8 Aug 2016 12:31
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN
AFI DEVELOPMENT PLC
("AFI DEVELOPMENT" OR "THE COMPANY")
CYSEC GRANTED EXEMPTION FROM TENDER OFFER FOR THE TRANSACTION BETWEEN MR LEVIEV AND AFRICA ISRAEL INVESTMENTS
London, 8 August 2016 - Further to the Company's announcements of 19th, 26th and 29th July 2016 regarding the agreement entered into between Africa Israel Investments Ltd ("AI") (the Company's controlling shareholder) and Mr Lev Leviev (the Company's Executive Chairman), AFI Development announces that the Cyprus Securities and Exchange Commission has granted Mr Leviev an exemption from making a public offer to the shareholders of AFI Development Plc, in accordance with the Cyprus takeover laws.
The conditions precedent for the transaction between AI and Mr Leviev have, therefore, now been met. The parties will now proceed to completion of the transaction, which should occur prior to 10th September 2016. On completion, AI will no longer have an interest in the Company (except 4 single non-tradable shares) and Mr Leviev will be interested in 336,948,796 Global Depository Receipts (issued over A ordinary shares) and 342,799,658 Depository Interests (issued over B ordinary shares), representing in aggregate, 64.88% of the Company's issued share capital.
Further announcements will be made in this regard as appropriate.
- ENDS -
For further information, please contact:
AFI Development, +7 495 796 9988
Ilya Kutnov, Corporate Affairs/Investments Director (Responsible for arranging the release of this announcement)
Citigate Dewe Rogerson, London +44 20 7638 9571
David Westover
Sandra Novakov
Marina Zakharova de Calero
This announcement contains inside information.
About AFI Development
AFI Development is one of the leading real estate development companies operating in Russia. Established in 2001, AFI Development is a publicly traded subsidiary of Africa Israel Investments Ltd.
AFI Development is listed on the Main Market of the London Stock Exchange and aims to deliver shareholder value through a commitment to innovation and continuous project development, coupled with the highest standards of design, construction and quality of customer service.
AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets across Russia, with Moscow being its main market. The Company's existing portfolio comprises commercial projects focused on offices, shopping centers, hotels and mixed-use properties, and residential projects. AFI Development's strategy is to sell the residential properties it develops and to either lease the commercial properties or sell them for a favorable return.
AFI Development is a leading force in urban regeneration, breathing new life into city squares and neighborhoods and transforming congested and underdeveloped areas into thriving new communities. The Company's long-term, large-scale regeneration and city infrastructure projects establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future.
Legal Disclaimer
Some of the information in these materials may contain projections or other forward-looking statements regarding future events, the future financial performance of the Company, its intentions, beliefs or current expectations and those of its officers, directors and employees concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies and business. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" or the negative of such terms or other similar expressions. These statements are only predictions and that actual events or results may differ materially. Unless otherwise required by applicable law, regulation or accounting standard, the Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations.