Plaza Centers N.V. UPDATE RE THE AGREEMENT TO SELL ITS HOLDINGS (0080P)
February 04 2019 - 8:15AM
UK Regulatory
TIDMPLAZ
RNS Number : 0080P
Plaza Centers N.V.
04 February 2019
04 February 2019
PLAZA CENTERS N.V.
UPDATE REGARDING THE AGREEMENT TO SELL ITS HOLDINGS
IN THE PROJECT IN BANGALORE, INDIA
Plaza Centers N.V. ("Plaza" or the "Company") announces today,
further to its press release dated December 13, 2018, regarding an
agreement (the "Agreement") signed by Elbit Plaza India Real Estate
Holdings Limited(a subsidiary held by the Company (47.5%) and Elbit
Imaging Ltd. (47.5%)) ("EPI"), for the sale of a 100% interest in a
Special Purpose Vehicle which holds a site in Bangalore, India, to
a local investor(the "Purchaser") in consideration for circa EUR43
million (the "Consideration"); that the Purchaser defaults on
payments of Circa EUR 1.86 million (Rs 15.25 Crore) that were
supposed to be paid up to and include end of January 2019 (Plaza
Part EUR 0.93 million) according to the signed restated amendment
agreement.
The Purchaser has mortgaged in favor of EPI approximately 8.7
acres of plots in Bangalore as collateral for completion of the
transaction. Simultaneously, EPI is considering all legal measures
available to it to protect its interest.
As of the date hereof, the Purchaser paid to EPI a total of
circa EUR 9.1 million (Rs. 70.75 crore) on account of the
Consideration (Plaza Part circa EUR 4.55 million), which EPI is
entitled to forfeit if the Purchaser does not close the transaction
as per the Agreement.
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 23years.
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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