FOR IMMEDIATE RELEASE
18 July 2024
NOT FOR RELEASE, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA OR
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PARTICULAR, THIS ANNOUNCEMENT AND THE TENDER OFFER MEMORANDUM
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This announcement shall not
constitute, or be deemed to form part
of, any
invitation to sell, or any
solicitation of an offer to buy, the securities referred to herein
in the United States or any other jurisdiction, nor shall
it (or any part of this announcement) or the fact of its
distribution form the basis of, or be relied upon in connection
with, or act as any inducement to enter into, any contract or
commitment.
The information communicated within
this announcement is deemed to constitute inside information as
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596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this information is considered to
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Kingdom.
Globalworth Real Estate Investments
Limited
("Globalworth" or the
"Company")
Results
of Cash Tender Offers for Notes due 2029 and Notes due
2030
Globalworth (AIM: GWI) announces the
results of its invitation announced on 11 July 2024 to holders
of its €307,109,200 6.25 per cent. Notes due 31 March 2029 (ISIN:
XS2809858561; Common Code: 280985856) (the "2029
Notes") and €333,350,400 6.25 per cent. Notes due 31 March 2030
(ISIN: XS2809868446; Common Code: 280986844) (the "2030 Notes" and,
together with the 2029 Notes, the "Notes") to tender up
to €60,000,000 in aggregate current principal amount of
their Notes for purchase by the Company for cash through an unmodified Dutch
auction procedure (collectively, the "Tender Offers" and each of
them a "Tender Offer").
The Company announces today an
increase of the Maximum Acceptance Amount in respect of the Tender
Offers from €60,000,000 to €83,184,863.49 in aggregate Current
Principal Amount of the Notes.
The Company announces today that it
will accept for purchase €38,184,863.47 in aggregate current
principal amount of the 2029 Notes validly tendered pursuant to the
Tender Offers, including all Notes validly tendered by way of
Non-Competitive Tender Instructions. The aggregate Purchase
Consideration (excluding Accrued Interest Payments) for the 2029
Notes validly tendered and accepted for purchase pursuant to the
Tender Offers will be €37,275,767.38, which will be funded by cash
on the Company's balance sheet. The Company will also pay Accrued
Interest in respect of the 2029 Notes validly tendered, delivered
and accepted for purchase by the Company pursuant to the Tender
Offers.
The Company will accept for purchase
€45,000,000.02 in aggregate current principal amount of the 2030
Notes validly tendered pursuant to the Tender Offers, including all
Notes validly tendered by way of Non-Competitive Tender
Instructions. The aggregate Purchase Consideration (excluding
Accrued Interest Payments) for the 2030 Notes validly tendered and
accepted for purchase pursuant to the Tender Offers will be
€43,005,002.02, which will be funded by cash on the Company's
balance sheet. The Company will also pay Accrued Interest in
respect of the 2030 Notes validly tendered, delivered and accepted
for purchase by the Company pursuant to the Tender
Offers.
The final results of the Tender
Offers for the Notes are as follows:
|
Description of the
Notes
|
Maturity
Date
|
ISIN / Common
Code
|
Scaling Factor at the Maximum
Purchase Price
|
Original Nominal Amount of
the Notes Accepted
|
Current Principal Amount of
the Notes Accepted
|
Purchase Consideration
(excluding Accrued Interest Payments)
|
|
€307,109,200 6.25 per
cent. Notes due 2029
|
31 March
2029
|
XS2809858561/ 280985856
|
N/A
|
€44,740,600.00
|
€38,184,863.47
|
€37,275,767.38
|
|
€333,350,400 6.25 per
cent. Notes due 2030
|
31 March
2030
|
XS2809868446/ 280986844
|
40.36673077%
|
€47,872,184.00
|
€45,000,000.02
|
€43,005,002.02
|
The expected settlement date in
respect of the accepted Tender Offers is 22 July
2024.
Further to our announcement dated 11
July 2024 which included a trading update, the Company expects the
disposal of Globalworth's 50% interests in logistics assets in
Romania owned via a joint venture to complete by the end of this
week. The buyer is WDP, a developer and investor in logistics real
estate across six European countries including Romania.
Merrill Lynch
International and Raiffeisen Bank International AG have been appointed by
the Company to act as Dealer Managers and Kroll Issuer
Services Limited as the Tender Agent in connection with the
Tender Offers.
For further information visit
www.globalworth.com or contact:
|
Enquiries
|
|
|
Rashid Mukhtar
Group CFO
|
Tel: +40 732 800 000
|
|
Panmure Liberum Limited (Nominated
Adviser and Broker)
Atholl Tweedie
|
Tel: +44 20 7886 2500
|
About Globalworth / Note to
Editors:
Globalworth is a listed real estate
company active in Central and Eastern Europe, quoted on the
AIM-segment of the London Stock Exchange. It has become the
pre-eminent office investor in the CEE real estate market through
its market-leading positions both in Poland and Romania.
Globalworth acquires, develops and directly manages high-quality
office and industrial real estate assets in prime locations,
generating rental income from high quality tenants from around the
globe. Managed by over 269 professionals across Cyprus, Guernsey,
Poland and Romania the combined value of its portfolio is €3.0
billion, as at 31 December 2023. Approximately 96.8% of
the portfolio is in income-producing assets, predominately in the
office sector, and leased to a diversified array of
over 715 national and multinational corporates. In Poland
Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and
Katowice, while in Romania it has assets in Bucharest and
seven other cities.
For more information, please
visit www.globalworth.com and
follow us on Facebook, Instagram and LinkedIn.
IMPORTANT NOTICE:
This announcement does not
constitute, or form part of, any invitation to sell, or any
solicitation of an offer to buy, any securities in the United
States or any other jurisdiction, nor shall it (or any part of
this announcement) or the fact of its distribution form the basis
of, or be relied upon in connection with, or act as any inducement
to enter into, any contract or commitment. Recipients of this
announcement who intend to sell any securities are reminded that
any such sale must be made solely on the basis of the tender offer
memorandum dated 11 July 2024 prepared by the Company in
connection with the Tender Offers, subject to the relevant offer
and distribution restrictions. In certain jurisdictions, the
transactions described above and the distribution of this
announcement and other information in connection with the
transactions described above may be restricted by law and persons
into whose possession any document or other information referred to
herein comes should inform themselves about and observe any such
restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such
jurisdiction.