Ruric's real estate assets externally valuated at SEK 1,475 (1) m
during third quarter 2009
(Thomson Reuters ONE) - The board of directors of Ruric has been informed that hedge fundmanager Storm capital management, a minority holder of Ruric's bondloans, has taken the initiative of convening an informal so-calledbond holders meeting as a consequence of Ruric's public offer to itsbond holders. The invitation to this meeting has been distributedselectively and contains information that Ruric believes to be bothincorrect and misleading.Storm capital's invitation states, inter alia, that it estimatesRuric's properties to have a lower value than that disclosed inRuric's interim report as per June 30, 2009, and that Ruric has thusviolated a financial covenant in the terms of the bonds. Ruricregards Storm capital's assessment to be both incorrect andmisleading.The book value of Ruric's properties is based on external valuationsthat are conducted regularly by reputable and independent valuationinstitutes such as Knight Frank and Zinovieff Chartered Surveyors. Inconjunction with the prospectus relating to Ruric's offer toexchange/acquire outstanding bonds to be published shortly, Ruric hascommissioned external valuations of all its properties and propertyrelated assets. These valuations concludes that the estimated marketvalue of the properties and property related assets totals SEK 1,475(1) million, which can be compared with the book value as per June30, 2009 for the same assets of SEK 1,330.5 million. The assets named"Fontanka 57" and "Land plot-Strelna" are estimated to have a highermarket value than the book value as per June 30, 2009[2]. Supportedby these valuations, Ruric has not violated any financial covenantsin the terms of the bonds.Ruric announced its offer through a press release of October 6, 2009.This press release states that bond holders such as AlectaPensionsförsäkring, Proventus, Nordea Fonder and the Gadd group,together holding existing bonds corresponding to approximately 45.2percent of the outstanding bond loans, have taken a positive stancetowards accepting the exchange alternative of the offer. Given thatthe offer is completed, Ruric has taken an important step in assuringits long-term financing, to the benefit of both bond holders andshareholders.In order to provide the most complete picture possible of Ruric'sperformance in conjunction with the forthcoming offer, Ruric'sinterim report as per September 30, 2009 will, as previouslycommunicated, be brought forward to October 29, 2009.E. ÿhman J:or Fondkommission AB will, in its capacity as agent forall bond holders, convene an information meeting for all bondholders. At this information meeting, representatives of Ruric'sboard and management will be available to answer questions regardingboth Ruric's operations and the offer.Russian Real Estate Investment Company AB (publ)For further informationNils Nilsson, ChairmanTel +41 22 534 95 42E-mail nils(at)ruric.comCraig Anderson, CEOTel +7 812 703 35 50(St. Petersburg)Tel +46 8 509 00 100(Stockholm)E-mail craig(at)ruric.comWeb www.ruric.comABOUT RURICRuric's business concept is to acquire, develop, manage, lease outand divest real estate assets in St. Petersburg, Russia, offeringtop-quality commercial premises in the best locations, thuscontributing to the successful business performance of its tenants.The company's vision is to become a leading real estate company incentral St. Petersburg.The company's strategy is to identify high-potential real estate inthe city centre of St. Petersburg, structure appropriate deals andacquire at best price. After renovation top-notch commercial space isoffered to tenants seeking the best possible premises and that arewilling to pay for such premises.Ruric's Certified Advisor on First North is Erik PenserBankaktiebolag[1] Applying the exchange rates that prevailed as per September 30the value would be approximately SEK 1,375 m.[2] The estimated market value of Ruric's stake in Fontanka 57 atvaluation point September 1, 2009 was SEK 192.5 million and the bookvalue per June 30, 2009 was SEK 81.1 million. The estimated marketvalue of Ruric's stake in Land Plot Strelna at valuation point August1, 2009 was SEK 185.5 million and the book value per June 30, 2009was SEK 152.2 million.http://hugin.info/141656/R/1349264/325212.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.10.2009 - 13:36 Uhr
Sprache: Deutsch
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"Ruric's real estate assets externally valuated at SEK 1,475 (1) m
during third quarter 2009"
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