Metro Baltic Horizon suspended shares are relisted

3rd Aug 2011 08:42

Shares in the closed-end property investment company Metro Baltic Horizons have been relisted following their suspension in November last year. The news comes following a level of market stabilisation as the company reduces its loss before tax to ¢1.80m, from a loss of €9.93m in 2009.The company's total gross property portfolio (including minority interests) has been valued at €18.1m (31 December 2009: €35.8m), whilst at the year end it had a total of €6.75m of asset-level bank debt. The troubled group continues its ongoing preliminary internal investigation by the board into the current assets and historic affairs. Matters have arisen in relation to previous announcements and related party transactions and could result in possible litigation in respect of losses incurred by the group.Although the company admits it has working capital pressures, it has significantly more liquidity available at company level than in previous years following the disposal of a large property. NR