Sale by Ioannis Papalekas of Remaining Stake

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 7064B Globalworth Real Estate Inv Ltd 03 February 2020  \n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.\n \n3 February 2020\nGlobalworth Real Estate Investments Limited \n(\"Globalworth\" or the \"Company\")\nSale by Ioannis Papalekas of Remaining Stake in Globalworth\nThe Company announces that Mr Ioannis Papalekas, the Chief Executive Officer and a Director of the Company, has sold his indirect interest in the Company to CPI Property Group SA (\"CPIPG\"). The sale was effected by a sale by Mr Papalekas of his holding company, Zakiono Enterprises Limited (\"Zakiono\"), to CPIPG. Zakiono is the holder of 23,734,670 Globalworth shares and warrants over a further 2,830,020 Globalworth shares.\nMr Papalekas has informed the Company that the consideration for the sale comprises (a) Euro 9.70 per Globalworth share (ex dividend), (b) Euro 7.3 million for the warrants, and (c) and Euro 39 million for the remaining assets of Zakiono which comprise its rights under Globalworth's Articles and its Relationship Agreement with the Company. In addition, given the timing of the sale, CPIPG will pay to Mr Papalekas Euro 7.1 million in respect of the interim dividend of Euro 0.30 per share that will be paid next week on the Globalworth shares held by Zakiono.\nFollowing completion of the sale of Zakiono, CPIPG, together with its existing interest in the Company, will hold, directly and indirectly, 37,311,098 ordinary shares, equivalent to 16.8 per cent of the Company's issued share capital.\nMr Papalekas' decision to sell his remaining stake in Globalworth is driven by personal reasons. Mr Papalekas has confirmed that he shall stay on as Chief Executive Officer and a Director in the near-to-medium term. Globalworth now has a mature asset management and development platform with a strong management team and a body of substantial, knowledgeable and supportive investors, who are able to take the Company forward and grow it further.\n \nThe Notification of Dealing Forms provided in accordance with the requirements of MAR in relation to the transaction listed above are set out below:\nNotification a...

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