Last checked at 26 Apr 2021 09:00
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
26 April 2021
Globalworth Real Estate Investments Limited ("Globalworth" or the "Company")
Update on announcement from CPI Property Group S.A. and Aroundtown SA (the "Consortium")
On 14 April 2021, CPI Property Group S.A. and Aroundtown SA unilaterally announced a firm intention to make a cash offer for the share capital of Globalworth not already owned or controlled by them at EUR 7.00 per Globalworth share (the "Offer").
On 19 April 2021, Globalworth announced the formation of an independent committee of the Board (the "Independent Committee") to evaluate the Offer.
The Independent Committee values both members of the Consortium as shareholders and supporters of the Company. However, having considered the Offer with its advisers, it has concluded that the Offer significantly undervalues the Company, its assets and its prospects.
The Offer price of EUR 7.00 per Globalworth share represents a significant discount to the Company's EPRA NAV, which will be updated and published as part of the offer process, which was EUR 8.68 per share as of 31 December 2020.
The Offer also represents a discount of more than 27% to the Company's 6-month volume weighted average price as of 21 February 2020, being the last date prior to the start of the COVID-19 pandemic.
Accordingly, the Independent Committee advises Globalworth shareholders to take no action in relation to this Offer which materially undervalues the Company.
The Independent Committee notes that the Consortium has not sought a recommendation for the Offer.
The Independent Committee will provide Globalworth shareholders with its formal response to the Offer following publication of the offer document by the Consortium. Further announcements will be made as and when appropriate.
Enquiries:
Globalworth | Tel: +40 372 800 000 |
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 |
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Jefferies (Joint Broker) | Tel: +44 20 7029 8000 |
Stuart Klein | |
Panmure Gordon (Nominated Adviser and Joint Broker) | Tel: +44 20 7886 2500 |
Dominic Morley / Alina Vaskina / Joanna Langley |
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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.
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.