Globe Trade Centre SA logo

GTC - Globe Trade Centre SA News Story

PLN6.3 0.0  0.0%

Last Trade - 18/09/20

Mid Cap
Market Cap £629.3m
Enterprise Value £1.61bn
Revenue £153.2m
Position in Universe 55th / 751

Lone Star says secures 55.2 pct stake in Polish developer GTC

Mon 25th May, 2015 11:11am
WARSAW, May 25 (Reuters) - Private equity firm Lone Star has 
so far increased its stake in Polish real estate developer GTC 
 GTCP.WA  to 55.2 percent 
in a tender offer, it said on Monday.  
    The fund, which was already the largest shareholder with a 
32.5 percent stake, is aiming to raise its holding to 66 
    But having offered 6.1 zlotys per GTC share until May 22, it 
is now offering a reduced price of 5.5 zlotys until the tender 
closes on June 3.  ID:nW8N0WJ00T  
    That is below GTC's current market price of 6.05 zlotys.  
    "We have surpassed the minimum level that we wanted to 
achieve," Alexander Hesse, co-head of real estate investments at 
Lone Star Europe and head of the GTC's supervisory board, said 
in a statement. 
    Lone Star decided to go ahead with the tender despite 
failing to secure enough backing among GTC shareholders for a 
rights issue for the developer to issue up to 140 million new 
shares.  ID:nL5N0XK2S9   ID:nW8N0XX015  
    Other shareholders in GTC included local pension funds owned 
by Poland's PZU  PZU.WA , Dutch firm ING Groep  ING.AS , 
Britain's Aviva  AV.L  and Polish bank BZ WBK  BZW.WA . 
 (Reporting by Adrian Krajewski; Editing by Mark Potter) 
 ((; +48 22 653 97 09; 
Reuters Messaging: 
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.