Plaza Centers N.V. Company Update (4202K)
December 13 2018 - 7:26AM
UK Regulatory
TIDMPLAZ
RNS Number : 4202K
Plaza Centers N.V.
13 December 2018
13 December 2018
PLAZA CENTERS N.V.
Company Update
Plaza Centers N.V. ("Plaza" or the "Company") announces updates
regarding changes in the Company's cash flows compared to the
forecast published by the Company on August 28, 2018.
Bangalore:
The remaining balance of circa EUR 1 million consideration which
was expected to be paid during the second half of 2018 (an amount
representing the share of Plaza Centers based on cash flows
forecast following the agreement) is expected to be received in
full not later than end-January 2019 (Circa EUR 0.6 million in
installments while 0.4 million has already been received). To
secure the payments, the buyer has deposited deferred cheques in
addition to the collateral given in the transaction.
The agreement provides that the remainder of the consideration
(Plaza Part - circa EUR 16.5 million) will be paid by the Purchaser
in unequal monthly installments until August 31, 2019.
As of the date hereof the Purchaser paid to Elbit Plaza India
Real Estate Holdings Limited (a subsidiary held by the Company
(50%)) circa EUR 9 million on account of the Consideration (Plaza
part - EUR 4.5 million).
Belgrade:
Big Shopping Centers ("BIG") informed us that they currently
paid EUR 466,000 for the stands and signage at the Big Fashion mall
in Belgrade (previously known as "Belgrade Plaza"). In addition,
BIG further informed us that they intend to hold an additional EUR
1 million until an orderly engineering examination of the mall's
technical conditions is completed as part of the final Price
adjustment to be performed in May 2020. The Company is currently
evaluating its options regarding BIG's intention to hold the EUR 1
million.
Miercurea Ciuc
Further to the Company's announcement dated October 17, 2018
regarding signing the pre-agreement for the sale of land plot in
Mercuria Ciuc, Romania (the "Plot"), the Company grant an option
for the purchase of the Plot till mid-April 2019 for a total
consideration of EUR 0.11 million ("Preliminary agreement"). The
Company has received EUR 95,000 in 2018, and expects to receive an
additional EUR 15,000 in 2019 (Non-refundable payments).
To the extent that the Company will enter into a definitive
agreement and consummates the transaction, the Company expects to
receive EUR 1.44 million.
Preliminary Sale of Plot in Lodz
Following the announcement dated June 19, 2017 regarding a
preliminary sale of plot in Lodz, Poland, the Company signed today
an extension to that agreement (with certain amendments) till mid-
February 2019. The Company expects the sale to be concluded with
remaining gross proceed of Circa EUR 0.84 million (following
payments received in November 2018 of EUR 79,000 and of EUR 35,000
received in 2017).
Plot in Athens
The Company is in advanced negotiations for the sale of its
holdings in a subsidiary that holds a plot of land in Athens,
Greece for a gross consideration for EUR 1,050,000 (out of which
300,000 has already been received as advanced payments) expected to
be completed during the coming month. If a signed SPA is executed,
a separate detailed announcement will be issued accordingly.
Sale of land Plot in Lodz ("Lodz Centrum Plaza")
Further to Note 8 (b) of the Company's semi-annual financial
statements 2018 regarding the sale of land Plot in Lodz ("Lodz
Centrum Plaza"), the company has signed definitive agreement and
received PLN 1.3 million (Circa EUR 0.3 million).
Ends
For further details, please contact:
Plaza
Avi Hakhamov, Acting CEO +36 1 6104523
Forward-looking statements
This press release may contain forward-looking statements with
respect to Plaza Centers N.V. future (financial) performance and
position. Such statements are based on current expectations,
estimates and projections of Plaza Centers N.V. and information
currently available to the company. Plaza Centers N.V. cautions
readers that such statements involve certain risks and
uncertainties that are difficult to predict and therefore it should
be understood that many factors can cause actual performance and
position to differ materially from these statements. Plaza Centers
N.V. has no obligation to update the statements contained in this
press release, unless required by law.
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is listed on the Main
Board of the London Stock Exchange, as of 19 October 2007, on the
Warsaw Stock Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on
the Tel Aviv Stock Exchange. 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 has been active in real estate development in emerging
markets for over 22 years.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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