown Investments Limited ("Crown") has been advised by its banker, Anglo Irish Banking Corporation Limited ("AIBC") on 25th November 2010, that Allsop LLP was appointed LPA (Law of Property Act 1925) receiver of Crown's sole property, Millennium Plaza, Wood Street, Cardiff (the "Property"). Crown had previously been marketing the Property for sale through CB Richard Ellis, a process which had produced a number of cash offers of up to GBP12m (GBP1m in excess of its current book value). Crown had also received an offer from a related party which could have achieved a deferred consideration in excess of GBP15m. Crown's liability to AIBC at the time of appointment of Allsop totalled some GBP29m, comprised of a term loan of GBP23.5m, plus interest and a SWAP instrument with a current negative position. These were all appropriately disclosed in the consolidated Interim Results of Hawtin plc issued on the 30th June 2010. Insofar as the Group is concerned, the liability to AIBC is ring-fenced in Crown except for a guarantee of GBP3m from Hawtin PLC.

Enquiries:

 
 Halogen PR 
 Linda Welch                   Tel: 0207 0873260 
 
 Hawtin PLC 
 Nicola Crickmore              Tel: 01633 682130 
 
 Seymour Pierce Limited 
 Guy Peters / David Foreman   Tel: 020 7107 8000 
 
 

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