Plaza Share News (PLAZ)

Plaza Centers focused on Casa Radio as attributable loss widens

(Alliance News) - Plaza Centers NV on Tuesday sad it remained focused on unblocking the current status of the Casa Radio project in Romania.

IN BRIEF: Plaza Centers notes positive outcome on India probe in EPIM

Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Following announcement in March last year on the Indian tax authorities conducting search and seizure operation at the offices of Elbit Plaza India Management Services Private Ltd, says EPIM receives a "favourable order". Says the probe for one of the three years under investigation is completed without imposing any liability on EPIM. "Inquiry into the remaining periods of the investigation is continuing and the company will update on any development," Plaza Centers says. EPIM is a private company wholly owned by Elbit Plaza India Real Estate Holdings Ltd.

IN BRIEF: Plaza Centers extends long-stop date for proposed disposal

Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Further to previous announcements regarding the pre-sale agreement with AFI Europe NV for the sale of its subsidiary which holds 75% in the Casa Radio Project both parties have agreed to extend to the long stop date to December 31, 2024.

UK shareholder meetings calendar - next 7 days

IN BRIEF: Plaza Centers loss narrows strongly on finance income surge

Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Pretax loss in the six months to June 30 narrows significantly to EUR601,000 from EUR6.3 million a year prior. Revenue grows 23% to EUR180,000 from EUR146,000. Notably, finance income surges to EUR6.3 million from EUR884,000. Finance costs increase 2.9% to EUR6.0 million from EUR5.8 million. Looking ahead, company says: "The company's priorities are focused on efforts to sign definitive sale agreement of Casa Radio project. The company also intends to seek for bondholders' approval for postponement of the repayment of the bonds. In addition, the company intends to continue the cost-cutting of its operational cost."

IN BRIEF: Elbit Imaging reduces Plaza Centers holding to 20%

Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Says since announcement on March 31, Elbit Imaging Ltd has sold about 14,600 shares for an average price of ILS1.578 each for a total ILS23,000 (around GBP4,857). This reduces Elbit Imaging Holdings's interest to around 20%.

IN BRIEF: Plaza Centers receives default notice regarding Casa Radio

Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Receives a notice of default from the Ministry of Finance in Romania under the public-private partnership contract governing the Casa Radio Project. Denies all claims formulated by the Ministry of Finance, including any made in the ongoing International Centre for the Settlement of Investment Disputes arbitration with Romania.

IN BRIEF: Plaza Centers settles with two lawsuit respondents

Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Announces that Plaza and Elbit Imaging Ltd have reached settlement with two respondents in ongoing lawsuit in Israel. Lawsuit was filed with the District Court in Tel-Aviv by Plaza and Elbit in October 2020 against certain officers of both companies, certain heirs of former controlling shareholder Motti Zisser, who is now dead, and other parties involved in a 2011 sale of US shopping centres. Brokerage fees for this transaction were allegedly illegally transferred to private companies controlled by Zisser. District Court approves the settlement agreement and imposes a publication ban on its details. Provisions indicate that Plaza's portion, after deducting expenses, is "a few hundred thousand euros" and should be received over a period of several months. Plaza and Elbit will continue to handle legal proceeding in District Court; each party shall maintain all claims in main proceeding.

Plaza Centers further updates on EUR367.7 million claim over Romania

(Alliance News) - Plaza Centers NV on Monday said that Romania's application has been rejected in a litigation update regarding its Casa Radio project dating back to May 2022.

IN BRIEF: Plaza Centers lawsuit appeal granted by Supreme Court

Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Says its appeal against dismissal of lawsuit against various entities was accepted yesterday by the Supreme Court of Israel. Lawsuit was filed with the District Court in Tel-Aviv by Plaza and Elbit Imaging Ltd in October 2020 against certain officers of both companies, certain heirs of their former controlling shareholder Motti Zisser, deceased, and other parties involved in a 2011 sale of US real estate properties. Brokerage fees for this transaction were allegedly illegally transferred to private companies controlled by Zisser. District Court approved defendant Philip Meyer's application for dismissal of the lawsuit against him. Plaza and Elbit appealed in November 2021. Both companies will continue handling legal proceedings in the District Court while each party maintains all claims in the main proceeding.

IN BRIEF: Plaza Centers updates on EUR367.7 million claim over Romania

Plaza Centers NV - Property investor in India - Provides update on claim against Romania regarding the Casa Radio project, filing its memorial and supporting evidence at the International Centre for the Settlement of Investment Disputes. Says it seeks full compensation for its losses with respect to the project, currently estimated to be up to EUR367.7 million as at March 31. Follows last announcement in May 2022, when it issued a request for arbitration against Romania.

TRADING UPDATES: Plaza Centers loss narrows; 450 eyes investments

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News.

IN BRIEF: Plaza Centers notes India tax investigators conduct search

Plaza Centers NV - property investor in India - Notes investigators on behalf of the India state tax authority arrived at the offices of Elbit Plaza India Management Services Private Ltd on Monday, which is a private company wholly owned by Elbit Plaza India Real Estate Holdings Ltd.

TRADING UPDATES: Savannah Energy ends deal; Plaza signs addendum

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

IN BRIEF: Plaza Centers completes sale of Bangalore site

Plaza Centers NV - property investor in India - Completes the sale of India Real Estate Holdings Ltd rights in a site in Bangalore, India. Sells for a total of EUR14.3 million. The company expects to receive EUR5.2 million from the disposal. The sale follows a lengthy dispute between Elbit and an unnamed local investor. India Real Estate is a subsidiary of the company which is held equally with Elbit Imaging Ltd.