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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Spazio | LSE:SPNV | London | Ordinary Share | NL0000686319 | ORD EUR0.20 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.90 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSPNV RNS Number : 2048U Spazio Investment NV 19 June 2009 Press Announcement for Immediate Release 19 June 2009 Spazio Investment N.V. ("Spazio" or the "Company") Response to Offer On 8 June 2009, the Board announced that it had received a firm intention from Terra European Investments B.V. ("TEI"), a vehicle controlled and managed by Laxey Partners Limited ("Laxey"), to make an all cash offer for the Company's ordinary shares. The Board also announced that a Committee of the Independent Directors (the "Committee"), comprising John Duggan, Roy Dantzic and Richard Mully, had been formed to review the proposed offer. The Committee notes that TEI has today posted a document (the "Offer Document") to Spazio's shareholders. The Offer Document sets out the terms of an all cash offer at EUR4.50 per ordinary share (the "Offer") by TEI to acquire all of the ordinary shares of the Company which are not already held by TEI and/or Laxey. The Committee considers that the Offer materially undervalues the Company and strongly advises Spazio's shareholders to take no action in respect of the Offer: * The offer price of EUR4.50 represents a discount of * 66.9 per cent. to the Adjusted NAV1 per Spazio ordinary share of EUR13.60 as at 31 December 2008 * 70.4 per cent. to the Adjusted NAV per Spazio ordinary share of EUR15.20 as at 31 December 2008 assuming the cancellation of the existing treasury shares held by the Company; * The Board has implemented a business plan targeting cash returns to shareholders significantly in excess of EUR4.50 per ordinary share over the period to 31 December 2010. The Offer from TEI does not propose any material change to this business plan; * TEI is seeking to gain control of Spazio without paying a control premium. The Committee is reviewing the terms of the Offer Document and expects to provide a more detailed response to the Offer to Spazio's shareholders during the first week of July. The Committee confirms that Spazio remains in full compliance with all of its banking covenants and that excess cash generated from operations and from the sale of assets will be used as necessary to maintain adequate headroom against these covenants on an ongoing basis. Further announcements will be made as appropriate. 1Adjusted NAV is calculated by adjusting Reported NAV for the Open Market Value of Spazios Investment Properties and Development Projects A copy of the Offer Document is available on the website of the Terra Catalyst Fund at http://www.terracatalystfund.com/ Spazio is not subject to the City Code on Takeovers and Mergers or to the Dutch rules for public offers for shares in listed companies. In accordance with the Company's Articles of Association, the Company confirms that is has 27,491,295 ordinary shares of EUR0.20 in issue and admitted to trading on AIM, a market operated by the London Stock Exchange, under the ISIN code of NL0000686319. 4,545,448 ordinary shares are currently held in Treasury by the Company, and are expected to be cancelled on or around 6 July 2009. Enquiries Spazio Investment N.V+44 (0) 7802 244 033 John Duggan Deutsche Bank - Nominated Adviser and +44 20 7545 8000 Financial Adviser Ben Lawrence Situl Jobanputra Oriel Securities - Joint Broker +44 20 7710 7600 Richard Crawley Brunswick Group LLP+44 20 7404 5959 Justine McIlroy Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervisory Authority) and authorised and subject to limited regulation by the Financial Services Authority. Details about the extent of Deutsche Bank AG's authorisation and regulation by the Financial Services Authority are available on request. Deutsche Bank AG is acting as Nominated Adviser and Financial Adviser to Spazio and no-one else in connection with the contents of this announcement and will not be responsible to anyone other than Spazio for providing the protections afforded to the clients of Deutsche Bank AG nor for providing advice in relation to any matter referred to herein. Oriel Securities, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting as joint broker to Spazio and no one else in connection with the contents of this announcement and will not be responsible to anyone other than Spazio for providing the protections afforded to clients of Oriel Securities or for providing advice in relation to any matter referred to herein. This information is provided by RNS The company news service from the London Stock Exchange END RSPFGGMVZLVGLZM
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