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MPE Properties Limited (the “Company”) Change of tenant occupying the Company’s premises
Hamilton, Bermuda – 23 July, 2015 – MPE Properties Limited (the “Company”) is a wholly owned subsidiary of Maydown Precision Engineers Holdings Limited (“MPEH”), a holding company which also wholly owns Maydown Precision Engineering Limited (“MPEL”).
On 21 July 2015 the business of MPEL was sold to Schivo NI Limited (“Schivo”).
The acquirer is a subsidiary of an Irish engineering sub-contract manufacturing company called Schivo Group Limited, which has operations in Waterford, Ireland and Leicester, UK. Schivo intends to occupy the MPE premises and to bring its existing aerospace contract work to this facility. MPEL has granted Schivo a short term licence to occupy the property while a new lease is arranged, so that there will be no interruption to business. Headline terms for a new lease have been agreed between the Company and Schivo and it is expected that the lease will be executed once property searches are completed in the coming weeks.
No action is required at this stage by the Company’s noteholders. Noteholders are due to receive the second quarterly payment of interest and principal on Friday 25 September 2015 and it is expected that this payment will be made in full.
For further information, please contact:
Lesmoir-Gordon, Boyle & Co. Limited
Angus Grierson
Director, Corporate Finance +44 207 518 9892
Simone Westerhuis
Associate Director, Investment Advisory +44 207 758 9622
MPE Properties Limited
Will Rawkins
a2e Capital Partners
Corporate Director of Maydown Precision Engineers Holdings Limited
+44 161 923 6004