Offer Update

 

TIDMDLD 
 
RNS Number : 9932B 
Black Sea Global Properties Limited 
05 November 2009 
 

Not for release, publication or distribution in or into the United States of 
America, Canada, Australia, the Republic of South Africa or Japan or any other 
jurisdiction where to do the same would constitute a violation of the relevant 
laws of such jurisdiction 
 
 
5 November 2009 
 
 
 
 
BLACK SEA GLOBAL PROPERTIES LIMITED 
 
 
RECOMMENDED INCREASED AND UNCONDITIONAL MANDATORY CASH OFFER 
 
 
by 
 
 
BLACK SEA GLOBAL PROPERTIES LIMITED 
 
 
for 
 
 
DEUTSCHE LAND PLC 
 
 
OFFER UPDATE 
 
 
On 25 September 2009, the boards of Black Sea Global Properties Limited ("BSGP") 
and Deutsche land plc ("Deutsche Land") announced the terms of an increased 
recommended cash offer (the "Increased Offer") at 13 pence per Deutsche Land 
Share, to be made by BSGP for the whole of the issued and to be issued ordinary 
share capital of Deutsche Land not already owned or otherwise contracted to be 
acquired by BSGP. 
 
 
On 29 September 2009, BSGP acquired (or unconditionally contracted to acquire) 
79,346,887 Deutsche Land Shares at a price of 13 pence per Deutsche Land Share, 
representing approximately 23.86 per cent. of the existing issued ordinary share 
capital of Deutsche Land. As a result, BSGP owned 186,214,696 Deutsche Land 
Shares, representing approximately 56.00 per cent. of the existing issued 
ordinary share capital of Deutsche Land. Accordingly, the Increased Offer was 
declared unconditional in all respects. 
 
 
Closing of the Offer 
 
 
The Increased Offer closed at 3.00 p.m. (London time) on 4 November 2009. 
 
 
Level of Acceptances 
 
 
The board of BSGP is pleased to announce that as at 3.00 p.m. (London time) on 4 
November 2009 valid acceptances of the Increased Offer had been received in 
respect of a total of 136,657,018 Deutsche Land Shares, representing 
approximately 41.10 per cent. of the existing issued ordinary share capital of 
Deutsche Land. 
 
 
Accordingly, BSGP either owns, or has received valid acceptances in respect of, 
a total of 322,871,714 Deutsche Land Shares, representing, in aggregate, 
approximately 97.10 per cent. of the existing issued ordinary share capital of 
Deutsche Land. 
 
 
Compulsory Acquisition of Deutsche Land Shares 
 
 
As previously announced, having received sufficient valid acceptances of the 
Increased Offer, BSGP announces that it intends to implement the compulsory 
acquisition procedures set out in section 154 of the Companies Act 1931 or (as 
the case may be) section 160 of the Companies Act 2006 (each an Isle of Man 
Act). 
 
 
Settlement 
 
 
Any outstanding consideration to which any Deutsche Land Shareholder who has 
accepted the Increased Offer is entitled under or in consequence of the 
Increased Offer will be effected by the despatch of cheques or by crediting 
CREST accounts (as applicable) either on or before 11 November 2009. 
 
 
Terms used but not defined in this announcement shall have the meaning given to 
them in the Increased Offer Document posted to Deutsche Land Shareholders on 1 
October 2009. 
 
 
Enquiries: 
 
 
+----------------------------------------------+----+----------------------+ 
| Lazard & Co., Limited (Financial Adviser to  |    | [phone] | 
| BSGP)                                        |    |                      | 
| Patrick Long                                 |    |                      | 
| Michael Bressler                             |    |                      | 
|                                              |    |                      | 
+----------------------------------------------+----+----------------------+ 
| Oriel Securities Limited (Broker to BSGP)    |    | [phone] | 
| Tom Durie                                    |    |                      | 
| Sapna Shah                                   |    |                      | 
|                                              |    |                      | 
+----------------------------------------------+----+----------------------+ 
| Financial Dynamics (PR Adviser to BSGP)      |    | [phone] | 
| Stephanie Highett                            |    |                      | 
| Richard Sunderland                           |    |                      | 
| Rachel Drysdale                              |    |                      | 
+----------------------------------------------+----+----------------------+ 
 
 
Lazard & Co., Limited, which is regulated by the Financial Services Authority, 
is acting for BSGP in connection with the Increased Offer and no-one else and 
will not be responsible to anyone other than BSGP for providing the protections 
afforded to customers of Lazard or for providing advice in relation to the 
Increased Offer. 
 
 
Oriel Securities Limited, which is regulated by the Financial Services 
Authority, is acting for BSGP in connection with the Increased Offer and no-one 
else and will not be responsible to anyone other than BSGP for providing the 
protections afforded to customers of Oriel or for providing advice in relation 
to the Increased Offer. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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