REG - Worsley Investors Ld - Curno Lease Update

Worsley InvestorsAnnouncement

01/04/2025 07:15

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RNS Number : 0291D  Worsley Investors Limited  01 April 2025

1 April 2025

 

Worsley Investors Limited

(the "Company" or together with its subsidiaries the "Group")

 

Curno Lease Update

 

 

Background

The Group's Italian multiplex cinema complex, located in Curno, near Bergamo,
was hitherto let in its entirety to UCI Italia S.p.A. ('UCI').

On 17 January, the Company announced that UCI had informed the Group that it
would vacate the property on 30 January, which it did.

After UCI did not pay any rental for the period subsequent to 10 January, as
of the close of business on 25 February,  pursuant to Italian law, the lease
agreement automatically terminated for default.

Curno Cinema lease

The Company is pleased to announce that its wholly owned Italian subsidiary,
Multiplex 1 S.a.r.l. ('Multiplex'), has entered into a new lease agreement
with Notorious Cinema S.r.l. ('Notorious'), an Italian company, for it to
operate the cinema complex. Notorious is a wholly owned subsidiary of
Notorious Pictures S.p.A., an Italian company, whose shares are listed on the
Euronext Growth Milan market, and which through its group of companies is an
international movie producer and distributor and one of Italy's leading cinema
operators.

Refurbishment

Notorious has contracted to undertake a transformation of all the multiplex's
viewing halls, with the installation of latest generation reclining
armchairs in eco-leather, and the renovation of the foyer, furnishings and
lavatories, with all works to be completed by 31 August 2025.

Brief details of the lease are set out below.

Rental

From the outset Notorious will pay Multiplex turnover rent, subject to the
following minima:

From 1 September 2025 until 31 August 2026 -- €500,000

From 1 September 2026 until 31 August 2027 -- €525,000

From 1 September 2027 until 31 August 2028 -- €550,000

On 1 September 2028 and annually thereafter the minimum rental will increase
by 75% of the variation over the previous twelve months in the Italian ISTAT
consumer price index.

In recognition of Notorious's expenditure on the refurbishment of the cinema,
from 1 September 2025 until 31 August 2030, the annual rental payable will be
reduced each year by €108,000.

Duration

The Lease will have an initial termination date of 31 August 2035. Notorious
has a unilateral right to renew the Lease for a further eight years under the
same terms and conditions.

Way Forward

The execution of the Notorious lease does not prejudice the legal remedies
which the Group intends to pursue against UCI for compensation in respect of
the damages suffered as a result of their unlawful conduct.

In the meantime, the Group's portfolio continues to perform well, it does not
carry any debt, and it retains strong liquidity, which is well in excess of
its working capital requirements.

 

END

For further information, please contact:

Worsley Associates LLP (Investment Advisor)

Blake Nixon

Tel:       +44 (0) 203 873 2288

 

Shore Capital (Financial Adviser and Broker)

Anita Ghanekar / Harry Davies-Bell

Tel:       +44 (0) 20 74080 4090

 

Apex Fund and Corporate Services (Guernsey) Limited (Administrator and
Secretary)

Nikita Pingale / Aoife Bennett

Tel:       +44 (0) 20 3530 3696

 

LEI: 213800AF85VEZMDMF931

 

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