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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Summit Ger | LSE:SGL | London | Ordinary Share | GB00B126Y552 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.215 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSGL RNS Number : 8996R Summit Germany Limited 07 May 2009 FOR IMMEDIATE RELEASE 7 May 2009 UNIFINTER ADMINISTRATIEKANTOOR B.V. ANNOUNCES A MANDATORY TAKEOVER OFFER FOR DEUTSCHE REAL ESTATE AG As a result of the acquisition by Unifinter Administratiekantoor B.V. ("Unifinter") of an additional 77,500,000 shares in Summit Germany Limited ("Summit") on 7 April 2009, Unifinter increased its holding in Summit to approximately 58.16%. As a result of this shareholding, Unifinter indirectly controls Summit's subsidiary, Deutsche Real Estate AG ("Deutsche"). Summit indirectly controls 78.98% of Deutsche which is listed on the Frankfurt Stock Exchange. In accordance with German law and as a result of the change in indirect control of Deutsche, Unifinter is required to make a mandatory takeover offer for the entire issued share capital of Deutsche ("Deutsche Offer"), at a price to be determined pursuant to German regulatory requirements. Unifinter is required under German Law to submit an offer document to the German regulator Bundesanstalt für Finanzdienstleistungsaufsicht for approval and subsequent publication. On the basis of initial discussions with Unifinter, the independent board of Summit considers that it may be in the best interests of Summit not to accept the Deutsche Offer for its indirect 78.98% shareholding in Deutsche. Furthermore, Unifinter intends to offer Summit the opportunity to purchase any shareholding in Deutsche acquired by Unifinter as a result of acceptances under the Deutsche Offer, on terms to be agreed and which, if Summit is listed on AIM at the relevant time, would be subject to the AIM Rules regarding related party transactions. In connection with its offer for Summit, it was announced yesterday by Unifinter that it had received valid acceptances in respect of 30.21% of the issued share capital of Summit, in addition to its shareholding of 58.16%. The combined amount of valid acceptances and Unifinter's existing holding is 88.38%. For further enquiries please contact: Unifinter Telephone:+972 54 7709170 Zohar Levy Summit Telephone:+44 (0)1481 710 315 Quentin Spicer Deutsche Telephone:+49 (40) 688 75 740 Veit Gunnar Schüttrumpf Fairfax I.S. PLC Telephone: +44 (0)20 7598 5368 Nominated Adviser and Broker to Summit Jeremy Porter / Laura Littley A copy of this announcement is available on Summit's website at: http://www.summitgermany.co.uk/newsFilter Notes to editors Deutsche is a company listed on the Frankfurt Stock Exchange. Deutsche's portfolio of commercial properties in Germany amounts to approximately Euro300 million and located mainly in prime locations in major cities. Summit, incorporated in Guernsey and admitted to trading on AIM in May 2006, is a real estate investment company specialising in commercial properties in Germany. END This information is provided by RNS The company news service from the London Stock Exchange END MSCSSAFMWSUSEFI
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