Hansteen Holdings plc Further re. Forward Currency Contract (4144H)
07 June 2017 - 8:06PM
UK Regulatory
TIDMHSTN
RNS Number : 4144H
Hansteen Holdings plc
07 June 2017
7 June 2017
Hansteen Holdings PLC
("Hansteen" or the "Company")
Disposal of the German and Dutch portfolios for EUR1.28 billion
to be completed on 16 June
Forward currency contract extended
Further to to the announcement made by the Company on 20 March
2017 of the proposed sale of its German and Dutch portfolios to
entities owned by funds advised by affiliates of The Blackstone
Group L.P. and M7 Real Estate for EUR1.28 billion, Hansteen
announces that the transaction is expected to complete on 16 June
2017.
Hansteen announced on 20 March 2017 that this transaction would
result in an increase in net cash for the Company of approximately
Euro 750 million and that in order to hedge the majority of this
increase, after taking into account its ongoing requirements for
Euros to satisfy certain Euro liabilities, it had entered into a
forward currency transaction to sell Euro 580 million for GBP
503,053,011 at GBP: EUR 1.15296, with a maturity date of 8 June
2017.
As the transaction is now expected to complete on 16 June, the
Company has agreed to roll forward the maturity date of its forward
currency transaction from 8 June to 20 June at the existing
rate.
Following completion and repayment of the debt secured against
the German and Dutch portfolios (and satisfaction of other incurred
costs) Hansteen intends to distribute a substantial portion of the
net cash proceeds of the transaction to its shareholders, details
of which will be announced as soon as reasonably practicable.
Enquiries:
Hansteen Holdings PLC Tel: +44 (0)
Ian Watson 20 7408 7000
Morgan Jones
Peel Hunt (Financial Adviser, Sponsor Tel: +44 (0)
and Broker) 20 7418 8900
Capel Irwin
Edward Fox
Tavistock Tel: +44 (0)
Jeremy Carey 20 7920 3150
Kirsty Allan 07836 734
625
07824 393
242
This information is provided by RNS
The company news service from the London Stock Exchange
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