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IMMO - Compagnie Immobiliere De Belgique SA News Story

€72.2 0.8  1.1%

Last Trade - 10:28am

Sector
Financials
Size
Mid Cap
Market Cap £584.3m
Enterprise Value £1.10bn
Revenue £319.9m
Position in Universe 297th / 841

BRIEF-Immobel Launches Sale Of Treasury Shares In Private Placement

May 13 (Reuters) - COMPAGNIE IMMOBILIERE DE BELGIQUE SA
 IMMO.BR :
    * IMMOBEL SA/NV LAUNCHES THE SALE OF APPROXIMATELY 800,000
TREASURY SHARES IN A PRIVATE PLACEMENT
    * THROUGH THE PRIVATE PLACEMENT, IMMOBEL INTENDS TO RAISE
ADDITIONAL FUNDS TO ACCELERATE ITS INVESTMENT STRATEGY AND
FINANCE ADDITIONAL PROJECTS ALREADY IDENTIFIED IN BELGIUM,
FRANCE AND LUXEMBOURG
    * OFFERED SHARES WILL BE FULLY ENTITLED TO THE DIVIDEND FOR
THE
2019 FINANCIAL YEAR TO BE APPROVED BY THE GENERAL MEETING ON 28
MAY 2020 AND PAID ON 4 JUNE 2020
    * JOH. BERENBERG, GOSSLER & CO.KG (“BERENBERG”) IS ACTING AS
SOLE
GLOBAL COORDINATOR AND SOLE BOOKRUNNER IN THE PRIVATE PLACEMENT
    * EXECUTIVE CHAIRMAN AND MAJOR SHAREHOLDER MARNIX GALLE HAS
COMMITTED TO PARTICIPATING IN THE PRIVATE PLACEMENT.
    * AS A RESULT, THE PRIVATE PLACEMENT IS EXPECTED TO INCREASE
IMMOBEL’S FREE FLOAT TO APPROXIMATELY 37%
    * INTENDS TO USE THE NET PROCEEDS FROM THE SALE OF ITS
TREASURY
SHARES TO ACCELERATE ITS INVESTMENT STRATEGY AND FINANCE
ADDITIONAL PROJECTS
    * THESE PROJECTS ARE EXPECTED TO GENERATE A RETURN ON EQUITY
OF AT
LEAST 15% AND SERVE AS AN ADDITION TO THE EXISTING PORTFOLIO OF
€4.5 BILLION GDV, MAINLY FOCUSED ON RESIDENTIAL REAL ESTATE IN
PRIME LOCATIONS
    * SEPARATELY, SEVEN SENIOR MANAGEMENT MEMBERS HAVE ALSO
COMMITTED
TO SUPPORTING THE TRANSACTION

Source text for Eikon:  ID:nNDL7mwwbn 
Further company coverage:  IMMO.BR 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7785110;))
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