TIDMGWI
RNS Number : 8551Q
Globalworth Real Estate Inv Ltd
08 June 2018
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this information is considered to be in the public
domain.
8 June 2018
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Update on Poland
Further to its announcement of 28 February 2018, Globalworth is
pleased to announce the execution of a commitment letter regarding
the planned capital raise by Globalworth Poland Real Estate N.V.
("GPRE"), in which the Company has a 71.7% shareholding, which has
also been launched today.
GPRE today announced that it is proceeding with the launch of an
offering through which it targets to raise at least EUR450 million
through the issue of new ordinary shares by way of private
placement, which is expected to close on 11 June 2018 (the "GPRE
Placing"). The net proceeds from the GPRE Placing will be used for
the purchase of certain new properties, the repayment of certain
loans (including those granted by the Company and its affiliates)
and for general corporate purposes. A further announcement will be
provided in due course.
In relation to this, the Company has agreed to subscribe for new
ordinary shares by placing a subscription of a minimum of EUR300
million. Following the conclusion of the GPRE Placing, GPRE will
repay equivalent amounts outstanding (including the principal,
interest and any other amounts due) under the loans entered into
between GPRE and the Company and its affiliates. As a result, the
net investment in GPRE remains the same. The subscription will be
made by one of the wholly owned subsidiaries of the Company. A
further announcement will be provided in due course confirming the
final subscription amount.
The commitment described above is subject to the following
conditions: (a) the receipt by the Company of an underwriting fee
equal to 1.5% of its respective equity investment for the
commitment; and (b) the new ordinary shares being allotted and
validly issued to the Company at the offer price of EUR1.57, as
fully paid ordinary shares in the capital of GPRE (subject only to
the admission to listing on the Warsaw Stock Exchange, which shall
occur on or before 31 July 2018).
Globalworth's commitment as set out above also effectively
satisfies one of the conditions to the commitment by Growthpoint
Properties Limited ("Growthpoint") to participate in the GPRE
placing, as announced on 12 April 2018, namely that Growthpoint
would subscribe for no less than EUR120 million and no more than
EUR150 million subject to Growthpoint's and its associates' total
direct or indirect shareholding being less than 30.0% of the fully
diluted share capital of GPRE.
Under Rule 13 of the AIM Rules for Companies, an issue of
ordinary shares to a related party which exceeds 5% in any of the
class tests would be treated as a related party transaction and is
subject to certain disclosure and confirmation requirements.
To the extent that the board of directors of GPRE determines to
go ahead with the GPRE Placing, the participation by Growthpoint
(of a maximum amount of EUR150 million) will constitute a related
party transaction under Rule 13 of the AIM Rules for Companies. As
such, the Directors (other than Mr Sasse, Mr Muchanya and Mr
Fechter, who are each directors of Growthpoint) consider, having
consulted with the Company's nominated adviser, Panmure Gordon (UK)
Limited ("Panmure Gordon"), that the terms of Growthpoint's
participation in the GPRE Placing are fair and reasonable insofar
as the Company's shareholders are concerned.
This transaction also represents a substantial transaction
pursuant to the AIM Rules.
For further information visit www.globalworth.com or
contact:
Enquiries
Andrew Cox Tel: +44 20 3026 4027
Head of Investor Relations & Corporate Development
Jefferies (Joint Broker) Tel: +44 20 7029 8000
Stuart Klein
Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20
7886 2500
Andrew Potts
Milbourne (Public Relations) Tel: +44 7903 802545
Tim Draper
About Globalworth / Note to Editors:
Globalworth is a listed real estate company active in Central
and Eastern Europe, quoted on the AIM-segment of the London Stock
Exchange. It has become the leading office investor in the Romanian
real estate market and now has established a significant platform
in Poland, through a 72% shareholding in Globalworth Poland, a
pure-play Polish real estate platform listed on the Warsaw Stock
Exchange. Globalworth acquires, develops and directly manages
high-quality office and logistics/light-industrial real estate
assets in prime locations, through which it benefits from a strong
rental income profile from high quality tenants from around the
globe. Managed by approximately 110 professionals across Romania
and Poland, the combined value of its portfolio is EUR1.9 billion,
of which over 90% is in income-producing assets, predominately in
the office sector, and leased to some 440 national and
multinational corporates from 28 countries and 37 different
sectors. In Romania, Globalworth is present in Bucharest, Timisoara
and Pitesti, whilst assets in Poland span Warsaw, Wroclaw, Lodz,
Krakow, Gdansk and Katowice. For more information, please refer to
http://www.globalworth.com/.
IMPORTANT NOTICE: This announcement has been prepared for the
purposes of complying with the applicable laws and regulations of
the United Kingdom and the information disclosed may not be the
same as that which would have been disclosed if this announcement
had been prepared in accordance with the laws and regulations of
any jurisdiction outside of the United Kingdom. This announcement
may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may
be identified by the use of forward-looking terminology, including
the terms "targets", "believes", "estimates", "plans", "projects",
"anticipates", "expects", "intends", "may", "will" or "should" or,
in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts and
involve predictions. Forward-looking statements may and often do
differ materially from actual results. Any forward-looking
statements reflect the Company's current view with respect to
future events and are subject to risks relating to future events
and other risks, uncertainties and assumptions relating to the
Company's business, results of operations, financial position,
liquidity, prospects, growth or strategies and the industry in
which it operates. Forward-looking statements speak only as of the
date they are made and cannot be relied upon as a guide to future
performance. Save as required by law or regulation, the Company
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements in this
announcement that may occur due to any change in its expectations
or to reflect events or circumstances after the date of this
announcement.
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
UPDBRGDLBDGBGII
(END) Dow Jones Newswires
June 08, 2018 13:25 ET (17:25 GMT)
Globalworth Real Estate ... (LSE:GWI)
Historical Stock Chart
From Apr 2024 to May 2024
Globalworth Real Estate ... (LSE:GWI)
Historical Stock Chart
From May 2023 to May 2024