15 Dec 2017 11:00
15 December 2017
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
BCRE Update
Further to the Company's announcement of 20 October 2017 where it stated that the Board of Directors of BCRE (the "Board"), together with its advisers, is exploring a possible cancellation of the standard listing of the Company's ordinary shares of €0.01 each (the "Shares") from the Official List of the United Kingdom Listing Authority and the cancellation of trading in the Shares on the Main Market of the London Stock Exchange (together, the "De-Listing"), the Company hereby announces that the Board continues to examine and analyse, together with its advisers, a potential De-Listing as well as alternative methods that could, amongst others, provide liquidity with respect to the Shares, taking into consideration the interests of the Company and all its stakeholders. At this stage, there is no certainty that a De-Listing or alternative methods will be pursued by the Board. Further announcements regarding the considered De-Listing or alternative methods will be made if and when required.
In parallel, following the recent decision of the Company regarding the early and full repayment and subsequent delisting of all of the Company's bonds listed on the London Stock Exchange as announced on 23 November 2017, as well as the Company's intention, as announced on 24 November 2017, to repay the whole outstanding amount under a third party loan agreement (series B), which would result in a significant reduction in the level of the Company's corporate debt and related costs, the Board is in the process of preparing a strategic plan going forward. This plan will take into consideration, among others, the changes in the nature of the Company's business and its balance sheet. The Board is considering the implementation of a number of changes, including changes to the organisational structure of the Company, that will assist in cutting expenses and enhancing the possibility to return capital and/or distribute dividends to its shareholders in the future.
In this regard, Board member Daniel Aalsvel (non-executive director) and CEO Ariel Podrojski have expressed their intention to retire from their positions in the Company in due course. The Board is currently considering, within the Company's senior management, alternatives for succeeding Ariel Podrojski, who has agreed to remain a consultant to the Company in order to support a smooth transition, as well as changes to other management positions.
The Board expects to conclude its work and publish a plan, together with its recommendations and proposal regarding the Company's strategy going forward as well as a suitable new composition of Board and management and corresponding resignations, in early 2018.
ENQUIRIES:
BCRE - Brack Capital Real Estate Investments N.V. | |
Ariel Podrojski, Chief Executive Officer | |
Nansia Koutsou, Chief Financial Officer / Chief Operating Officer | +31 20 514 1004 |
Novella Communications | |
Tim Robertson | |
Toby Andrews | +44 203 151 7008 |
About BCRE
BCRE is an international real estate development and investment group, headquartered in the Netherlands and listed on the London Stock Exchange. Through its subsidiary and associated undertakings, the Company is interested in, develops and operates and international portfolio of real estate assets in the markets it operates.
The Company has established local management team platforms with significant local market expertise. At present, the Company has offices and teams in New York, London, Moscow, Kazan, New Delhi, Amsterdam and Limassol.