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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

UPDATE 1-GTC rights issue fails to win backing, Lone Star not to raise bid

Thu 23rd April, 2015 1:28pm
(Adds detail) 
    WARSAW, April 23 (Reuters) - Lone Star, the top shareholder 
in GTC  GTCP.WA , said it had no plan to raise its bid for 
additional shares after a rights issue by the real estate 
developer failed to win backing from shareholders on Thursday. 
    Private equity firm Lone Star, which owns 32.5 percent of 
Warsaw-listed GTC, wanted to raise its stake to 66 percent in a 
tender call. It offered other GTC owners 6.1 zlotys per share. 
    The plan, however, hinged on shareholders approving GTC's 
long-flagged rights issue of up to 140 million new shares. 
    The motion, which failed to win the needed backing of 75 
percent of shareholders last year, on Thursday again fell short, 
winning support from 63.6 percent of shareholders in attendance. 
    GTC shares fell 6.5 percent to 5.5 zlotys after the plan 
    Lone Star wanted to adjourn the meeting for a week, but this 
motion also failed to win sufficient backing. 
    Asked if Lone Star planned to raise its bid after the 
meeting, Alexander Hesse, senior managing director at Lone Star 
and head of GTC's supervisory board, said: "No". 
    Other shareholders in GTC include local pension funds owned 
by Poland's PZU  PZU.WA , Dutch firm ING Groep  ING.AS , the 
U.K.'s Aviva  AV.L  and Polish bank BZ WBK  BZW.WA . 
    GTC focuses on commercial real estate and is present in 
eight countries in eastern Europe and the Balkans. 
    It has been hurt by Europe's weakened economy in recent 
years, which has depressed property prices.  
    It has said this year it wants to focus investments on 
capital cities and plans asset sales to curb debt. 
 (Reporting by Adrian Krajewski; editing by Jason Neely) 
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