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PRE-SALE AGREEMENT FOR THE SALE OF CASA RADIO
PRE-SALE AGREEMENT FOR THE SALE OF CASA RADIO.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 4768E Plaza Centers N.V. 04 July 2019 \n\nJuly 4, 2019\nPLAZA CENTERS N.V.\n \nPRE-SALE AGREEMENT FOR THE SALE OF THE COMPANY'S INDIRECT SHAREHOLDINGS IN THE DAMBOVITA CENTER PROJECT (\"CASA RADIO\")\nPlaza Centers N.V. (\"Plaza\" or the \"Company\") announced today, further to its announcements dated February 11, 2019 and June 14, 2019, that it has signed a pre-sale agreement (the \"Agreement\") with AFI Europe N.V. (the \"Purchaser\", and together with the Company, the \"Parties\"), an indirectly wholly-owned subsidiary of Africa Israel Properties Ltd., an Israeli Company listed on TA-90 Index (the top 90 companies traded on the Tel Aviv Stock Exchange), for the sale of its subsidiary (the \"SPV\") which holds 75% in the Casa Radio Project (the \"Project\"), for a maximum consideration of EUR 60 million, subject to the fulfilment of certain conditions (the \"Transaction\").\nBelow are the principal changes made in the Agreement compared to the non-binding Letter of Intent, as detailed in the Company announcement dated February 11, 2019:\n1. The Purchaser's due diligence review period was extended to no later than September 5, 2019, following which, subject to the satisfaction of the conditions precedent, the Parties will have 15 months to execute a share purchase agreement (the \"SPA\").\n2. The payment schedule was changed as follows: \n3. \n\n\n\n\nStage\n\n\nPayment Amount\n\n\nComments\n\n\n\n\nDown Payment \n(upon satisfactory completion of due diligence)\n\n\nEUR 200,000 \n\n\nThe down payment is refundable upon the occurrence of any of the following (i) cancellation of the PPP Agreement; (ii) initiation of SPV's dissolution due to negative equity requirements; or (iii) the existence of elements of criminal investigation against the SPV beyond the information disclosed to the Purchaser as of this date; or, if against the SPV's directors or employees, in case such elements would trigger a significant impact on the Project.\n\n\n\n\nExecution of the SPA \n\n\nEUR 20,000,000\n\n\n \n\n\n\n\nIssuance of Building Permit for Phase 1.\n\n\nEUR 22,000,000\n\n\n\"Phase 1\" was defined as the development of any of the elements o...