Itacare Capital Investments Ltd Update on Placement of Treasury Shares (8392A)

TIDMITA

RNS Number : 8392A

Itacare Capital Investments Ltd

26 March 2013

Itacaré Capital Investments Ltd

Update on Placement of Treasury Shares

Further to the announcement of 25 March 2013, the Board of Itacaré Capital Investments Ltd (AIM: ITA), a real estate investment company focused on residential projects in Brazil, is pleased to announce that it has allocated its over-subscribed placement of 6,955,000 common shares of one cent each at a price of 40 cents per share (the "Placing"). Placees include new and existing institutional investors, together with directors and management of Itacaré and pursuant to the Placing, certain directors and managers of the Company have been allocated common shares in the Placing and their revised holding is summarised in the table below:

 
 Name                 Shares acquired   Total shares   Percentage 
                                         held           holding 
-------------------  ----------------  -------------  ----------- 
 
 Michael St Aldwyn    725,000           895,000        0.93% 
-------------------  ----------------  -------------  ----------- 
 Pedro Miranda 
  (Manager)           19,300            458,270        0.48% 
-------------------  ----------------  -------------  ----------- 
 David Mattey 
  (Adviser)           152,500           352,500        0.37% 
-------------------  ----------------  -------------  ----------- 
 

Application will be made for the placed common shares to be admitted to trading on AIM and admission is expected on 10 April 2013. Following admission, the total number of voting shares in the Company is 96,096,500. This figure may be used by shareholders as the denominator for the calculations by which to determine if they are required to notify their interest in, or a change to their interest in, Itacaré under the FSA's Disclosure and Transparency Rules.

For further information:

Itacaré Capital Investments

Chairman, Michael St. Aldwyn

Tel: [phone]

Itacaré Capital Partners

Investment Manager, Pedro de Miranda

Tel: [phone]

Duet Private Equity

Investment Advisor, David Mattey

Tel: [phone]

Cenkos Securities

Stephen Keys, Adrian Hargrave (Nominated Adviser)

Russell Kerr, Alex Aylen (Sales)

Tel: [phone]

Redleaf Polhill

Emma Kane, Henry Columbine

Tel: [phone]

E: [e-mail]

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 maximise sea views and reduce the need for expensive landscaping thus translating into higher margin.

-- Itacaré Capital either recruits or looks to partner with local developers to maximise the value of its land investments.

-- 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

This information is provided by RNS

The company news service from the London Stock Exchange

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