TIDMSPNV 
 
RNS Number : 3906V 
Spazio Investment NV 
09 July 2009 
 
Press Announcement for Immediate Release 
7 July 2009 
Spazio Investment N.V. 
("Spazio" or the "Company") 
 
 
Announcement regarding Revised Offer 
 
 
Following the Committee's announcement of 6 July 2009 noting that TEI has 
revised its Offer (the "Revised Offer") by increasing the Offer Price from EUR4.50 
to EUR5.125 per Spazio Ordinary Share (the "Revised Offer Price"), the Committee 
sets out below updated information for Shareholders on those matters contained 
in the Offer Response of 3 July 2009 ("3 July Offer Response") that are impacted 
by the Revised Offer Price. 
 
 
This announcement should be read in conjunction with the 3 July Offer Response. 
Terms defined in this announcement, save where the context requires otherwise, 
shall have the same meaning as in the 3 July Offer Response. 
 
 
Updated information 
 
 
The Revised Offer Price values the existing issued ordinary share capital of 
Spazio (including the Spazio Ordinary Shares held by Laxey but excluding the 
existing treasury shares held by the Company) at approximately EUR117.6m. 
 
 
The Committee continues to believe that the Revised Offer Price significantly 
undervalues Spazio's Ordinary Shares with the Revised Offer Price of EUR5.125 
representing a discount of: 
  *  62.3 per cent. to the Adjusted NAV of EUR13.60 as at 31 December 2008; and 
  *  65.4 per cent. to the Pro Forma Adjusted NAV of EUR14.81 as at 31 December 2008. 
 
 
 
The Pro Forma Adjusted NAV of EUR14.81 is approximately 2.9x the Revised Offer 
Price. 
 
 
The Revised Offer Price represents a premium of 28.9 per cent. to the Closing 
Price of EUR3.975 per Spazio Ordinary Share on 5 June 2009, the business day 
before Spazio announced that it had received a firm intention to make an offer 
from TEI. 
 
 
An approximate 31 per cent. decline in the OMV of the entire Portfolio from 31 
March 2009 would result in a Pro Forma Adjusted NAV as at 31 December 2008 of 
EUR5.125. 
 
 
For illustrative purposes only, a realisation of value per Ordinary Share 
greater than EUR9.90 by 31 December 2011 would deliver an IRR in excess of 30 per 
cent. from the purchase of an Ordinary Share at a cost of EUR5.125 on 30 June 
2009. 
 
 
Recommendation of the Committee 
 
 
For the reasons set out in the 3 July Offer Response and as updated above, the 
Committee continues to believe that the Offer significantly undervalues the 
Company. The Committee, who have received advice from Deutsche Bank, therefore 
recommends that Shareholders reject the Offer. In providing its advice (which is 
provided solely for the benefit of the Committee and subject to the terms agreed 
between the Committee and Deutsche Bank), Deutsche Bank has taken into account 
the commercial assessments of the Directors. 
 
 
Spazio is not subject to the City Code on Takeovers and Mergers. 
 
 
In accordance with the Company's articles of association, the Company confirms 
that is has 27,491,295 ordinary shares of EUR0.20 in issue and admitted to trading 
on the London Stock Exchange under the ISIN code of NL0000686319. 
+-----------------------------------------+------------------------------------+ 
| Enquiries                               |                                    | 
|                                         |                                    | 
+-----------------------------------------+------------------------------------+ 
| Spazio Investment N.V                   | +44 (0) 7802 244 033               | 
| John Duggan                             |                                    | 
+-----------------------------------------+------------------------------------+ 
|                                         |                                    | 
+-----------------------------------------+------------------------------------+ 
| Deutsche Bank - Nominated Adviser and   | +44 20 7545 8000                   | 
| Financial Adviser                       |                                    | 
+-----------------------------------------+------------------------------------+ 
| Ben Lawrence                                                                 | 
| Situl Jobanputra                                                             | 
+------------------------------------------------------------------------------+ 
|                                         |                                    | 
+-----------------------------------------+------------------------------------+ 
| Oriel Securities - Joint Broker         | +44 20 7710 7600                   | 
| Richard Crawley                         |                                    | 
+-----------------------------------------+------------------------------------+ 
|                                         |                                    | 
+-----------------------------------------+------------------------------------+ 
| Brunswick Group LLP                     | +44 20 7404 5959                   | 
| Justine McIlroy                         |                                    | 
+-----------------------------------------+------------------------------------+ 
 
 
 
 
Deutsche Bank AG is authorised under German Banking Law (competent authority: 
BaFin - Federal Financial Supervisory Authority) and authorised and subject to 
limited regulation by the Financial Services Authority. Details about the extent 
of Deutsche Bank AG's authorisation and regulation by the Financial Services 
Authority are available on request. Deutsche Bank AG is acting as Nominated 
Adviser and Financial Adviser to Spazio and no-one else in connection with the 
contents of this announcement and will not be responsible to anyone other than 
Spazio for providing the protections afforded to the clients of Deutsche Bank AG 
nor for providing advice in relation to any matter referred to herein. 
 
 
Oriel Securities, which is authorised and regulated by the Financial Services 
Authority in the United Kingdom, is acting as joint broker to Spazio and no one 
else in connection with the contents of this announcement and will not be 
responsible to anyone other than Spazio for providing the protections afforded 
to clients of Oriel Securities or for providing advice in relation to any matter 
referred to herein. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 OUPGIGDRCBGGGCC
Spazio (LSE:SPNV)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Spazio Charts.
Spazio (LSE:SPNV)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Spazio Charts.