Secure Property Dev & Inv PLC Transfer of Bulgarian Assets & Shareholder Call (0781W)
06 Dicembre 2019 - 1:15PM
UK Regulatory
TIDMSPDI
RNS Number : 0781W
Secure Property Dev & Inv PLC
06 December 2019
Secure Property Development & Invest PLC/ Index: AIM / Epic:
SPDI / Sector: Real Estate
6 December 2019
Secure Property Development & Investment PLC ('SPDI' or 'the
Company')
Transfer of Bulgarian property assets to Arcona Property Fund
N.V. and
Shareholder Call
Secure Property Development & Investment PLC (AIM: SPDI),
the AIM-quoted South Eastern European focused property company, is
pleased to announce the transfer of all of its Bulgarian assets
('the Boyana Assets') to Arcona Property Fund N.V. ('Arcona') in
exchange for the issue to SPDI of 315,591 new shares in Arcona and
77,201 warrants over shares in Arcona ('the Transfer'). Based on
the closing price of Arcona's shares on 05 December 2019, the
Transfer values the Boyana Assets at c.EUR1.9million (excluding the
issue of the warrants), while based on the current net asset value
per Arcona share, the Transfer values the Boyana Assets at EUR4.16
million (excluding the issue of the warrants).
The Boyana Assets, which comprise 34 apartments and two
neighbouring plots of land for development in the Boyana suburb of
Sofia, form part of Stage One of the previously announced transfer
to Arcona of SPDI's property portfolio, excluding its Greek
logistics properties, in exchange for new shares and warrants in
Arcona to create a larger Central and South Eastern European
focused investment vehicle ('the Arcona Transaction').
The Transfer represents the conditional closing of the second
tranche of Stage One of the Arcona Transaction. The shares and the
warrants issued to SPDI in relation to the Transfer are to be held
in escrow and will be released to SPDI upon agreement on the terms
of the extension of a loan associated with the Boyana Assets, which
is expected to occur by 31/12/2019.
As announced on 1 November, SPDI recently completed the transfer
of certain of its Ukrainian assets ('the Aisi Bella Assets') as
part of Stage One of the Arcona Transaction. In exchange for the
Aisi Bella Assets, SPDI received 277,943 new shares in Arcona and
67,063 warrants which, based on the closing price of Arcona's
shares on 31 October 2019, valued the Aisi Bella Assets at EUR1,76
million (excluding the issue of the warrants over new shares in
Arcona), while based on the current net asset value per Arcona
share, the Aisi Bella Assets are valued at EUR3.67million
(excluding the issue of warrants). The final tranche of assets to
be transferred as part of Stage One comprise SPDI's remaining
Ukrainian assets. A further announcement will be provided to the
market once this final Stage One tranche has been completed. For
further information on the Stage One assets, please see the
Company's announcement of 7 August 2019.
As previously announced, both parties intend to complete the
Arcona Transaction in three stages. Stages Two and Three of the
Arcona transaction are planned to progress to completion following
the execution of Stage One but this is now likely to be in Q1
2020.
Shareholder Call
The Company will be hosting a shareholder conference call on
Thursday 12 December 2019 at 13.30 (GMT) in line with its
commitment to maintaining positive engagement with its
shareholders. The call will be co-hosted by the Chairman of the
Board of Directors, Michael Beys, the CEO, Lambros Anagnostopoulos,
and a member of the Advisory Board, Emmanuel Blouin, as well as
Finance Director, Theofanis Antoniou, who together will provide an
update on the Company's strategy and, more specifically, on the
progress of the Arcona Transaction. Shareholders are invited to
submit questions via email in advance, which the hosts will aim to
respond to during the call. Questions should be sent to St Brides
Partners at shareholderenquiries@stbridespartners.co.uk. Details
for the conference call can be found at the end of the release.
Michael Beys, Chairman of the Board of Directors, said; "The
completion of the transfer of the Boyana Assets will bring the
total number of Arcona Shares issued to SPDI to 593k with a current
market value of EUR3. 7 million, which represents more than a third
of our current market capitalization. We have long said that the
Arcona Transaction was a value trigger event for SPDI shareholders.
With Stages Two and Three still to come, we are confident the
underlying value of our portfolio of prime real estate in South
Eastern European countries will soon be clear for all to see."
Conference Call Details
To participate in the conference call, please dial +44 (0) 20
3003 2701 and quote the pin 2651405# when prompted to do so. Please
note that all lines will be muted except for the hosts' line.
However, participants will be able to submit questions via a
messenger function during the call. To send questions through the
online messenger function, please use the link below and log in as
a participant. The event number is: 955 376 844 and the password
is: Event1
https://sbmf.webex.com/sbmf/onstage/g.php?MTID=e83005113b374408ee08149ad6c546c6c
On the right-hand side of the screen you will find an option to
submit questions during the call. The function will only be made
live once the call has commenced. The management team will strive
to answer as many questions as possible during the call. The
Company plans to make available a recording of the call on its
website shorty after.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
* * ENDS * *
Lambros Anagnostopoulos SPDI Tel: +357 22 030783
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Ritchie Balmer
Jack Botros
Jon Belliss Novum Securities Limited Tel: +44 (0) 207 399 9400
Frank Buhagiar St Brides Partners Ltd Tel: +44 (0) 20 7236 1177
Cosima Akerman
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCBDBDDCGGBGCL
(END) Dow Jones Newswires
December 06, 2019 07:15 ET (12:15 GMT)
Grafico Azioni Secure Property Developm... (LSE:SPDI)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Secure Property Developm... (LSE:SPDI)
Storico
Da Apr 2023 a Apr 2024