Last checked at 25 Oct 2016 07:00
Secure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate
25 October 2016
Secure Property Development & Investment PLC ('SPDI' or 'the Company')
Update on Acquisition of BLUEBIGBOX 3, Romania
As announced on 14 July 2015, SPDI, the South Eastern European focused property and investment company, completed the acquisition of a 100% interest in BLUEBIGBOX 3 S.R.L ("BIGBLUEBOX 3"), a retail property in a prime location in Craiova, Romania (which is wholly let to Praktiker, a leading European DIY retailer), satisfied through the issuance of 8,618,997 Secured Redeemable Convertible Preference Shares ("RCPS") to the vendor, Bluehouse Capital, a private equity property fund ("Vendor"). The RCPSs were to be converted to an equal number of new ordinary shares of €0.01 each in the Company or redeemed by SPDI at €0.7056 for each of the RCPS, at the discretion of the Vendor. The deadline for such conversion or redemption was initially set for 14 July 2016 and subsequently extended to 14 October 2016 (as announced on 28 July 2016) by agreement with the Vendor. The RCPS are secured over the Company's 20% interest in Autounion Office, an office building in Sofia (acquired in April 2015 from the Vendor and in which the Vendor retains an interest).
The Company and the Vendor have entered into discussions on potential new conversion/redemption parameters, as well as the structure of such including the price and date for such conversion/redemption.
A further announcement will be made in due course.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
**ENDS**
For further information, please visit www.secure-property.eu or contact:
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