Result of AGM and Trading Update

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 9276C Aisi Realty Public Limited 15 March 2011  \n \n\n15 March 2011\nAisi Realty Public Limited\n(\"Aisi\" or \"the Company\")\nResult of AGM and Trading update \n \nAisi Realty Public Limited (AIM: AISI), a property investment company focusing on development projects and related investments in Ukraine, announces that all the resolutions proposed at the Annual General Meeting on 14 March 2011 were duly passed.\n \nThe Company also provides the following trading update:\n \nBrovary\n \nThe property continues to attract interest, both from international and local companies and the Company is currently in discussions with four potential tenants, albeit with nothing binding entered into, over the remaining empty sections of the property representing in aggregate, approximately 81 per cent. of the total 48,988 sq m floor space.  \n \nOther portfolio projects\n \nAll other portfolio projects remain on hold, and the Directors are continuously reviewing the net benefits from selling either the Tsimlyansky or Kiyanovsky residential projects. \n \nThe Company has however, recently received the development rights from Interterminal Group over approximately 27 hectares of land in Zaporojie area, zoned for retail development.  This land was originally mortgaged against advances by Aisi in relation to two separate development projects in Odessa and now therefore, forms part of the Group's investment property portfolio.  \n \nFinancing\n \nThe Board continues to focus on managing its assets and working diligently to recover advances to strengthen the liquidity position of the Company and its subsidiaries (together the \"Group\"). \n \nMarket conditions however remain difficult in Ukraine, and the lack of rental income has unsurprisingly resulted in available working capital of the Group becoming increasingly tight.  Management are in advanced discussions with the Group's existing debt provider to restructure the current facilities.  In addition, management are in discussions with (a) certain existing shareholders of the Company and (b) an independent, third party investor group to provide a working capital facility to meet any short term funding requirements.  Further details will be provided in due course once the terms of any suc...

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