Globalworth Real Estate Inv Ltd Offer Update (7522A)
June 03 2021 - 6:43AM
UK Regulatory
TIDMGWI TIDMIRSH TIDMO5G
RNS Number : 7522A
Globalworth Real Estate Inv Ltd
03 June 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
3 June 2021
Globalworth Real Estate Investments Limited ("Globalworth" or
the "Company")
Offer Update
Globalworth notes that yesterday was the first closing date of
the unilateral cash offer for the Company (the "Offer") by CPI
Property Group S.A. ("CPI") and Aroundtown SA ("Aroundtown" and,
together with CPI, the "Consortium") and that the Consortium has
today extended the Offer until 16 June 2021.
On 26 April 2021, a committee of the Globalworth board
comprising independent directors (the "Independent Committee")
announced that the Offer significantly undervalues the Company, its
assets and its prospects. Further, the Independent Committee gave
its views on the Offer in the response circular published by the
Company on 26 May 2021 (the "Response Circular").
The Independent Committee notes that the Consortium has only
received acceptances in respect of a total of 670,887 Globalworth
Shares, representing approximately 0.3 per cent. of Globalworth's
issued share capital.
The Independent Committee continues to advise Globalworth
shareholders to take no action in relation to the Offer.
As stated in the Response Circular and the letter sent by the
Independent Committee to the Consortium on 21 May 2021, the
Independent Committee remains willing to discuss with the
Consortium alternative transactions to the Offer that may deliver
greater value to all Globalworth Shareholders and continues to seek
clarity in respect of the Consortium's anticipated plans for
Globalworth.
Terms used but not defined in this announcement shall have the
meanings given to them in the response circular published by the
Company on 26 May 2021.
Enquiries:
Globalworth Via advisers
Geoff Miller, Chair of the Board
----------------------
J.P. Morgan Cazenove (Financial Adviser) Tel: +44 20 7742 4000
----------------------
Massimo Saletti / Leon Li
Dwayne Lysaght / Jonty Edwards
----------------------
Panmure Gordon (Nominated Adviser and Tel: +44 20 7886 2500
Joint Broker)
----------------------
Dominic Morley / Alina Vaskina
----------------------
Important notices
This announcement is not intended to and does not constitute an
offer to buy or the solicitation of an offer to subscribe for or
sell or an invitation to purchase or subscribe for any securities
or the solicitation of any vote in any jurisdiction. The release,
publication or distribution of this announcement in whole or in
part in, into or from certain jurisdictions may be restricted by
law and therefore persons in such jurisdictions should inform
themselves about and observe such restrictions.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Nicola Marrin, Company
Secretary.
Disclaimers
J.P. Morgan Securities plc, which conducts its UK investment
banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"),
is authorised in the United Kingdom by the Prudential Regulation
Authority (the "PRA") and regulated in the United Kingdom by the
PRA and the Financial Conduct Authority. J.P. Morgan Cazenove is
acting as financial adviser exclusively for Globalworth and no one
else in connection with the matters set out in this announcement
and will not regard any other person as its client in relation to
the matters in this announcement and will not be responsible to
anyone other than Globalworth for providing the protections
afforded to clients of J.P. Morgan Cazenove or its affiliates, nor
for providing advice in relation to any matter referred to
herein.
Panmure Gordon (UK) Limited ("Panmure Gordon") which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting exclusively for Globalworth and no one
else in connection with the matters set out in this announcement
and will not regard any other person as its client in relation to
the matters in this document and will not be responsible to anyone
other than Globalworth for providing the protections afforded to
clients of Panmure Gordon or its affiliates, nor for providing
advice in relation to any matter referred to herein.
Rule 26.1 Disclosure
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available at www.globalworth.com, by no later
than 12 noon (London time) on the business day following the date
of this announcement. The content of the website referred to in
this announcement is not incorporated into and does not form part
of this announcement.
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