Placing/Subscription complete..12 Jun 2009 08:22
Today a placing of and subscription for a total of 119,291,009 new ordinary shares of €0.01 each in the capital of the Company (the "Shares") at 12p per share raising in aggregate approximately £14.3 million (around €16.4 million) before expenses. Of the 119,291,009 shares being issued by the Company, 94,934,447 Shares, representing 29.9% of the enlarged share capital of the Company, have been subscribed for by Black Sea Global Properties Limited BSGP is a wholly owned subsidiary of Rompetrol Holding S.A. , a company investing in a range of asset classes including direct private equity investments and real estate. RPH is wholly owned by Mr. Dan Costache Patriciu, a leading Romanian businessman, who is the Chairman of the Board of RPH and is also the CEO of Netherlands-based The Rompetrol Group N.V. which he founded and developed into the second largest oil company in Romania. The Company has agreed to issue a further 167,493,489 Shares to BSGP at 12p per Share, thereby increasing BSGP's holding in the Company to approximately 54.1%, subject to the receipt of a waiver from the Takeover Panel of the obligations that would otherwise arise on BSGP to make a general offer pursuant to Rule 9 of the Takeover Code and the approval of the waiver by the Company's independent shareholders at a general meeting. It is the current intention of the Directors of Deutsche Land to recommend shareholders to vote in favour of the resolution to approve this additional