Trading of shares suspended in REO

Trading of shares in Real Estate Opportunities (REO) which is controlled by Treasury Holdings, has been suspended, pending the outcome of Treasury’s legal challenge against Nama next month.

The move was a consequence of actions taken earlier in the week, when Treasury — which owns almost 51% of REO — went to the High Court to challenge a move by Nama to appoint receivers to a number of its Irish-based properties.

Treasury had until 4pm last Wednesday to repay loans to Nama, after which the agency said it would appoint receivers — PricewaterhouseCoopers and Ernst & Young — to a number of its properties.