Elbit Imaging Announces Its Subsidiary, Plaza Centers, Has Signed an Agreement for the Sale of Residential Plot in Lodz, Pola...
29 June 2016 - 12:47AM
Elbit Imaging Ltd. (“EI” or the
“Company”) (TASE:EMITF) (NASDAQ:EMITF) announced
today that
Plaza Centers N.V. ("Plaza")
(LSE:PLAZ), an indirect subsidiary of the Company, has signed an
agreement for the sale of a 20,700 sqm plot of land in Lodz,
Poland, to a residential developer, for €2.4 million. The
conditional agreement will be followed by a transfer agreement
which is expected to be signed by the end of August 2016.
On transfer, Plaza will receive an initial
payment of €1.04 million, followed by €180,000 in November 2016,
€220,000 in December 2016 and a final instalment of €0.96 million
in June 2017.
In line with Plaza's stated restructuring plan,
75% of the net cash proceeds from the sale of the plot, will be
distributed to Plaza’s bondholders within the quarter following the
receipt of each cash portion.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following
principal fields of business: (i) Commercial centers - initiation,
construction, and sale of commercial centers and other mixed-use
property projects, predominantly in the retail sector, located in
Central and Eastern Europe. In certain circumstances and depending
on market conditions, the Group operates and manages commercial
centers prior to their sale. (ii) Hotel - operation and
management of the Radisson hotel Complex in Bucharest, Romania.
(iii) Medical industries and devices - (a) research and
development, production and marketing of magnetic resonance imaging
guided focused ultrasound treatment equipment, and (b) development
of stem cell population expansion technologies and stem cell
therapy products for transplantation and regenerative medicine.
(iv) Plots in India - plots designated for sale initially
designated to residential projects.
Any forward-looking statements in our releases
include statements regarding the intent, belief or current
expectations of Elbit Imaging Ltd. and our management about our
business, financial condition, results of operations, and its
relationship with its employees and the condition of our
properties. Words such as “believe,” “expect,” “intend,” “estimate”
and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. Actual results may differ materially from those
projected, expressed or implied in the forward-looking statements
as a result of various factors including, without limitation, a
change in market conditions, a decision to deploy the cash for
other business opportunities and the factors set forth in our
filings with the Securities and Exchange Commission including,
without limitation, Item 3.D of our annual report on Form 20-F for
the fiscal year ended December 31, 2015, under the caption “Risk
Factors.” Any forward-looking statements contained in our releases
speak only as of the date of such release, and we caution existing
and prospective investors not to place undue reliance on such
statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there
can be no assurance that any forward-looking statement contained in
our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.
For Further Information:
Company Contact
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
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