NEW FRONTIER PROPERTIES LIMITED - NFP : Acceleration of loan on Blackpool
NFP : Acceleration of loan on Blackpool:
New Frontier Properties Ltd
(Incorporated in the Republic of Mauritius on 5 June 2014)
(Registration number 123368C1/GBL)
SEM share code: NFP.N000
JSE share code: NFP
ISIN: MU0453N00004
("New Frontier" or "the Company")
ACCELERATION OF LOAN ON BLACKPOOL
Shareholders are referred to New Frontier's unaudited results for the three months ended 31 May 2019 wherein shareholders
were, inter alia, advised that the New Frontier group of companies (the "Group") had exceeded its loan-to-value ("LTV")
covenants and that whilst the Group had the support of its funders, its loan terms were effectively repayable on demand.
BCC Eiffel Limited ("BCC Eiffel"), a wholly-owned subsidiary of New Frontier, received a notice of acceleration from
Deutsche Pfannbriefbank on its loan secured on Houndshill Shopping Centre, Blackpool (the "Blackpool loan"). The
demand required the BCC Eiffel to repay the outstanding loan of P56.9 million by 13.00 (London Time) on 30 October
2019.
The latest valuation of the centre by the Group's valuers was P48.0 million, resulting in an LTV of 119%. A further valuation
of P46.8 million was subsequently obtained from a second valuer.
The directors of BCC Eiffel have concluded that it is not possible to settle the demand for repayment and have informed
Deutsche Pfannbriefbank of this fact.
New Frontier will keep shareholders informed as further information in respect of the acceleration of the Blackpool loan
becomes available.
New Frontier holds primary listings on the Stock Exchange of Mauritius Ltd ("SEM") and the Alternative Exchange of the
Johannesburg Stock Exchange ("JSE").
30 October 2019
This notice is issued pursuant to SEM Listing Rule 11.3. The board of New Frontier Properties Ltd accepts full responsibility for
the accuracy of the information in this notice
For further information please contact:
JSE sponsor
Java Capital +27 11 722 3050
Company secretary
Osiris Corporate Solutions (Mauritius) Ltd +230 650 4030
Date: 30/10/2019 02:45:00
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