Business
Agreement
Agreement.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 4294Z Plaza Centers N.V. 10 January 2020 \n\n \nJanuary 10, 2020 \n \nPLAZA CENTERS N.V.\n \nUPDATE REGARDING THE AGREEMENT TO SELL ITS HOLDINGS IN THE PROJECT IN BANGALORE, INDIA \n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\") announces today, further to its press release dated September 27, 2019, regarding an agreement (the \"Agreement\") signed by Elbit Plaza India Real Estate Holdings Limited(a subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%)) (\"EPI\"), for the sale of a 100% interest in a Special Purpose Vehicle (\"SPV\") which holds a site in Bangalore, India, to a local investor (the \"Purchaser\") that a notice has been issued to the Purchaser to file its response in the insolvency proceedings initiated for the recovery of the amounts due. \nAs regards the criminal cases filed for dishonor of the cheques which were given as security for payment of certain installments, the court has issued arrest warrants and the local police is on the look out for the accused persons. \nAs of the date hereof, the Purchaser paid to EPI approximately €11.2 million (INR 87.00 crores) (Plaza part 43.5 crores (approximately Euro 5.6 million). SPV is entitled to receive a total consideration of € 45.85 million (INR 356 crores) (Plaza part 178 crores (approximately Euro 22.925 million) if the Purchaser does not close the transaction as per the Agreement. Further, the Purchaser has mortgaged approximately 8.7 acres of plots as security for completion of the transaction.\nThe Company will continue to take all measures warranted in the circumstances to protect its interest and will update regarding any new development.\n \nEnds\n \nFor further details, please contact:\n \nPlaza\n \nRan Yaacovs, CFO 972-546-303-006 \n \nForward-looking statement\n \nThis 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 project...