Placement of Treasury Shares (9327C)

TIDMITA

RNS Number : 9327C

Itacare Capital Investments Ltd

09 May 2012

 
 Date:              09 May 2012 
 On behalf of:      Itacare Capital Investments Ltd ("Itacare") 
                     or "the Group") 
 Embargoed until:   0700hrs 
 

Itacare Capital Investments Ltd

Placement of Treasury Shares

The Board of Itacare Capital Investments Ltd (AIM: ITA), a real estate investment company focused on residential projects in Brazil, is today providing an update on the potential sale of some or all of its 11 million treasury shares as previously referred to in its announcement of 17 April 2012.

The disposal of the treasury shares is being undertaken in order to increase the Company's cash reserves and support the Group's delivery of its development pipeline.

The Company has received support from possible placees, including existing investors, directors and management and has accordingly set the placing price at 50 cents per treasury share. Itacare will provide a further update when the final number of treasury shares being placed has been determined.

- ends -

For further information:

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

Notes to Editors:

-- Itacare 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.

-- Itacare 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.

-- Itacare 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.

-- Itacare 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

END

MSCUGUQAAUPPGRR