Plaza Centers N.V. UPDATE REGARDING SALE OF PROJECT BANGALORE INDIA (9718Y)
May 18 2021 - 2:35AM
UK Regulatory
TIDMPLAZ
RNS Number : 9718Y
Plaza Centers N.V.
18 May 2021
May 18, 2021
PLAZA CENTERS N.V.
UPDATE REGARDING SALE OF ITS HOLDINGS IN THE PROJECT IN
BANGALORE, INDIA
Plaza Centers N.V. (" Plaza " or the " Company ") announces
today, further to its announcement dated January 10, 2020 (the
"Previous Announcement"), regarding the agreement ("Agreement")
between Elbit Plaza India Real Estate Holdings Limited (a
subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%))
(" EPI ") and a local investor (the " Purchaser ") for the sale of
100% interest in the Special Purpose Vehicle (" SPV ") which holds
a site in Bangalore, India, as follow:
1. The insolvency proceedings initiated against the Purchaser
for the recovery of the due amounts has been dismissed by the
National Company Law Tribunal in Bangalore since the case is not
maintainable before it and therefore Plaza should claim for the
recovery of its debt or for the resolution of its dispute in any
other forum. In light of the foregoing, Plaza is considering filing
an appeal or initiating arbitration proceedings against the
Purchaser.
2. Regarding the criminal cases that were filled concerning the
dishonoring of the cheques which were given as a security for
payment of certain installments, all the accused persons appeared
before the court and were granted bail. In addition, all further
proceedings continue in the matter.
3. As of this date, the Purchaser paid to EPI approximately EUR
11.2 million (INR 87.00 crores) (Plaza part INR 43.5 crores
(approximately EUR 5.6 million). SPV is entitled to receive a total
consideration of INR 356 crores (approximately EUR 41.16 million)
(Plaza part INR 178 crores (approximately EUR 20.58 million if the
Purchaser does not close the transaction in accordance with the
Agreement. In addition, the Purchaser has mortgaged approximately
8.7 acres of plots as a security for the completion of the
transaction.
Plaza will continue to take all measures warranted in the
circumstances to protect its interest and will update regarding any
new development in this matter.
Ends
For further details, please contact:
Plaza
Ran Yaacovs, CFO 972-546-303-006
Forward-looking statement
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.
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.
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END
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