Alpha Pyrenees prepares to sell last property and wind-up

Alpha Pyrenees Trust updated the market on its trading for the quarter ended 31 March on Friday, reporting that at period end, it owned one property in France at Saint Cyr L'Ecole, of around 6,340 square metres of commercial real estate.

The London-listed firm said that at the end of the quarter, its net asset value was a negative 63.9p per share.

It said the decrease in net asset value from 31 December, when it was a negative 63.5p per share, was mainly due to the loss it incurred in the quarter.

As at 31 March, the trust said it had total borrowings of €87.3m (£76.5m) under its facilities with Barclays Bank, which would mature on 31 October this year.

It said the current interest rates continued to apply to the facilities during the period.

Arrangement fees, charged at 2% per annum pro-rated, on the initial and all extensions up to 15 April 2016 would be deferred to the maturity date, Alpha’s board confirmed, and would be payable to the extent that the trust had sufficient cash funds at that time.

The trust said it had the support of its lender for the sale of its remaining property, with a view to winding up the trust's group in due course

“The plan for the sale of the remaining property [at] Saint Cyr L'Ecole in France is progressing and, as the board has previously stated, the sales process will not result in any return to ordinary shareholders after repayment of the trust's bank borrowings has taken place, to the extent that this is possible,” the board said in its statement.

Alpha Pyrenees Trust said it would provide further updates on progress “in due course”.