Secure Property Dev & Inv PLC Update Re Binding Agreements (4451P)

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RNS Number : 4451P

Secure Property Dev & Inv PLC

08 June 2015

Secure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate

8 June 2015

Secure Property Development & Investment PLC ('SPDI' or 'the Company')

Update Re Binding Agreements

Secure Property Development & Investment PLC, the AIM quoted property company focused on Emerging Europe, announces an update to its announcement made on 21 May 2015 in respect of the binding agreements it has entered into to acquire a series of property assets in Romania and Bulgaria, following a series of administrative steps towards finalisation of the acquisitions.

Pursuant to the acquisitions, SPDI is acquiring net assets worth EUR24.7 million in aggregate. The aggregate consideration will be met by the issue of the following securities in the Company to the vendors of the assets (which represents a change to the consideration previously announced) of: 18,028,294 new SPDI ordinary shares, 18,028,294 warrants exercisable at a price of 10 pence per warrant within 45 days of completion of the acquisitions, 18,028,294 warrants exercisable at a price of 45 pence per warrant by 31 December 2016, and 8,618,997 convertible redeemable preference shares ("RCPS"). The RCPS are either to be converted to an equal number of ordinary shares or redeemed for EUR0.7056 (51 pence) per RCPS 12 months from closing. At current exchange rates and assuming full exercise of the warrants and conversion of the RCPSs, the revised blended issuance price is 45 pence per share.

Completion of all acquisitions is expected to be effected by end of June 2015. Application will be made for the new ordinary shares to be admitted to trading on AIM upon completion of the related acquisition.

**ENDS**

For further information please visit www.secure-property.eu or contact:

 
 
   Lambros Anagnostopoulos   SPDI                          Tel: [phone] 
   Constantinos Bitros       SPDI                          Tel: [phone] 
    Tercel Moore              SP Angel Corporate Finance    Tel: [phone] 
                              LLP                           0470 
   Jeff Keating              SP Angel Corporate Finance    Tel: [phone] 
                              LLP                           0470 
   Lottie Brocklehurst       St Brides Partners Ltd        Tel: [phone] 
                                                            1177 
   Frank Buhagiar            St Brides Partners Ltd        Tel: [phone] 
                                                            1177 
 

Notes to Editors

Secure Property Development and Investment plc is an AIM listed property development and investment company focussed on the South East European markets. The Company's strategy is focussed on generating healthy investment returns principally derived from: the operation of income generating commercial properties and capital appreciation through investment in high yield real estate assets. The Company is focussed primarily on commercial and industrial property in populous locations with blue chip tenants on long term rental contracts. The Company's senior management consists of a team of executives that possess extensive experience in managing real estate companies both in the private and the publicly listed sector, in various European countries.

This information is provided by RNS

The company news service from the London Stock Exchange

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