Update on Investment in Poland-Offer Unconditional

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 7878X Globalworth Real Estate Inv Ltd 29 November 2017  \n\n29 November 2017\n \nGlobalworth Real Estate Investments Limited\n(\"Globalworth\" or the \"Company\")\nFurther update on Investment in Poland - Tender Offer now unconditional in all respects\nGlobalworth announced on 4 October 2017 (the \"Announcement\") that its subsidiary Globalworth Asset Managers SRL (\"GAM\") had entered into a conditional investment agreement to acquire a minimum of 50.01% and up to 67.90% of the issued share capital of Griffin Premium RE.. N.V. (\"GPRE\"), a Dutch entity listed on the Warsaw Stock Exchange, (the \"Acquisition\") to be effected by way of a public tender offer (the \"Tender Offer\"). \nOn 16 November 2017, the Company announced that resolutions had been passed at an EGM of GPRE satisfying a condition of the Tender Offer.  The Tender Offer remained conditional upon satisfaction of the acceptance condition stated in the Tender Offer document and execution of an organisation agreement (the \"Organisation Agreement\") between the Company and GPRE.  \nThe Board of Globalworth is pleased to announce that both these conditions have been satisfied and that all conditions precedent to the Tender Offer have now been satisfied or waived, and consequently the Tender Offer has become unconditional in all respects.\nUpon closing of the Tender Offer, approximately 106.0 million shares, constituting 67.90% of the total number of the votes at the general meeting of GPRE, were tendered in the Tender Offer, thereby satisfying the acceptance condition stated in the Tender Offer document. The total consideration payable under the Tender Offer will be PLN 583m (€138m2) which will be met from the Company's existing cash resources. \nIn addition, on 28 November 2017, the Company entered into the Organisation Agreement with GPRE.  Under the Organisation Agreement, GPRE has undertaken to carry out certain actions following and resulting from the acquisition of control by GAM.  These actions include, among others, the implementation of certain procedures and changes in the operations of GPRE in order to comply with practices observed by Globalworth group companies.  The parties to the Organisation Agreement have also agreed on principles of entering into related party transactions and intragroup disc...

More updates from Globalworth Real Estate Investments Limited