Itacare Capital Investments Ltd Update re: disposal of non-core assets (9619H)
27 Junho 2013 - 3:01AM
UK Regulatory
TIDMITA
RNS Number : 9619H
Itacare Capital Investments Ltd
27 June 2013
Date: 27 June 2013
On behalf of: Itacaré Capital Investments Ltd ("Itacaré"
or "the Company")
Embargoed until: 0700hrs
Itacaré Capital Investments Ltd
Update re: disposal of non-core assets
The Board of Itacaré Capital Investments, the real estate
investment company focused on residential projects in Brazil, today
issues an update regarding the proposed disposal of its two
non-core assets.
In July 2012, the Company announced that it had entered into a
Letter of Intent ("LOI") with WRP, LLC ("WRP"), a US private
investment group, for the sale of Itacaré's interest in Warapuru 2
for a total consideration of $2 million, plus an option for the
sale of the Company's interest in the Havaizinho project for a
further $7 million to be paid over time. On 14 December, the
Company signed a Purchase and Sale Agreement and Other Covenant
("PSA"), which was followed by an announcement on 11 March 2013
that the terms of the LOI had been amended to extend the due
diligence period by 90 days in exchange for improved payment
terms.
Itacaré today announces that the due diligence period expired
without completion and WRP did not meet the agreed deadline. In
accordance with the terms of the amended PSA, the Company has been
paid a $30,000 non-refundable deposit but the sale to WRP will no
longer go ahead. Itacaré will continue to seek a purchaser for its
non-core assets in line with its stated strategy.
Itacaré also announces that the Company's Annual Report and
Accounts for the year ended 31 December 2012 will be posted to
shareholders this week and may also be viewed on, or downloaded
from, the Company's website at www.itacarecapital.com.
For further information:
Itacaré Capital Investments Tel: +44 (0)20 3640
Chairman, Michael St. Aldwyn 5976
Itacaré Capital Partners Tel: +55 11 2678 0800
Investment Manager, Pedro de Miranda
Financial Consultant Tel: +44 (0)20 8959
David Mattey 8534
Cenkos Securities Tel: +44 (0)20 7397
Stephen Keys, Adrian Hargrave (Nominated 8962
adviser) Russell Kerr, Alex Aylen (Sales)
Redleaf Polhill Tel: +44 (0)20 7382
Emma Kane, Henry Columbine, Hannah 4720
Fensome E: itacare@redleafpr.com
Notes to Editors:
-- Itacaré Capital Investments Limited is a real estate
investment company focused on tourism-real estate developments in
Brazil. The Company acquires large parcels of land at strategic
locations that can be developed and sold to end users with the
intention of achieving a minimum IRR of 25 per cent.
-- The Company invests in projects at an early development stage
or in strategic land sites that can be acquired at a discount to
open market value at current usage.
-- Itacaré Capital focuses on beachfront parcels with particular
geographic characteristics that maximise sea views and reduce the
need for expensive landscaping thus translating into higher
margin.
-- Itacaré Capital either recruits or looks to partner with
local developers to maximise the value of its land investments.
-- Itacaré Capital aims to create a development that is better
than the best quality development in the local area in order to
achieve maximum pricing power.
-- Itacaré Capital focuses on high quality residential
developments that typically include a number of holiday or second
home units, luxury hotels and leisure components. Approximately 70%
of our portfolio is targeted to domestic buyers.
-- Further information is available at
www.itacarecapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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