XXI Century Investments has said that the value of the company's share of its portfolio of assets was approximately $474 mln at end-December 2008 compared to USD 2.06 bn as at 31 June 2008 and $2.03 bn at 31 December 2007.
XXI Century Investments has said that the value of the company's share of its portfolio of assets was approximately $474 mln at end-December 2008 compared to USD 2.06 bn as at 31 June 2008 and $2.03 bn at 31 December 2007.
'This substantial decrease in the valuation reflects the prevailing market conditions, as well as disposals of properties in the second half of last year which the company was obliged to make in order to meet the coupon payment on the Notes and also senior debt obligations to local banks, the Ukrainian real estate company said.
XXI Century announced the suspension on Wednesday last week of trading of the company's shares on London junior market AIM pending the completion of its audited financial report for 2008.
The report is being delayed until 20 July 2009 in order to enable the auditors, Baker Tilly Klitou, to complete their review, particularly documentation approving the restructuring of the notes on 3 July 2009, and subsequent shareholder ratification on 7 July 2009. 'These issues are critical in the context of the auditor's opinion and views with respect to the company's solvency and going concern issues, as well as compliance with loan covenants,' XXI Century said.
The company has previously reported on its meetings and negotiations with the holders of its $175 million 10% Guaranteed Secured Notes due 2010.
