Brief: Eurocastle Investment Ltd Says Has Received Revised Tax Assessments Relating To Legacy German Property Investment

Eurocastle Investment

16/02/2022 07:06

Feb 16 (Reuters) - Eurocastle Investment Ltd  ECT.AS :
    * ANNOUNCES THAT IT HAS RECEIVED REVISED TAX ASSESSMENTS
RELATING
TO A LEGACY GERMAN PROPERTY INVESTMENT
    * AS PREVIOUSLY DISCLOSED, POTENTIAL LIABILITY ARISING FROM
THIS
MATTER HAD ALREADY BEEN FULLY REFLECTED IN ADJUSTED NAV AS PART
OF ADDITIONAL RESERVES ESTABLISHED IN DECEMBER 2019
    * REVISED ASSESSMENTS COVER PERIOD FROM 2008 - 2012 AND
DETERMINE
A LIABILITY OF EUR 4.6 MILLION, OR EUR 2.50 PER SHARE, WHICH IS
IN LINE WITH AMOUNT RESERVED BY COMPANY FOR THIS LIABILITY
    * IN RESPECT OF SAME INVESTMENT, COMPANY HAS SEPARATELY
RESERVED
FOR FURTHER INTEREST ACCRUALS, AS WELL AS YEARS 2013 - 2015
WHICH REMAIN SUBJECT TO ONGOING TAX AUDITS
    * INTENDS TO APPEAL THESE ASSESSMENTS THROUGH GERMAN TAX
SYSTEM
AND, HAVING TAKEN INDEPENDENT ADVICE, CONSIDERS IT PROBABLE THAT
MATTER WILL FINALLY BE DETERMINED IN COMPANY'S FAVOUR

Source text for Eikon:  ID:nGNE1jyGpj 
Further company coverage:  ECT.AS 

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