REG-Alina Holdings PLC Alina Holdings PLC: Trading Update

Alina HoldingsAnnouncement

28/04/2023 14:15

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   Alina Holdings PLC (ALNA)
   Alina Holdings PLC: Trading Update

   28-Apr-2023 / 14:07 GMT/BST

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   Trading Update

   Alina Holdings PLC

    

                               Alina Holdings PLC

                     (Reuters: ALNA.L, Bloomberg: ALNA:LN)

                       (“Alina”, “ALNA” or the “Company”)

                                 Trading Update

   The Company  is pleased  to announce  the sale  of its  Crompton  shopping
   arcade located  at  Shaw, Oldham;  the  sales price  achieved  was  £750K,
   slightly below  book  value  ('BV')  of £800K,  but  with  no  development
   potential the Board of Directors ('Board') (considered the sale price,  at
   close to BV, to be a good result.

   Following the Shaw  sale, the  Company has three  remaining properties  in
   Bristol (Commercial  Lease), Hastings  (Commercial Lease)  and  Shropshire
   (Residential Lease).

   The Company’s  objectives  are  still  to sell  these  assets  over  time.
   However, the Board are of the opinion that a limited amount of  investment
   in  both  Brislington  and  Hastings  will  enhance  the  value  of  these
   properties and result in potential sales values in excess of BV.

   Brislington, Bristol:

   In respect of Brislington, advanced stage architectural designs have  been
   completed  for  the  re-development  of  the  site,  including  a  mix  of
   commercial units and up to 96 dual aspect apartments (currently only  one)
   in four  new blocks  with car  parking. Envisaged  is a  greatly  improved
   public space  with  external  seating areas,  stepped  terraces,  communal
   garden and play area. The Company’s architect is now engaged with  Bristol
   City Council regarding planning permission.

   The Board  believes  that the  project  has good  potential  for  planning
   consent as it will also assist  the local council in achieving their  need
   for a substantial increase in Social Housing.

   Hastings, East Sussex:

   In respect  of Hastings,  the Company’s  leasehold property  at 25  Castle
   Street is currently being refurbished. The property extends to 14,655  sq.
   ft. of which 9,617 sq. ft. are currently vacant following the departure of
   Argos. Argos (now part of J Sainsbury PLC) had a full repairing lease  but
   did not fulfil their contractual obligations before departing. The Company
   is now in dispute with Argos/Sainsbury  to recover the full amount of  the
   repair rather than the derisory amount that they have offered. 

   Refurbishment has been delayed due to the existence of asbestos, which was
   discovered during the pre-construction planning survey.

   Whilst the departure of Argos has resulted in the short-term reduction  of
   rental income, the Board is confident that the gross rental income of  the
   property should  be  significantly increased  once  repair to  the  ground
   floor,   and   conversion   of   the    upper   two   floors   to    mixed
   residential/workspace has been  completed. Works to  the upper floors  are
   subject to planning consent. The Board’s opinion that gross rental  income
   can be significantly increased  is based on the  fact that Argos were  not
   paying anything close to current market rates.

   Stafford, Shropshire:

   The smallest of  the Company’s remaining  properties is a  three-apartment
   residential unit in Shropshire which the Board is seeking to sell.

   Duncan Soukup, Chairman, on behalf of the Board:

   “The disposal of  the Oldham shopping  arcade, following the  sale of  the
   Company’s single unit in Forfar, Scotland, was the second disposal of  the
   Company’s  legacy  property  assets.  The  Board  is  confident  that  the
   Company’s  development  plans  for  Brislington  and  Hastings  have   the
   potential to significantly enhance shareholder value, and we look  forward
   to updating the market with further good news in due course.”

   “On a  less positive  note,  we regret  the previously  announced  pending
   suspension of the Company’s  shares, due to the  delay in publishing  2022
   accounts, but are hopeful that the  suspension will be both temporary  and
   short-lived.”

                                      END

   Investor Enquiries:  1 enquiries@alina-holdings.com
   Alina Holdings PLC   

    2 www.alina-holdings.com

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB00B1VS7G47
   Category Code: TST
   TIDM:          ALNA
   LEI Code:      213800SOAIB9JVCV4D57
   Sequence No.:  240510
   EQS News ID:   1620889


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:enquiries@alina-holdings.com
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=5f6e88dfcc72742111bb7f5f70b9e0ef&application_id=1620889&site_id=reuters9&application_name=news


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