Last checked at 28 Jul 2016 13:00
Secure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate
28 July 2016
Secure Property Development & Investment PLC ('SPDI' or 'the Company')
Corporate Update
Secure Property Development & Investment PLC, the AIM quoted South Eastern European focused property and investment company, announces that it has exercised its right to request a three-month extension to the Redemption Date of the Redeemable Convertible Preference Shares ('RCPS') which were issued in July 2015 to the vendor of BLUEBIGBOX 3 S.R.L ('BLUEBIGBOX'), a DIY retail property located in a prime location in Craiova, Romania.
BLUEBIGBOX, along with a number of other properties in Romania and Bulgaria, was acquired by SPDI in July 2015. The property, which is fully let to the European DIY retailer Praktiker, the Romanian operations of which are now owned by MINIERA SUD EST and Susli Omer, was purchased by the Company for a total consideration of €6.1 million, which was settled by the issue of 8,618,997 RCPSs to the vendor. Under the terms of the sale and purchase agreement, the RCPS's were to be either converted to an equal number of ordinary shares or redeemed for €0.7056 per RCPS on 13 July 2016, subject to SPDI's right of extension. Further to today's extension, the RCPSs will either be redeemed or converted by 13 October 2016 at the discretion of the holder of the RCPSs. For further details of the transaction please refer to the Company's announcement of 14 July 2015.
This announcement contains inside information.
**ENDS**
For further information please visit www.secure-property.eu or contact:
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Notes to Editors
Secure Property Development and Investment plc is an AIM listed property development and investment company focused on the South East European markets. The Company's strategy is focused on generating healthy investment returns principally derived from: the operation of income generating commercial properties and capital appreciation through investment in high yield real estate assets. The Company is focused primarily on commercial and industrial property in populous locations with blue chip tenants on long term rental contracts. The Company's senior management consists of a team of executives that possess extensive experience in managing real estate companies both in the private and the publicly listed sector, in various European countries.