Plaza Centers N.V. INDEPENDENT REPORT RE ELBIT IMAGING (2430H)
June 18 2013 - 3:00AM
UK Regulatory
TIDMPLAZ
RNS Number : 2430H
Plaza Centers N.V.
18 June 2013
18 June 2013
Plaza Centers N.V.
("Plaza Centers")
INDEPENDENT REPORT RE ELBIT IMAGING
Plaza Centers confirms that, on 17 June 2013, Fahn Kanne (the
Israeli special advisory services arm of Grant Thornton), an
independent economic expert appointed by Plaza Centers' majority
shareholder, Elbit Imaging Ltd. ("Elbit"), published its opinion on
the potential value of Elbit.
Within its report, which was written on the assumption that
Elbit will continue as a going concern after its debt restructuring
and that it would continue to work to exploit the full potential of
its assets, Fahn Kanne provided its opinion about the net asset
value of Plaza Centers, in which Elbit owns a shareholding of
62.5%. This section of the report (translated from Hebrew to
English) is provided as below:
5.3 Summary of Plaza Centers' Valuation
The following table presents the Valuation summary of Elbit's
holding in Plaza Centers:
Calculation of the value of the holding in
Plaza Centers' shares
Financial data in EUR '000
(unless mentioned otherwise)
Estimate range
--------------------------------------------------------
Net Asset value of Projects 631,211 - 644,408
------------------------------ ------------------------
Cash and deposits 101,672 - 101,672
------------------------------ ------------------------
Finance expenses due to
delay in construction (19,151) - (9,575)
------------------------------ ------------------------
Administrative expenses (17,471) - (17,471)
------------------------------ ------------------------
Finance debt (246,198) - (246,198)
------------------------------ ------------------------
Value of Plaza shares -
based on NAV calculation 450,063 - 472,836
------------------------------ ------------------------
Elbit Imaging's holding 62.5%
------------------------------ ------------------------
Value of Elbit's holding
in Plaza 281,289 - 295,522
------------------------------ ------------------------
Exchange rate EUR-ILS at EUR 1.00 - ILS 4.8388
11.06.2013
------------------------------ ------------------------
Value of Elbit's holding
in Plaza (ILS in thousands) 1,361,103 - 1,429,974
------------------------------ ------------------------
For further details, please contact:
Plaza
Ran Shtarkman, President and CEO +36 1 462 7221
Roy Linden, CFO +36 1 462 7222
FTI Consulting +44 20 7831 3113
Stephanie Highett
Nina Legge
Notes to Editors
About Plaza Centers
Plaza Centers N.V. (www.plazacenters.com) is a leading emerging
markets developer of shopping and entertainment centres. It focuses
on constructing new centres and, where there is significant
redevelopment potential, redeveloping existing centres in both
capital cities and important regional centres. The Company is dual
listed on the Main Board of the London Stock Exchange and, as of 19
October 2007, on the Warsaw Stock Exchange (LSE:"PLAZ", WSE:
"PLZ/PLAZACNTR"). Plaza Centers N.V. is an indirect subsidiary of
Elbit Imaging Ltd. ("EI"), an Israeli public company whose shares
are traded on both the Tel Aviv Stock Exchange in Israel and on the
NASDAQ Global Market in the United States.
Plaza Centers is a member of the Europe Israel Group of
companies which is controlled by its founder, Mr Mordechay Zisser.
It has been active in real estate development in emerging markets
for over 17 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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