0QE2 Eurocastle Investment Ltd

 
TIDMECT 
 
   Contact: 
 
   Oak Fund Services (Guernsey) Limited 
 
   Company Administrator 
 
   Attn: Mark Woodall 
 
   Tel: +44 1481 723450 
 
   Eurocastle Releases First Quarter 2021 Interim Management Statement and 
 
   Announces Annual General Meeting on 16 June 2021 
 
   Guernsey, 14 May 2021 -- Eurocastle Investment Limited (Euronext 
Amsterdam: ECT) today 
https://www.globenewswire.com/Tracker?data=pBhPariIR1VOTnSj2y0drdxj5l_MxtVD80P4NhV9oV-yHZYQNVPZESr63zSrdbvu 
has released its interim management statement for the quarter ended 31 
March 2021. 
 
   Q1 2021 BUSINESS HIGHLIGHTS 
 
 
   -- Adjusted Net Asset Value ("NAV")1 of EUR16.3 million, or EUR8.77 per 
      share2, up EUR0.31 per share vs. EUR8.46 per share at 31 December 2020 
      (after payment in Q1 2021 of EUR0.54 per share of 2020 capital 
      distribution) due to: 
 
 
   Valuation increases: 
 
 
   -- EUR0.27 per share increase (7%) in the valuation of the remaining three 
      real estate fund investments. 
 
   -- EUR0.04 per share increase (7%) in the valuation of the remaining three 
      NPL and other loan interests. 
 
 
 
 
 
                                                                      Q1 Cash 
                                                   Q4 2020 NAV       Movement      Q1 FV Movement   Q1 2021 NAV 
                                                 ---------------  ---------------  --------------  -------------- 
                                                           EUR              EUR              EUR             EUR 
                                                   EUR     per      EUR     per      EUR     per     EUR     per 
                                                 million  share   million  share   million  share  million  share 
Real Estate Funds                                    7.4    4.01    (2.8)  (1.51)      0.5   0.27      5.1   2.77 
Italian NPLs & Other Loans                           1.2    0.67    (0.0)  (0.01)      0.1   0.04      1.3   0.70 
Net Corporate Cash(3)                                8.0    4.32      1.8    0.98        -      -      9.8   5.30 
Adjusted NAV                                        16.7    9.00    (1.0)  (0.54)      0.6   0.31     16.3   8.77 
==============================================   =======  ======  =======  ======  =======  =====  =======  ===== 
 2020 Capital Distribution (paid in Q1 2021) 
                                                   (1.0)  (0.54)      1.0    0.54        -      -        -      - 
==============================================   =======  ======  =======  ======  =======  =====  =======  ===== 
Adjusted NAV after 2020 Capital Distribution        15.7    8.46        -       -      0.6   0.31     16.3   8.77 
==============================================   =======  ======  =======  ======  =======  =====  =======  ===== 
 
 
 
   CASH & MARKET OUTLOOK 
 
 
   -- The Company received EUR2.8 million from its investments in the quarter 
      comprising (i) EUR0.4 million final material distribution from Real 
      Estate Fund Investment I (43% above its Q4'20 NAV), (ii) EUR0.5 million 
      from Real Estate Fund Investment II (22% of its Q4'20 NAV) and (iii) 
      EUR1.9 million from Real Estate Fund Investment V (39% of its Q4'20 
      NAV). 
 
   -- The Company's current assets comprise: 
 
          -- Interests in two real estate redevelopment funds where 
             construction is fully completed. Apartment sales have continued 
             despite lockdowns. The majority of the assets in Real Estate Fund 
             Investment II have been sold with the remaining assets 
             representing EUR1.9 million of NAV, while more than 75% of the 
             assets in Real Estate Fund Investment V have been sold with the 
             remaining assets representing EUR3.2 million of NAV. Both 
             developments offer luxury residential apartments with high 
             specification furnishings in Rome. 
 
          -- Residual minority interests in three predominantly secured NPL & 
             Other Loan pools. 
 
          -- Net corporate cash of EUR9.8 million, comprising corporate cash 
             net of liabilities and additional reserves. 
 
 
   STRATEGIC REVIEW UPDATE 
 
   The Board announced on 5 March 2021 that it has decided to undertake a 
review of the Company's strategic options, including the use of 
available capital. The strategic options are under ongoing review by the 
Board, with the outcome of the review anticipated to be announced to 
shareholders during the second half of 2021. 
 
   ANNUAL GENERAL MEETING 
 
   The Company will hold its Annual General Meeting on Wednesday, 16 June 
2021, at the Company's registered office at 2:00 pm Guernsey time (3:00 
pm CET). Notices and proxy statements will be posted on 27 May 2021 to 
shareholders of record at close of business on 26 May 2021. 
 
   NOTICE: 
 
   This announcement contains inside information for the purposes of the 
Market Abuse Regulation 596/2014. 
 
   ADDITIONAL INFORMATION 
 
   For investment portfolio information, please refer to the Company's most 
recent Financial Report, which is available on the Company's website 
(www.eurocastleinv.com). 
 
   ABOUT EUROCASTLE 
 
   Eurocastle Investment Limited ("Eurocastle" or the "Company") is a 
publicly traded closed-ended investment company, focused on Italian 
performing and non-performing loans, Italian loan servicing platforms 
and other real estate related assets in Italy. On 18 November 2019, the 
Company announced a plan to realise the majority of its assets with the 
aim of accelerating the return of value to shareholders. The Company 
will not currently seek material new investments from the proceeds of 
the realisation but will continue to support its existing investments to 
the extent required in order to optimise returns and distribute cash to 
shareholders when available (the "Realisation Plan"). For more 
information regarding Eurocastle Investment Limited and to be added to 
our email distribution list, please visit www.eurocastleinv.com. 
 
   FORWARD LOOKING STATEMENTS 
 
   This release contains statements that constitute forward-looking 
statements. Such forward-looking statements may relate to, among other 
things, future commitments to sell real estate and achievement of 
disposal targets, availability of investment and divestment 
opportunities, timing or certainty of completion of acquisitions and 
disposals, the operating performance of our investments and financing 
needs. Forward-looking statements are generally identifiable by use of 
forward-looking terminology such as "may", "will", "should", "potential", 
"intend", "expect", "endeavor", "seek", "anticipate", "estimate", 
"overestimate", "underestimate", "believe", "could", "project", 
"predict", "project", "continue", "plan", "forecast" or other similar 
words or expressions. Forward-looking statements are based on certain 
assumptions, discuss future expectations, describe future plans and 
strategies, contain projections of results of operations or of financial 
condition or state other forward-looking information. The Company's 
ability to predict results or the actual effect of future plans or 
strategies is limited. Although the Company believes that the 
expectations reflected in such forward-looking statements are based on 
reasonable assumptions, its actual results and performance may differ 
materially from those set forth in the forward-looking statements. These 
forward-looking statements are subject to risks, uncertainties and other 
factors that may cause the Company's actual results in future periods to 
differ materially from forecasted results or stated expectations 
including the risks regarding Eurocastle's ability to declare dividends 
or achieve its targets regarding asset disposals or asset performance. 
 
   (1) In light of the Realisation Plan announced on 18 November 2019, the 
Adjusted NAV reflects additional reserves for future costs and potential 
liabilities, which have not been accounted for under the IFRS NAV. The 
IFRS NAV as at 31 March 2021 is EUR32.1 million, or EUR17.29 per share. 
 
   (2) Per share calculations for Eurocastle throughout this document are 
based on 1,854,535 shares. 
 
   (3) Reflects corporate cash net of liabilities and additional reserves. 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 14, 2021 02:00 ET (06:00 GMT)

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