Plaza Centers N.V. UPDATE REGARDING SALE OF A PROJECT-CHENNAI, INDIA (7337O)
03 June 2020 - 1:46AM
UK Regulatory
TIDMPLAZ
RNS Number : 7337O
Plaza Centers N.V.
02 June 2020
June 2, 2020
PLAZA CENTERS N.V.
UPDATE REGARDING SALE OF ITS HOLDINGS IN THE PROJECT IN CHENNAI,
INDIA
Plaza Centers N.V. ("Plaza" or the "Company") announces today,
further to its press release dated March 6, 2020, regarding the
signing of a share purchase agreement ("SPA") between Elbit Plaza
India Real Estate Holdings Limited (a subsidiary held by the
Company (50%) and Elbit Imaging Ltd. (50%)) ("EPI") and the
purchaser (the "Purchaser") for the sale of 100% stake in the SPV
(subsidiary of EPI) which owns 74.7 acre plot in Chennai, India,
for a total consideration of approximately Euro 13.5 million (INR
108 crores); that in light of the ongoing lockdown due to COVID-19,
the Purchaser has sought additional time for closing (currently set
for June 2, 2020) and the parties have reached to a revised
understanding as follows:
A. The Purchaser request an gets an extension of 3 months to
complete the closing (i.e. up to September 2, 2020) without an
additional payment of INR 7.5 crores. The Purchaser will have an
option to extend this period of time by another 3 months (i.e., up
to December 2, 2020) upon paying additional deposit of INR 7.50
crores
(Plaza part INR 3.75 crores ( approximately Euro 0.9 Million)).
B. As of this date, the Purchaser has deposited in the SPV a
total of INR 25 crores (approximately Euro 3.1 million) (the
"Deposits"), out of which EPI has already received approximately
Euro 2.1 million (Plaza part Euro 1.05 million), as detailed in the
press release dated February 18, 2020.
C. According to the SPA, if the Purchaser is unable to complete
the closing within the aforesaid time periods, then the parties
will mutually appoint an international real estate consulting firm
for the purpose of identifying a third-party buyer within a period
of six months.
At this stage, there is no certainty that the SPA closing will
occur.
Ends
For further details, please contact:
Plaza
Ran Yaacovs, CFO 972-546-303-006
Forward-looking statement
This press release may contain forward-looking statements with
respect to Plaza Centers N.V. future (financial) performance and
position. Such statements are based on current expectations,
estimates and projections of Plaza Centers N.V. and information
currently available to the Company. Plaza Centers N.V. cautions
readers that such statements involve certain risks and
uncertainties that are difficult to predict and therefore it should
be understood that many factors can cause actual performance and
position to differ materially from these statements.
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.
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
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