Last checked at 12 May 2021 14:02
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
12 May 2021
Globalworth Real Estate Investments Limited ("Globalworth" or the "Company")
Offer Update
Globalworth notes that the offer document was published today by CPI Property Group S.A. and Aroundtown SA in connection with the unilateral cash offer for the Company (the "Offer"). On 26 April 2021, a committee of the Globalworth board comprising independent directors (the "Independent Committee") announced that the Offer significantly undervalues the Company, its assets and its prospects.
The Independent Committee notes that the Offer is subject to a 90% minimum acceptance condition and, as noted in the announcement on 27 April 2021, Growthpoint Properties Limited, The European Bank for Reconstruction and Development and Oak Hill Advisors, being shareholders who together hold 39.8% of the entire issued share capital of the Company, have stated, in agreement with the Independent Committee, that the Offer undervalues the Company. If these shareholders do not accept the Offer on its current terms then the acceptance condition will not be capable of being satisfied unless it is waived down to a lower percentage.
The Independent Committee continues to advise Globalworth shareholders to take no action in relation to the Offer. A formal response to the Offer will be published by Globalworth within 14 days of today's date.
Enquiries:
Globalworth | Via advisers | |
Geoff Miller, Chair of the Board | ||
J.P. Morgan Cazenove (Financial Adviser) | Tel: +44 20 7742 4000 | |
Massimo Saletti / Leon Li Dwayne Lysaght / Jonty Edwards | ||
Panmure Gordon (Rule 3 Adviser, Nominated Adviser and Joint Broker) |
Tel: +44 20 7886 2500 | |
Dominic Morley / Alina Vaskina | ||
Jefferies (Joint Broker) | Tel: +44 20 7029 8000 | |
Stuart Klein | ||
Important notices
This announcement is not intended to and does not constitute an offer to buy or the solicitation of an offer to subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction. The release, publication or distribution of this announcement in whole or in part in, into or from certain jurisdictions may be restricted by law and therefore persons in such jurisdictions should inform themselves about and observe such restrictions.
The person responsible for arranging for the release of this announcement on behalf of the Company is Nicola Marrin, Company Secretary.
Disclaimer
J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the Financial Conduct Authority. J.P. Morgan Cazenove is acting as financial adviser exclusively for Globalworth and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Globalworth for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing advice in relation to any matter referred to herein.
Panmure Gordon (UK) Limited ("Panmure Gordon") which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Globalworth and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Globalworth for providing the protections afforded to clients of Panmure Gordon or its affiliates, nor for providing advice in relation to any matter referred to herein.
Rule 26.1 Disclosure
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.globalworth.com, by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.