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Plaza Centers NV - Netherlands-based real estate development company - Receives revised proposal from investment firm GC Hevron Capital Ltd, as part of plan to preserve Plaza Centers assets, repay bondholders but also allow for new flow of activity in company so it can "maximize profits". Plaza to allocate just shy of 75% of shares in company to Hevron. Remaining stock to be divided among Plaza shareholders and bondholders. In this proposal, Plaza Centres to allocate 74.99% of shares to Hevron, with remaining 25.1% to be divided among rights holders. This differs from a August 2 proposal which divided 25.1% among shareholders and bondholders, with shareholders to receive 12.5% and bondholders 12.6%.
In addition, Plaza Centers says it and Elbit Imaging Lts are examining the filing of an appeal upon court decision after one of the defendants request for dismissal in limine of the lawsuit was accepted. Back in October 2020, the companies filed a lawsuit against some entities which were involved in a transaction of Plaza Centers and Elbit Imaging which was held in 2011 for the sale of real estate properties in the US and for which brokerage fees were allegedly transferred to private companies controlled by Motti Zisser.
Current stock price: 425 pence
Year-to-date change: up from 30p on December 31, 2020
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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