Premier Capital plc - Latvian Property Subsidiary Sold

Wednesday, January 2nd, 2013

On 29 December, Premier Capital plc announced that it has agreed to sell its wholly-owned subsidiary in Latvia, SIA Premier Estates Ltd, to Eagle Properties B.V. which is a company ultimately owned by the members of the Hili family. SIA Premier Estates owns and leases immovable property in Latvia.

On the basis of independent valuations, the shares of SIA Premier Estates Ltd will be transferred for a total consideration of €3 million resulting in a profit for Premier Capital of €1.77 million. The proceeds from the sale of this subsidiary will be used by Premier Capital plc to finance its investments in the expansion of its operations.

The date of the transaction has been established as 31 December 2012 with full payment of the consideration and the process required for the transfer of the shares to be completed by no later than 28 March 2013.


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