TIDMGWI
RNS Number : 3867W
Globalworth Real Estate Inv Ltd
14 November 2017
14 November 2017
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this information is considered to be in the public
domain
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Intention to raise additional equity capital, dividend guidance
and notice of EGM
In response to significant investor interest and to take
advantage of a pipeline of attractive investment opportunities in
both Poland and Romania, the Board of Globalworth (AIM: GWI) today
announces its intention to raise in the region of EUR300 million
additional equity capital through a non-pre-emptive issue of new
ordinary shares, with the ability to flex this dependent on demand.
The Company has received strong indications of support from
existing and new investors for this equity raise and currently
expects to price it at or around prevailing EPRA NAV per share.
In addition to funding further investments, a key objective of
the intended equity raise will be to attract new institutional
investors and broaden the liquidity of the Company's shares ahead
of its planned move to the Main Market of the London Stock Exchange
in 2018. The equity raise will also assist the Company in managing
its gearing strategy to a target LTV of 35%.
The Board also confirms that based on the current timetable any
placing shares will be entitled to the H2-17 dividend previously
stated at EUR0.22 per share, anticipated to be paid in January
2018. Consistent with the target of a sustainable and growing
dividend, the Board is pleased to indicate a prospective H1-18
dividend of not less than EUR0.27 (or not less than EUR0.54
annualised) anticipated to be paid in August 2018.
A further announcement providing details of the proposed equity
raise will be issued in due course. In order to provide the
shareholder authorities necessary to issue shares as part of the
proposed equity raise, a circular (the "Circular") convening an
Extraordinary General Meeting ("EGM") at which the required
shareholder approvals will be sought is today being published and
sent to shareholders. In addition to containing the notice of EGM,
the Circular also contains an explanation of each resolution being
proposed and the recommendation of the Board to vote in favour of
each resolution.
The EGM will be held at 10.00 a.m. on 4 December 2017 at Ground
Floor, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1
2HT.
A full copy of the Circular will be available here, once
published later today:
www.globalworth.com/investor-relations/key-corporate-documents.aspx
Under the AIM Rules for Companies, an issue of shares to a
related party which exceeds a specific percentage in any of the
class tests would be treated as a related party transaction and is
subject to certain disclosure and confirmation requirements. Once
the terms of the equity raise are agreed, any disclosures required
under Rule 13 of the AIM Rules for Companies will be published.
Enquiries:
Andrew Cox Tel: +44 20 3026 4027
Head of Investor Relations & Corporate Development
Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20
7886 2500
Andrew Potts
Jefferies (Joint Broker) Tel: +44 20 7029 8000
Stuart Klein
Milbourne (Public Relations) Tel: +44 7921 881 800
Tim Draper
About Globalworth / Note to Editors
Globalworth is a real estate investment company active in
Central and Eastern Europe, and has become the leading office
investor in the Romanian real estate market. Globalworth acquires,
develops and directly manages high-quality office and
logistics/light-industrial real estate assets in prime locations,
through which it benefits from a strong rental income profile from
high quality tenants from around the globe. With approximately 70
professionals managing it, Globalworth's portfolio, as at 30 June
2017, was valued in excess of EUR1bn, of which 90% is in
income-producing assets and over 80% in the office sector.
Globalworth has a strong and supportive investor base, having been
listed on the AIM Market of London Stock Exchange since 2013 and in
2017 issued its debut Eurobond on the Irish and Bucharest stock
exchanges.
Globalworth announced in October 2017 that its subsidiary
Globalworth Asset Managers SRL had entered into a conditional
investment agreement to acquire a minimum of 50.01% and up to
67.90% of the issued share capital of Griffin Premium RE.. N.V.
("GPRE"), a Dutch entity listed on the Warsaw Stock Exchange, to be
effected by way of the Tender Offer. GPRE is a pure-play Polish
real estate platform that primarily owns high-quality office and
mixed-use assets located in Warsaw and across a number of other key
cities, notably Wroclaw, Lodz, Krakow and Katowice. Its portfolio
comprises six office and three mixed-use (office and retail)
properties, and benefits from a further pipeline of contracted
acquisitions. For more information please refer to related
regulatory announcements.
END
IMPORTANT NOTICE:
No public offer of securities is being made by virtue of this
announcement.
This announcement has been prepared for the purposes of
complying with the applicable laws and regulations of the United
Kingdom and the information disclosed may not be the same as that
which would have been disclosed if this announcement had been
prepared in accordance with the laws and regulations of any
jurisdiction outside of the United Kingdom.
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking
terminology, including the terms "targets", "believes",
"estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their
negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. These forward looking statements include all matters
that are not historical facts and involve predictions.
Forward-looking statements may and often do differ materially from
actual results. Any forward-looking statements reflect the
Company's current view with respect to future events and are
subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Company's business,
results of operations, financial position, liquidity, prospects,
growth or strategies and the industry in which it operates.
Forward-looking statements speak only as of the date they are made
and cannot be relied upon as a guide to future performance. Save as
required by law or regulation, the Company disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements in this announcement that may occur due
to any change in its expectations or to reflect events or
circumstances after the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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