Business
Increasing Holdings in Atlas
Increasing Holdings in Atlas.
About this update from Livermore Investments Group Limited
[{"type":"text","content":"\n Livermore Investments Group Limited\n31 December 2007\n\n 31 December 2007\n\n\n\n\n\n LIVERMORE INVESTMENTS GROUP LIMITED ('LIVERMORE')\n\n Increasing holdings in Atlas Estates Ltd. to 21.28%\n\n\n\n\n\nLivermore today announces that it has increased its holdings in Atlas Estates\nLtd. ('Atlas') after reaching a share purchase agreement with Atlas's main\nshareholder Elran (D.D.) Real Estate Ltd. ('Elran').\n\nThe agreement with Elran is for the purchase of 4,097,509 Ordinary Shares in\nAtlas at a price of €4.8 (£3.53) per share, amounting to a total\nconsideration of €19,668,443 (£14,461,796), representing an additional\n9.1% of Atlas's issued share capital (excluding treasury shares held by Atlas).\nUnder this agreement Livermore will transfer the consideration for the purchased\nshares by no later than 15 January 2008.\n\nAs part of the share transfer agreement, Elran represented to Livermore that it\nis not aware of any material information relating to Atlas which was not\npublished in the company's reports that is expected to have a material adverse\neffect on the company and/or its business.\n\nAfter the share purchase has taken place, and following recent share purchases\nit has made through the Alternative Investment Market ('AIM'), Livermore will\nhold 9,579,345 Ordinary Shares in Atlas, representing 21.28% of Atlas's issued\nshare capital.\n\nAtlas is an AIM-quoted real estate investment and development company. Atlas's\nstrategy is to build a high yielding investment portfolio and generate\nadditional capital gain through development projects, with a focus on\nresidential development. Its activities are focused in Central and Eastern\nEurope, excluding Russia and other former Soviet Union countries. Its current\nassets are located in Poland, Hungary, Slovakia and Romania.\n\nNoam Lanir, Chief Executive Officer of Livermore, commented: 'Following our\ninitial share purchases in Atlas in early December 2007, we have now decided to\nincrease our holdings in the company. We believe Atlas to be an attractive\ninvestment that represents good value to its shareholders, due to its strong\nmarket focus, solid asset portfolio, experienced management, and the purchase\nprice, which is lower by more than 20% than the company's current NAV'.\n\n\n\n\n\nEnquiries:\n\n\n\nLivermore\n\nDoron Yassur\n\n+972 542 555900\n\n\n\...