Summit Properties Limited Results of Tender Offer (2036F)

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RNS Number : 2036F

Summit Properties Limited

05 March 2020

5 March 2020

Summit Properties Limited

("Summit" or the "Company")

Results of Tender Offer

and

PDMR and PCA Dealings

The Company announces the results of the Tender Offer and the sale of ordinary shares of no par value ("Ordinary Shares") as a result of the Tender Offer by certain Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them ("PCAs").

Results of Tender Offer

The Company was authorised to purchase up to 148,275,862 Ordinary Shares. A total of 123,512,832 Ordinary Shares (being 27.74% of the Company's issued share capital of 445,235,204 Ordinary Shares) were validly tendered under the Tender Offer, representing approximately 83.30% of the number of Ordinary Shares available to tender, and will be repurchased by the Company under the Tender Offer and cancelled. The Entitlement of all Shareholders who have validly tendered their Ordinary Shares will be accepted in full.

It is expected that cheques will be dispatched, and CREST accounts will be credited, in respect of successfully tendered Ordinary Shares will be dispatched by 16 March 2020.

Following the Tender Offer and the cancellation of the repurchased shares, the Company's share capital in issue will reduce from 445,235,204 Ordinary Shares to 321,722,372 Ordinary Shares (the "Reduced ISC"). The Company does not hold any Ordinary Shares in treasury.

Trading in the Company's Ordinary Shares on AIM will be cancelled with effect from 7.00 a.m. on Tuesday 17 March 2020.

PDMR and PCA Dealings

Harry Hyman, a director of the Company classified as a PDMR, has tendered 44,234 Ordinary Shares at the Tender Offer Price. Following this sale, Harry Hyman holds 88,569 Ordinary Shares, representing 0.028% of the Reduced ISC.

Anita Hyman, Harry Hyman's wife, classified as a PCA, has tendered 5,194 Ordinary Shares at the Tender Offer Price. Following this sale, Anita Hyman holds 10,387 Ordinary Shares, representing 0.003% of the Reduced ISC.

Quentin Spicer, a director of the Company classified as a PDMR, has tendered 6,546 Ordinary Shares at the Tender Offer Price. Following this sale, Quentin Spicer holds 13,114 Ordinary Shares, representing 0.004% of the Reduced ISC.

Christopher Spencer, a director of the Company classified as a PDMR, has tendered 3,330 Ordinary Shares at the Tender Offer Price. Following this sale, Christopher Spencer holds 6,670 Ordinary Shares, representing 0.002% of the Reduced ISC.

Itay Barlev, a director of the Company classified as a PDMR, has tendered 8,325 Ordinary Shares at the Tender Offer Price. Following this sale, Itay Barlev holds 16,675 Ordinary Shares, representing 0.005% of the Reduced ISC.

Unifinter, of which Itay Barlev is a director, and being a wholly-owned subsidiary of Summit Real Estate Holdings Limited of which Zohar Levy is a director and controlling shareholder, has tendered 121,701,624 Ordinary Shares at the Tender Offer Price. Following this sale, Unifinter holds 315,780,803 Ordinary Shares, representing 98.153% of the Reduced ISC.

The Circular can be viewed on, and downloaded from, the Company's website at www.summit-properties.com. Terms used but not defined in this announcement have the same meaning as in the Circular.

The FCA notifications, made in accordance with the requirements of the EU Market Abuse Regulation are appended below.

F or further information:

Summit Properties Limited Tel: [phone]

Zohar Levy - Managing Director

Itay Barlev (Braun) - Finance Director

Non-Executive Chairman Tel: [phone]

Harry Hyman

Carey Group, Company Secretary Tel: [phone]

Chris Le Page / Tom Lancaster-King

   Liberum Capital Limited, Nominated Adviser and Joint Broker     Tel: [phone] 

Chris Clarke / Gillian Martin / Owen Matthews

Cenkos Securities, Joint Broker Tel: [phone]

Mark Connelly

Russell Kerr / Selwyn Jones (Broking)

 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                     Harry Hyman 
      -----------------------  ------------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------- 
 a)    Position/status          Non-executive Director 
      -----------------------  ------------------------------------------- 
 b)    Initial notification     Initial notification 
        /Amendment 
      -----------------------  ------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3     auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------- 
 a)    Name                     Summit Properties Limited 
      -----------------------  ------------------------------------------- 
 b)    LEI                      213800KLWIACHRBYR158 
      -----------------------  ------------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      -------------------------------------------------------------------- 
 a)    Description              Ordinary shares of no par value ("Ordinary 
        of the financial         Shares") 
        instrument, 
        type of instrument 
        Identification           ISIN number GG00BJ4FZW09 
        code 
      -----------------------  ------------------------------------------- 
 b)    Nature of                Tender of Ordinary Shares 
        the transaction 
      -----------------------  ------------------------------------------- 
 c)    Price(s)                  Price(s)    Volume(s) 
        and volume(s)             1.45 euro   44,234 
                                             ---------- 
      -----------------------  ------------------------------------------- 
       Aggregated 
 d)     information 
   - Aggregated 
    volume 
   - Price                        44,234 
                                  1.45 euro 
 ----------------------------  ------------------------------------------- 
 e)    Date of the              05/03/2020 
        transaction 
      -----------------------  ------------------------------------------- 
 f)    Place of                 London Stock Exchange 
        the transaction 
      -----------------------  ------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                    Anita Hyman 
      ----------------------  -------------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------- 
 a)    Position/status         Wife of Harry Hyman (Non-Executive Director 
                                of the Company) 
      ----------------------  -------------------------------------------- 
 b)    Initial notification    Initial notification 
        /Amendment 
      ----------------------  -------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3     auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------- 
 a)    Name                    Summit Properties Limited 
      ----------------------  -------------------------------------------- 
 b)    LEI                     213800KLWIACHRBYR158 
      ----------------------  -------------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      -------------------------------------------------------------------- 
 a)    Description             Ordinary shares of no par value ("Ordinary 
        of the financial        Shares") 
        instrument, 
        type of instrument 
        Identification          ISIN number GG00BJ4FZW09 
        code 
      ----------------------  -------------------------------------------- 
 b)    Nature of               Tender of Ordinary Shares 
        the transaction 
      ----------------------  -------------------------------------------- 
 c)    Price(s)                 Price(s)    Volume(s) 
        and volume(s)            1.45 euro   5,194 
                                            ---------- 
      ----------------------  -------------------------------------------- 
       Aggregated 
 d)     information 
   - Aggregated 
    volume 
   - Price                       5,194 
                                 1.45 euro 
 ---------------------------  -------------------------------------------- 
 e)    Date of the             05/03/2020 
        transaction 
      ----------------------  -------------------------------------------- 
 f)    Place of                London Stock Exchange 
        the transaction 
      ----------------------  -------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                     Quentin Spicer 
      -----------------------  ------------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------- 
 a)    Position/status          Non-executive Director 
      -----------------------  ------------------------------------------- 
 b)    Initial notification     Initial notification 
        /Amendment 

      -----------------------  ------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3     auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------- 
 a)    Name                     Summit Properties Limited 
      -----------------------  ------------------------------------------- 
 b)    LEI                      213800KLWIACHRBYR158 
      -----------------------  ------------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      -------------------------------------------------------------------- 
 a)    Description              Ordinary shares of no par value ("Ordinary 
        of the financial         Shares") 
        instrument, 
        type of instrument 
        Identification           ISIN number GG00BJ4FZW09 
        code 
      -----------------------  ------------------------------------------- 
 b)    Nature of                Tender of Ordinary Shares 
        the transaction 
      -----------------------  ------------------------------------------- 
 c)    Price(s)                  Price(s)    Volume(s) 
        and volume(s)             1.45 euro   6,546 
                                             ---------- 
      -----------------------  ------------------------------------------- 
       Aggregated 
 d)     information 
   - Aggregated 
    volume 
   - Price                        6,546 
                                  1.45 euro 
 ----------------------------  ------------------------------------------- 
 e)    Date of the              05/03/2020 
        transaction 
      -----------------------  ------------------------------------------- 
 f)    Place of                 London Stock Exchange 
        the transaction 
      -----------------------  ------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                     Christopher Spencer 
      -----------------------  ------------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------- 
 a)    Position/status          Non-executive Director 
      -----------------------  ------------------------------------------- 
 b)    Initial notification     Initial notification 
        /Amendment 
      -----------------------  ------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3     auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------- 
 a)    Name                     Summit Properties Limited 
      -----------------------  ------------------------------------------- 
 b)    LEI                      213800KLWIACHRBYR158 
      -----------------------  ------------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      -------------------------------------------------------------------- 
 a)    Description              Ordinary shares of no par value ("Ordinary 
        of the financial         Shares") 
        instrument, 
        type of instrument 
        Identification           ISIN number GG00BJ4FZW09 
        code 
      -----------------------  ------------------------------------------- 
 b)    Nature of                Tender of Ordinary Shares 
        the transaction 
      -----------------------  ------------------------------------------- 
 c)    Price(s)                  Price(s)    Volume(s) 
        and volume(s)             1.45 euro   3,330 
                                             ---------- 
      -----------------------  ------------------------------------------- 
       Aggregated 
 d)     information 
   - Aggregated 
    volume 
   - Price                        3,330 
                                  1.45 euro 
 ----------------------------  ------------------------------------------- 
 e)    Date of the              05/03/2020 
        transaction 
      -----------------------  ------------------------------------------- 
 f)    Place of                 London Stock Exchange 
        the transaction 
      -----------------------  ------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                     Itay Barlev 
      -----------------------  ------------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------- 
 a)    Position/status          Non-executive Director 
      -----------------------  ------------------------------------------- 
 b)    Initial notification     Initial notification 
        /Amendment 
      -----------------------  ------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3     auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------- 
 a)    Name                     Summit Properties Limited 
      -----------------------  ------------------------------------------- 
 b)    LEI                      213800KLWIACHRBYR158 
      -----------------------  ------------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      -------------------------------------------------------------------- 
 a)    Description              Ordinary shares of no par value ("Ordinary 
        of the financial         Shares") 
        instrument, 
        type of instrument 
        Identification           ISIN number GG00BJ4FZW09 
        code 
      -----------------------  ------------------------------------------- 
 b)    Nature of                Tender of Ordinary Shares 
        the transaction 
      -----------------------  ------------------------------------------- 
 c)    Price(s)                  Price(s)    Volume(s) 
        and volume(s)             1.45 euro   8,325 
                                             ---------- 
      -----------------------  ------------------------------------------- 
       Aggregated 
 d)     information 
   - Aggregated 
    volume 
   - Price                        8,325 
                                  1.45 euro 
 ----------------------------  ------------------------------------------- 
 e)    Date of the              05/03/2020 
        transaction 
      -----------------------  ------------------------------------------- 
 f)    Place of                 London Stock Exchange 
        the transaction 
      -----------------------  ------------------------------------------- 
 

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March 05, 2020 12:10 ET (17:10 GMT)