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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Summit Germany | LSE:SMTG | London | Ordinary Share | GG00BJ4FZW09 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.185 | 1.18 | 1.19 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMSMTG
RNS Number : 4571M
Summit Germany Limited
28 July 2017
Summit Germany Limited
(the "Company")
Acquisition of Debt and Related Party Transaction
28 July 2017
Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce that it has entered into an unconditional agreement with a current lender to acquire a debt secured over Company's properties (the "Acquired Debt") for a consideration of EUR19.5 million (the "Transaction"). The remaining term of the Acquired Debt is approximately 5 years and the annual debt service costs (i.e. principal and interest) are EUR2.9 million, which will be payable to the Company following the Transaction.
In order to fund the Transaction, the Company has entered into a loan agreement with its majority shareholder, Summit Real Estate Holdings Ltd. ("SREH") (the "Shareholder Loan Agreement"), whereby SREH will grant an unsecured loan of EUR19.5 million to the Company (the "Shareholder Loan"). The Shareholder Loan shall bear annual interest of 8 per cent. or approximately EUR1.6 million, with no amortisation, reflecting cash flow savings of approximately EUR1.3 million per annum for the Company versus the Acquired Debt. The Shareholder Loan can be repaid by the Company within 3 to 16 months of drawdown.
The Company intends to refinance the properties securing the Acquired Debt and it is intended that the funds received on such refinancing will be used to repay the Shareholder Loan.
For the purposes of AIM Rule 13, SREH is a substantial shareholder and entry into the Shareholder Loan Agreement by the Company and SREH constitutes a related party transaction.
The independent directors of the Company, having consulted with the Company's nominated adviser, Liberum Capital Limited, consider that the terms of the Shareholder Loan Agreement are fair and reasonable insofar as the Company's shareholders are concerned.
Inside Information
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU Regulation 596/2014).
For further information please contact:
Summit Germany Limited Tel: +44 (0) 1481 700 300 Zohar Levy - Managing Director Itay Barlev (Braun) - Finance Director Non-Executive Chairman Tel: +44 (0) 20 7451 7050 Harry Hyman Carey Group, Company Secretary Tel: +44 (0) 1481 700 300 Sara Bourne Liberum Capital Limited, Nominated Tel: +44 (0) 20 3100 2222 Adviser and Joint Broker Chris Clarke / Jill Li Cenkos Securities, Joint Broker Tel: +44 (0) 20 7397 8900 Ivonne Cantu Russell Kerr / Selwyn Jones (Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCZMGZNMRKGNZM
(END) Dow Jones Newswires
July 28, 2017 07:30 ET (11:30 GMT)
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