Livermore Investments Group Limited
07 December 2007
7 December 2007
LIVERMORE INVESTMENTS GROUP LIMITED ('LIVERMORE')
Acquisition of Significant Share position in Atlas Estates Ltd. ('Atlas')
Livermore today announces the acquisition of 8.41% of the issued share capital
of Atlas Estates Limited, by means of the purchase of 4,076,836 issued ordinary
shares in Atlas at an average price of 277.48p per share. The total
consideration for this investment is £11.3m in cash.
Atlas is an AIM-quoted real estate investment and development company. Atlas's
strategy is to build a high yielding investment portfolio and generate
additional capital gain through development projects, with a focus on
residential development. Its activities are focused in Central and Eastern
Europe, excluding Russia and other former Soviet Union countries. Its current
assets are located in Poland, Hungary, Slovakia and Romania. In the eleven
months to 31 December 2006 Atlas made a loss before taxation of €9.1m and at 30
June 2007 Atlas had net assets of €253.2m.
Noam Lanir, Chief Executive Officer of Livermore, commented: 'We believe the
investment in Atlas, which is in line with our strategy to establish an
investment portfolio focused on areas of potential high growth, will deliver
both dividend yield and capital appreciation.'
Enquiries:
Hudson Sandler
Jessica Rouleau / Fran Read
020 7796 4133
Numis Securities
David Shapton
020 7260 1000
This information is provided by RNS
The company news service from the London Stock Exchange