Statement re Shareholder Support

RNS Number : 9593W

Globalworth Real Estate Inv Ltd

28 April 2021

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

28 April 2021

Globalworth Real Estate Investments Limited ("Globalworth" or the "Company")

Growthpoint, EBRD and Oak Hill agree Offer significantly undervalues Globalworth

Globalworth notes the announcements by Growthpoint Properties Limited ("Growthpoint"), The European Bank for Reconstruction and Development ("EBRD") and Oak Hill Advisors ("OHA"), responding to the unilateral announcement by CPI Property Group S.A. and Aroundtown SA of a firm intention to make a cash offer for the share capital of Globalworth (the "Offer").

On 26 April, a committee of the Globalworth board comprising independent directors (the "Independent Committee") announced that the Offer significantly undervalues the Company, its assets and its prospects.

The Independent Committee refers to the statement by the Growthpoint Board that they "agree with the assessment of value by the Globalworth Independent Committee", by EBRD that the offer "undervalues the Company, its assets and its prospects" and by OHA that it "currently intends to take no action in respect of the Offer given that OHA also believes that it undervalues the Company".

The Independent Committee values the opinion and collective support of Growthpoint, EBRD and OHA, being shareholders who together hold 39.8% of the entire issued share capital of the Company and represent 82.0% of the Globalworth shareholders to whom the Offer would be made.

Enquiries:

Globalworth	Via advisers
Geoff Miller, Chair of the Board
J.P. Morgan Cazenove (Financial Adviser)	Tel: [phone]
Massimo Saletti / Leon Li Dwayne Lysaght / Jonty Edwards
Jefferies (Joint Broker)	Tel: [phone]
Stuart Klein
Panmure Gordon (Nominated Adviser and Joint Broker)	Tel: [phone]
Dominic Morley / Alina Vaskina

 

Important notices

This announcement is not intended to and does not constitute an offer to buy or the solicitation of an offer to subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction. The release, publication or distribution of this announcement in whole or in part in, into or from certain jurisdictions may be restricted by law and therefore persons in such jurisdictions should inform themselves about and observe such restrictions.

Disclaimer

J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the Financial Conduct Authority. J.P. Morgan Cazenove is acting as financial adviser exclusively for Globalworth and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Globalworth for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing advice in relation to any matter referred to herein.

Rule 26.1 Disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.globalworth.com, by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Appendix

Sources of Information and Bases of Calculation

The figures presented in this announcement are based upon:

· 221,118,513 Globalworth shares in issue as per the Rule 2.9 disclosure on 14 April 2021

· 113,879,464 Globalworth shares held by CPI Property Group S.A. and Aroundtown SA as per the Rule 2.7 announcement on 14 April 2021, representing in aggregate approximately 51.50 per cent. of the existing issued share capital of Globalworth. This excludes the warrants over a further 2,830,020 Globalworth shares which will lapse in accordance with their terms should the Offer be declared unconditional in all respects

· 65,238,742 Globalworth shares held by Growthpoint as per the Rule 8.3 disclosure on 27 April 2021, representing in aggregate approximately 29.50 per cent. of the existing issued share capital of Globalworth

·   11,064,966 Globalworth shares held by EBRD as per the Rule 8.3 disclosure on 27 April 2021, representing in aggregate approximately 5.00 per cent. of the existing issued share capital of Globalworth

· 11,665,106 Globalworth shares held by OHA as per the Rule 8.3 disclosure on 28 April 2021, representing in aggregate approximately 5.28 per cent. of the existing issued share capital of Globalworth

 

END

 

 

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