Plaza Centers N.V. UPDATE REGARDING SALE OF PROJECT BANGALORE INDIA (2417I)
13 Abril 2022 - 3:02AM
UK Regulatory
TIDMPLAZ
RNS Number : 2417I
Plaza Centers N.V.
13 April 2022
April 13 , 2022
PLAZA CENTERS N.V.
UPDATE REGARDING SALE OF ITS HOLDINGS IN THE PROJECT IN
BANGALORE, INDIA
Plaza Centers N.V. (" Plaza " or the " Company ") announces
today, further to Note 6(b)(1) in the Company's annual consolidated
financial statements as of December 31, 2021 which was published on
March 31, 2022 , regarding the dispute between Elbit Plaza India
Real Estate Holdings Limited (a subsidiary held equally by the
Company (47.5%) and Elbit Imaging Ltd. (47.5%)) (" EPI ") and a
local investor (the " Purchaser ") which undertook to acquire EPI's
whole rights in the site in Bangalore, India (the " Asset "); on
compromise contacts with the Purchaser as follows:
1. According to the agreement between EPI and the Purchaser (the
" Agreement "), the Purchaser undertook to acquire EPI's whole
rights in the Asset for a total consideration of approximately INR
356 crores (approximately EUR 49 million) (the " Consideration
").
2. As of this date, the Purchaser paid EPI irrevocable payments,
out of the Consideration, at a total amount of approximately INR 87
crores (approximately EUR 11.2 million) and has to pay EPI the
remain amount out of the Consideration of approximately INR 269
crores (approximately EUR 32.6 million) (the " Remain Amount of
Consideration ").
3. Since 2019, t he Purchaser was unable to pay the Remain
Amount of Consideration (after EPI agreed to several postponements
even before 2019) to the Agreement and thus EPI initiated legal
proceedings against the Purchaser, including an insolvency motion
against the Purchaser, as stated in the Company's annual
consolidated financial statements as of December 31, 2021.
4. Currently, the Purchaser submitted to EPI an unformal
non-binding proposal to purchase 100% of EPI's interest in the
Asset and the completion of the transaction in exchange for a
payment of INR 112-117 crores (approximately EUR 13.6 - 14.2
million); in lieu of the Remain Amount of Consideration according
to the Agreement.
5. It will be clarified that the approval of the transaction
(insofar as a binding transaction is formed) is also subject to the
approval of Elbit Imaging Ltd, which holds approximately 47.5% of
EPI's issued and paid-up capital.
6. The Company estimates that as the contacts with the Purchaser
will crystallized into a complete transaction, EPI is expected to
recognize a capital gain of approximately EUR 3.6-4.3 million .
Following the above, the Company summonned a Bondholders'
meeting in order to discuss the Purchaser non-binding proposal.
At this stage, the conducting contacts with the Purchaser are
unformal and non-binding and there is no certainty that these
contacts with the Purchaser will be crystallized into a transaction
and that Plaza will approve the transaction. In case these contacts
with the Purchaser won't crystallized into a complete transaction,
EPI will continue the legal proceedings against the Purchaser.
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, and, on the Warsaw Stock
Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on the Tel Aviv
Stock Exchange("PLAZ").
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END
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April 13, 2022 02:02 ET (06:02 GMT)
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