Brack Capital Real Estate Inv N.V BCRE Update (4973Z)
15 December 2017 - 10:00PM
UK Regulatory
TIDMBCRE
RNS Number : 4973Z
Brack Capital Real Estate Inv N.V
15 December 2017
15 December 2017
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
BCRE Update
Further to the Company's announcement of 20 October 2017 where
it stated that the Board of Directors of BCRE (the "Board"),
together with its advisers, is exploring a possible cancellation of
the standard listing of the Company's ordinary shares of EUR0.01
each (the "Shares") from the Official List of the United Kingdom
Listing Authority and the cancellation of trading in the Shares on
the Main Market of the London Stock Exchange (together, the
"De-Listing"), the Company hereby announces that the Board
continues to examine and analyse, together with its advisers, a
potential De-Listing as well as alternative methods that could,
amongst others, provide liquidity with respect to the Shares,
taking into consideration the interests of the Company and all its
stakeholders. At this stage, there is no certainty that a
De-Listing or alternative methods will be pursued by the Board.
Further announcements regarding the considered De-Listing or
alternative methods will be made if and when required.
In parallel, following the recent decision of the Company
regarding the early and full repayment and subsequent delisting of
all of the Company's bonds listed on the London Stock Exchange as
announced on 23 November 2017, as well as the Company's intention,
as announced on 24 November 2017, to repay the whole outstanding
amount under a third party loan agreement (series B), which would
result in a significant reduction in the level of the Company's
corporate debt and related costs, the Board is in the process of
preparing a strategic plan going forward. This plan will take into
consideration, among others, the changes in the nature of the
Company's business and its balance sheet. The Board is considering
the implementation of a number of changes, including changes to the
organisational structure of the Company, that will assist in
cutting expenses and enhancing the possibility to return capital
and/or distribute dividends to its shareholders in the future.
In this regard, Board member Daniel Aalsvel (non-executive
director) and CEO Ariel Podrojski have expressed their intention to
retire from their positions in the Company in due course. The Board
is currently considering, within the Company's senior management,
alternatives for succeeding Ariel Podrojski, who has agreed to
remain a consultant to the Company in order to support a smooth
transition, as well as changes to other management positions.
The Board expects to conclude its work and publish a plan,
together with its recommendations and proposal regarding the
Company's strategy going forward as well as a suitable new
composition of Board and management and corresponding resignations,
in early 2018.
ENQUIRIES:
BCRE - Brack Capital Real Estate
Investments N.V.
Ariel Podrojski, Chief Executive
Officer
Nansia Koutsou, Chief Financial +31 20 514
Officer / Chief Operating Officer 1004
Novella Communications
Tim Robertson
+44 203 151
Toby Andrews 7008
About BCRE
BCRE is an international real estate development and investment
group, headquartered in the Netherlands and listed on the London
Stock Exchange. Through its subsidiary and associated undertakings,
the Company is interested in, develops and operates and
international portfolio of real estate assets in the markets it
operates.
The Company has established local management team platforms with
significant local market expertise. At present, the Company has
offices and teams in New York, London, Moscow, Kazan, New Delhi,
Amsterdam and Limassol.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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