Related Party Transaction • Dec 8, 2015
Related Party Transaction
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Correction - sale of Grifon House in St. Petersburg
Reference is made to announcement from the company on 7
December 2015 at 16:42 CET regarding sale of the Grifon
building in St Petersburg.
In the announcement there is a building value which the
company acknowledges could have been expressed more detailed
and accurate; hence this correction.
The transaction will be done as a sale of receivables
towards group entities and shares in the subsidiary Pete
Ltd. The total consideration is 13.2 million USD, which
implies a gross property value for Storm Real Estate of 14.1
million USD, when liquid assets are subtracted and
recognised deferred tax is added.
This is 2.1 million USD lower than the book values as at
30/09/2015.
The transaction will be done without material
representations or warranties from the Storm Real Estate
group.
The closing date of the transaction is set to Tuesday 15th
December 2015.
For further information, please contact:
Erik Mathiesen
Storm Capital Management Ltd.
Telefon: +44 (0) 20 7409 3375
Einar Pedersen
Storm Capital Management Ltd.
Telefon: +44 (0) 20 7409 3369
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