3 May 2017
ETAIREIA INVESTMENTS PLC (Etaireia" or the "Company") Acquisition of Commercial Property Investment
The Directors of Etaireia are pleased to announce that the Company has exchanged contracts for the acquisition of two modern office buildings at Whitehouse Office Park, Peterlee, County Durham. The buildings are held on 125 year leases, peppercorn rent with 113 years unexpired and the purchase price of £1,125,000 for both properties (based on a recent valuation) will be satisfied by the issue of 600,000,000 new ordinary shares of 0.01p at a price of 0.1p per new ordinary share (representing £600,000) and £525,000 deferred cash consideration. The cash consideration has been deferred for 12 months from completion. Completion date is up to three months from today's exchange date and at the behest of Etaireia. The properties are currently let (tenants include NHS), producing a rental income of £99,500 p.a. with further vacant space available. Until the deferred cash payment is paid, the Company has agreed to assign 75% of the rental income to the vendors that will be directly offset against the deferred sum.
After completion and following the issue of the new shares above, the issued share capital of the Company will increase to 2,464,616,621 ordinary shares of 0.01p each. The new ordinary shares shall rank pari passu wih the Company's existing ordinary shares. Taxspecialefx (Peterlee) LLP (the vendor) will hold 24.34% interest in the company's shares.
Shareholders may use the above figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
The 600,000,000 new ordinary shares will be admitted to trading on NEX Exchange Growth Market following completion and the Company will update the market accordingly.
Baron Bloom (Chairman) commented 'The acquisition of these two modern office buildings enhances our property portfolio. At such time as the remaining vacant office space is leased there will be a further boost in rental income. The company will continue to seek similar property opportunities'
The Directors of the Company accept responsibility for this announcement.
ENDS Enquiries: Etaireia Investments Plc Tel: 079 1756 5565 Baron Bloom, Chairman ISDX CORPORATE ADVISER: Alexander David Securities Limited David Scott - Corporate Finance James Dewhurst - Institutional Sales Telephone: +44 (0) 20 7448 9820 http://www.ad-securities.com 49 Queen Victoria Street, London EC4N 4SA
