Brack Capital Real Estate Inv N.V De-Listing, New Listing, Share Buy-back (7912T)
06 Julho 2018 - 3:00AM
UK Regulatory
TIDMBCRE
RNS Number : 7912T
Brack Capital Real Estate Inv N.V
06 July 2018
This announcement contains inside information within the meaning
of the Market Abuse Regulation (EU) (No 596/2014).
6 July 2018
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
BCRE application for de-listing of the shares from the London
Stock Exchange, convocation of the Extraordinary General Meeting,
envisaged listing of the shares on Euronext Access of Euronext
Paris and share buyback programme
De-listing of shares from the London Stock Exchange and
Extraordinary General Meeting
Further to the announcements on 20 October 2017 and 15 December
2017, the Board of Directors of BCRE (the "Board"), has
conditionally resolved to apply for the cancellation of the
standard listing of the Company's ordinary shares of EUR0.01 each
(ISIN: NL0010763611) (the "Shares") on the Official List of the UK
Listing Authority and the cancellation of the admission to trading
of the Shares on the Main Market of the London Stock Exchange plc
(the "De-Listing").
The Board has decided to proceed with the De-Listing subject to
the condition of the Company's general meeting approval with a
majority of at least 75% of the votes cast (the "EGM Approval"),
and the Board and/or the Company shall only proceed with the
necessary steps and documents required to perform, execute and
complete the De-Listing if and after the EGM Approval is obtained.
In this respect an Extraordinary General Meeting (the "EGM") will
be convocated as soon as reasonably possible.
The continued significant discount between the share price of
the Company and the net asset value per share, makes it
unattractive to issue new Shares and to achieve the anticipated
benefits that the Company had foreseen at the time of the initial
admission to trading. The Board is also of the opinion that the
expenses relating to the listing on the Main Market of the London
Stock Exchange plc have become relatively excessive and
unjustifiable for the size of the current business and do not help
to generate additional value. In addition, under its current
portfolio of assets, there is no longer perceived to be a healthy
appetite for third party investment in the Company's listed shares,
which is further limiting the benefits of maintaining the listing.
Following the publication of the revised strategic plan and further
announcements of its execution, the likelihood of attracting
institutional investors has reduced even further in the view of the
Board.
The decision to de-list comes after having carefully considered
the above facts, the interests of all stakeholders involved and
other relevant matters and concluding that the costs of maintaining
the listing are disproportionate to the benefits thereof.
More information on the De-Listing will be included in the
official convening notice for the EGM, to be published shortly.
Subject to the EGM Approval being obtained, the De-Listing would
be expected to occur not less than 20 business days following the
EGM.
Listing of the Shares on Euronext Access of Euronext Paris
With the aim to provide an ongoing a market for Shareholders to
trade the Shares, the Board conditionally resolved to apply for the
listing of the Shares on Euronext Access, a Multilateral Trading
Facility operated by Euronext Paris, subject to the EGM Approval
being obtained and conditional on the occurrence of the De-Listing.
The costs related to maintaining such a listing will be
considerably lower than those related to a listing on the London
Stock Exchange. The Company's convertible bonds have been traded on
the Euronext Paris since 2016. Trading on Euronext Access is
expected to commence on or around the date of the De-Listing.
Share buyback programme
Following the Company's previous share buyback programme which
commenced in June 2016, the Board will offer a share buyback
programme up to a maximum of EUR2,000,000. The Company intends to
cancel the shares upon repurchase. The share buyback programme will
commence on 9 July 2018 or shortly after and is expected to be
completed on or before 31 July 2018.
The share buyback programme will be executed by the Board within
the limitations of the authority granted by the Annual General
Meeting of the Company on 7 June 2018. Shares may be repurchased in
the market or in private transactions at a price which is around
the prevailing stock price at the time of the transaction. The
Company will not make repurchases of Shares during any period when
the Board is aware of inside information until such information has
been publicly disclosed. Due to the generally low trading volume of
the Shares, repurchases of Shares under the share buyback programme
on any trading day will likely represent a significant proportion
of the daily trading volume in the Shares.
Return of funds to the shareholders
In line with the revised strategic plan, the Company will
consider distributions to shareholders, by way of share buyback,
dividend or otherwise.
All transactions under this programme will be published on the
Company's website (www.brack-capital.com) on a daily basis.
ENQUIRIES:
BCRE - Brack Capital Real Estate Investments
N.V.
Nansia Koutsou, Co-Chief Executive Officer
Shai Shamir, Co-Chief Executive Officer
Yiannis Peslikas, Chief Financial Officer +31 20 514 1004
Novella Communications
Tim Robertson
Toby Andrews +44 203 151 7008
About BCRE
BCRE is an international real estate development and investment
group, headquartered in the Netherlands and listed on the London
Stock Exchange. Through its subsidiary and associated undertakings,
the Company is interested in, develops and operates an
international portfolio of real estate assets in the markets it
operates.
The Company has established local management team platforms with
significant local market expertise. At present, the Company's main
offices and teams are in New York, London, Moscow, Amsterdam and
Limassol.
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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