Plaza Centers N.V. UPDATE RE DISPUTE WITH PURCHASER OF INDIA PLOT (5733F)
22 February 2018 - 4:30AM
UK Regulatory
TIDMPLAZ
RNS Number : 5733F
Plaza Centers N.V.
21 February 2018
21 February 2018
PLAZA CENTERS N.V.
UPDATE RE DISPUTE WITH THE PURCHASER OF A PLOT IN INDIA
Plaza Centers N.V. ("Plaza" or the "Company") announces, further
to its press release dated 18 January 2018, regarding the sale of
the100% interest in an SPV (which is held by a subsidiary in which
Plaza holds a 50% stake with its joint venture partner, Elbit
Imaging Ltd.),that holds property in Bangalore, India, to a local
investor (the "Agreement" and the "Purchaser" respectively), that,
despite the notice by the Purchaser that remaining payments under
the Agreement will be stopped, the Purchaser has paid the January
installment in the amount of INR 5 Crores (circa EUR0.62
million).
To date, since the signing of the Agreement, the Purchaser has
paid non-refundable advance payments totaling INR 45 Crores (circa
EUR 5.94 million), out of the total consideration of INR 338 Crores
(circa EUR43.4 million) due under the Agreement.
The Company continues to reject the Purchaser's claims and is
constantly evaluating its options and considering its legal
rights.
Ends
For further details, please contact:
Plaza
Dori Keren, CEO +48 22 231 99 00
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is listed on the Main
Board of the London Stock Exchange, as of 19 October 2007, on the
Warsaw Stock Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on
the Tel Aviv Stock Exchange. Plaza Centers N.V. is an indirect
subsidiary of Elbit Imaging Ltd. ("EI"), an Israeli public company
whose shares are traded on both the Tel Aviv Stock Exchange in
Israel and on the NASDAQ Global Market in the United States. Plaza
Centers has been active in real estate development in emerging
markets for over 22 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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