Update on Arcona Property Fund N.V. Agreement

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n \n \n \n RNS Number : 7132B\n Secure Property Dev & Inv PLC\n 14 June 2021\n  \n \n \n \n Secure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate\n \n \n 14 June 2021\n \n \n Secure Property Development & Investment PLC ('SPDI' or 'the Company') \n \n \n Update on Arcona Property Fund N.V. Agreement \n \n \n  \n \n \n Highlights\n \n \n · \n Agreements signed for Stage Two of the Arcona transaction which involves transfer of certain SPDI assets in Romania and Ukraine in exchange for Arcona shares and warrants and €1m cash\n \n (the 'Arcona Transaction')\n \n \n \n · \n Estimated €8.2 million value of Stage Two alone is almost at par with SPDI's overall current market capitalisation, highlighting significant divergence between real asset value within the Company and market value of the Company\n \n \n · \n Arcona Transaction, which has an estimated intrinsic value of €30 million, is in line with strategy to create a larger Central and South Eastern European focused investment vehicle  \n \n \n  \n \n \n Secure Property Development and Investment PLC (AIM: SPDI), the AIM-quoted South Eastern European focused property company, is pleased to announce the signing of three agreements ('the Agreements') relating to the proposed transfer of certain assets owned by SPDI in Romania and Ukraine (together 'the Stage Two Assets') to Arcona Property Fund N.V. ('Arcona').  Under the terms of the Agreements, SPDI will\n receive approximately \n 605,000 new ordinary shares in Arcona (the 'Stage Two Shares') and approximately 145,000 warrants over ordinary shares in Arcona (the 'Stage Two Warrants') (the 'Stage Two Transaction') as well as €1m in cash, subject to, inter alia, standard form adjustment and finalisation in accordance with the Agreements. \n \n \n  \n \n \n Creating a larger Central and South Eastern European focused investment vehicle\n \n \n The transfer of the Stage Two Assets represents the second stage of an intended three-stage process for the Arcona Transaction to complete the previously announced transfer to Arcona of SPDI's property portfolio, excluding its Greek logistics properties, to create a leading Central and South Eastern European focused property investment vehicle.  In exchange for the transfer of the Company's assets, and subject to ...

More updates from Secure Property Development & Investment Plc