Update on Sale of Assets to Arcona & Investor Call

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n \nRNS Number : 3509U Secure Property Dev & Inv PLC 28 March 2019  \n\nSecure Property Development & Investment PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate\n \nSecure Property Development & Investment PLC ('SPDI' or 'the Company')\nUpdate on €29.25 million Sale of Assets to Arcona Property Fund N.V. &\nShareholder Conference Call\n \nSecure Property Development & Investment PLC, the AIM-quoted South Eastern European focused property company, is pleased to provide an update on the proposed sale of its property portfolio, excluding its Greek logistics properties ('the Non-Greek Portfolio'), in an all-share transaction ('the Transaction') to Arcona Property Fund N.V. ('Arcona'), an Amsterdam and Prague-listed company focused on Central European commercial property.  As announced on 18 December 2018, the Transaction values SPDI's Non-Greek Portfolio at €29.25 million (based on a net asset value of €13.98 per Arcona share), a 96% premium to the entire market capitalisation of the Company based on the closing share price of its Ordinary Shares on 27 March 2019.  Work to complete the Transaction is proceeding well, and both parties expect the Transaction to be effected in May / June 2019.\n \nThe Transaction is subject to, among other things, asset and tax due diligence (including third party asset valuations), which are well advanced and to date no issues have been uncovered that would obstruct the successful completion of the Transaction, and regulatory approvals (including the approval of a prospectus required in connection with the issuance and admission to listing of the new Arcona shares) as well as successful negotiating and signature of transaction documents.  Note that the signing of the transaction documents is also subject to the banks' lending property loans to SPDI's properties waiving their change of control clause restriction for implementing such transaction. \n \nDue diligence over each party's property assets, as well as the finalisation of the respective 2018 financial accounts of both companies, including third party valuations of the properties, commenced in Q1 2019 and are ongoing.  Arcona is due to publish its 2018 accounts on 4 April 2019.  The SPDI properties' 2018 valuations will be published in Q2 2019.  No material change is ...

More updates from Secure Property Development & Investment Plc