Brief: Eurocastle Plans to Realise EUR 281 Million From Tender Offer And NPL Sale

Eurocastle Investment

18/11/2019 07:25

Nov 18 (Reuters) - Eurocastle Investment Ltd  ECT.AS :
    * EUROCASTLE ANNOUNCES REALISATION PLAN TO ACCELERATE RETURN
OF
VALUE FROM ITS ASSETS
    * RESOLVED TO REALISE MAJORITY OF CO'S ASSETS, BEING ITS
SHARES IN
DOVALUE S.P.A. AND INTERESTS IN ITALIAN LOAN INVESTMENTS ( "NPL
PORTFOLIO") IN ORDER TO ACCELERATE RETURN OF VALUE TO CO'S
SHAREHOLDERS BY WAY OF TENDER OFFER
    * FOLLOWING COMPLETION OF TENDER OFFER AND NPL SALE, COMPANY
IS
EXPECTED TO HAVE REALISED EUR 281 MILLION IN AGGREGATE, EQUAL TO
MORE THAN 90% OF COMPANY'S Q3 2019 NET ASSET VALUE
    * BOARD CURRENTLY ANTICIPATES THAT MAJORITY OF COMPANY'S
EXISTING
ASSETS WILL BE REALISED BY END OF 2023
    * MAXIMUM NUMBER OF ORDINARY SHARES TO BE TENDERED IS 34.6
MILLION
    * ASSUMING MAXIMUM NUMBER OF SHARES ARE TENDERED, TENDERING
SHAREHOLDERS WILL RECEIVE BOTH APPROXIMATELY 0.4353 DOVALUE
SHARES AND EUR 3.16 IN CASH IN EXCHANGE FOR EACH EUROCASTLE
SHARE VALIDLY TENDERED
    * INITIAL RATIO WILL BE ADJUSTED IN MANNER SET OUT IN
CIRCULAR IF
FEWER THAN MAXIMUM NUMBER OF SHARES ARE VALIDLY TENDERED
    * TENDER OFFER WILL RETURN 15.04 MILLION DOVALUE SHARES AND
UP TO
EUR 109.2 MILLION IN CASH TO SHAREHOLDERS
    * BOARD DOES NOT CURRENTLY INTEND TO MAKE ANY MATERIAL NEW
INVESTMENTS WITH PROCEEDS REALISED FROM COMPANY'S EXISTING
HOLDINGS

Source text for Eikon:  ID:nGNE8PHxZJ 
Further company coverage:  ECT.AS 

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