Itacare Capital Investments Ltd Shareholders' Agreement (3450K)

TIDMITA

RNS Number : 3450K

Itacare Capital Investments Ltd

29 July 2013

   Date:                                       29 July 2013 

On behalf of: Itacaré Capital Investments Ltd ("Itacaré" or "the Company")

Itacaré Capital Investments Ltd

Shareholders' Agreement

The Company has been informed that shareholders representing 51.6% of its entire issued share capital (including the Company's largest shareholder, BGO Fund Plc) have entered into an agreement relating to their shareholdings in the Company.

The Company has been informed that the agreement has a three year term and provides that those shareholders will: (i) not sell their shares in the Company at a price below the Company's last audited net asset value divided by the number of shares in issue; (ii) vote together as one unit at general meetings of the Company and on any written resolution; and (iii) not propose any resolution without each other's consent.

The agreement terminates on the winding-up or insolvency of the Company.

For further information:

 
Itacaré Capital Investments              Tel: [phone] 
 Chairman, Michael St. Aldwyn 
                                              Tel: [phone] 
  Itacaré Capital Partners 
  Investment Manager, Pedro de Miranda 
                                              Tel: [phone] 
  Cenkos Securities 
  Stephen Keys, Adrian Hargrave (Nominated 
  adviser) 
  Russell Kerr, Alex Aylen (Sales) 
                                              Tel: [phone] 
  Redleaf Polhill                              E: [e-mail] 
  Emma Kane, Henry Columbine, Hannah Fensome 
 

Notes to Editors:

-- Itacaré Capital Investments Limited is a real estate investment company focused on tourism-real estate developments in Brazil. The Company acquires large parcels of land at strategic locations that can be developed and sold to end users with the intention of achieving a minimum IRR of 25 per cent.

-- The Company invests in projects at an early development stage or in strategic land sites that can be acquired at a discount to open market value at current usage.

-- Itacaré Capital focuses on beachfront parcels with particular geographic characteristics that maximize sea views and reduce the need for expensive landscaping thus translating into higher margin.

-- Itacaré Capital aims to create a development that is better than the best quality development in the local area in order to achieve maximum pricing power.

-- Itacaré Capital focuses on high quality residential developments that typically include a number of holiday or second home units, luxury hotels and leisure components. Approximately 70% of our portfolio is targeted to domestic buyers.

-- Further information is available at www.itacarecapital.com

-- Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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