SGL Summit Ger

 

TIDMSGL 
 
RNS Number : 9568O 
Summit Germany Limited 
17 March 2009 
 

Summit Germany Limited (the "Company") 
 
 
Loan Facility Notification and Notice of Results 
 
 
In our announcement on 15 January 2009 we highlighted that, in the current 
difficult climate when property capital valuations are coming under severe 
pressure, most of the group's debt facilities are currently close to the upper 
limit of their loan to value ("LTV") covenants.  However, relevant subsidiaries 
of the Company have now been notified that a circa EUR96 million loan facility is 
in breach of its LTV covenant of 85%. The facility relates to a portfolio 
representing approximately 12% of the group's current gross property assets.Due 
to the relevant portfolio's strong income stream, the interest cover covenant on 
this facility is within its limits, as is the case in respect of the group's 
other facilities.  The breach is not expected to impact adversely any of the 
group's other facility agreements. 
 
 
The Company has, on behalf of its relevant subsidiaries, approached the 
lender in order to discuss a resolution. The Board believes that given the 
group's strong cash flow and management performance that a suitable outcome can 
be achieved on this matter as soon as possible and will make any further 
announcements as appropriate. 
 
 
The Company expects to announce its results for the financial year ended 31 
December 2008 on 31 March 2009. 
 
 
 
 
Enquiries: 
 
 
Summit Germany 
John Lamb, Chairman 
07802 440 714 
 
 
City Profile 
Jonathan Gillen / William Attwell 
020 7448 3244 
 
 
Fairfax I.S. PLC 
Jeremy Porter 
020 7598 5368 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGRIFFIFVVIRLIA 
 

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