Balmoral, the company formerly known as Blackrock International, has announced plans to delist from the stock exchange as part of a proposed restructuring of the business.
Under the proposed reorganisation, a new holding company, Balmoral Holdings, will be formed and will hold all the ordinary shares of the company.
It is intended to admit the new holding company to a publicly quoted market as soon as possible, the company said.
Balmoral said the new structure was required “as a precursor to raising new equity and/or securing new medium to long term banking facilities.”
Property company Blackrock International was spun off from Fyffes in 2006. The fruit company remains a 40 per cent shareholder. The company controls around 30 properties, mostly commercial and industrial, across Ireland, the UK and Europe.
Balmoral changed its name in October from Blackrock International Land following a trademark dispute with a US- based international management and investment company.
Its share price has suffered significantly as a result of the property collapse.
The value of Balmoral International Land’s net assets fell by 13 per cent, or €30 million, in 2010, with its Irish assets particularly badly hit. In a trading update today, the company said the first six months of 2011 were another disappointing period for the property sector.
“Further declines in values have been recorded in Ireland though these have been partially offset by some improvements in the UK and a generally unchanged position on the Continent” the statement said.
