08.02.2010
Dublin-listed property company Boundary Capital has said it is “unlikely” that its shareholders will get any value from the firm’s investment in the Arnotts Department Store.
Boundary Capital, which is headed by financier Niall McFadden, said in a statement today that Art Holdings Limited, a holding company for Arnotts’ activities, is in negotiations with its lending banks.
“The outcome of such negotiations is uncertain at the present time but is likely to result in restructured facilities,” Boundary Capital said.
“However, the level of debt owed by Arnotts means that there is unlikely to be any material value for Boundary Capital's investment in Arnotts,” the company said.
Boundary Capital holds a 28pc stake in Arnotts indirectly through a shareholding in Brunner Limited.
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