Balmoral International Land PLC

balmoral international land plc (balmoral) was incorporated on 3 march 2006, as blackrock international land plc. it commenced operations on 11 may 2006 by acquiring the property undertaking of fyffes plc, together with related debt due to fyffes and ancillary net liabilities. consideration for the transaction was settled by a one-for-one issue of blackrock shares to fyffes' shareholders. on 12 may 2006, fyffes subscribed €83m cash for a 40% shareholding in blackrock. part of the proceeds was used to repay the debt due to fyffes. balmoral shares were admitted to trading on the iex and aim stock exchanges on the 15th may 2006. on that date its balance sheet comprised properties valued at €197m, related deferred tax and other net liabilities of €10m and net cash of €20m. the initial portfolio comprised investment properties generating substantive rental income and other properties with significant development potential. several of the properties continue to be occupied by fyffes and tota