Issue of Equity to Directors and Advisers

RNS Number : 0597F

Secure Property Dev & Inv PLC

15 May 2017

 

Secure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate

Secure Property Development & Investment PLC

('SPDI' or 'the Company')

15 May 2017

Issue of Equity to directors and advisers at 100% premium

Secure Property Development and Investment PLC (AIM: SPDI), the South Eastern European focused property and investment company, announces the issue of new ordinary shares to the Non-executive directors of the Company who were in office in 2015 in lieu of fees accrued in 2015.  The new shares are to be issued at £0.35 per share, which represents a 100% premium to the closing share price on 12 May 2017.  

The Company has also issued a number of new ordinary shares to an adviser in lieu of fees for services offered in 2017.  Pursuant to the above, a total of 626,133 new ordinary shares will be issued, of which Non-executive Directors will receive 519,474 shares and third party advisers and former directors will receive 106,659 shares.  The new ordinary shares are to be allocated as follows:

Name	Number of Shares
Ian Domaille	93,429
Harin Thaker	70,507
Franz Hoerhager	68,571
Paul Ensor	68,571
Alvaro Portela	68,571
Antonios Kaffas	78,857
Vagharshak Barseghyan	35,484
Kalypso Maria Nomikou	35,484
Advisors & Ex- directors	106,659

The new ordinary shares will be credited as fully paid and will rank pari passu with the existing ordinary shares, including the right to receive all dividends and other distributions declared in respect of such shares after the date of their issue.   Approval for the issue of the new ordinary shares on a non-pre-emptive basis was obtained at the Annual General Meeting of the Company's shareholders held on 30 December 2016.

Application has been made for the 626,133 new ordinary shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective on 18 May 2017. Following Admission, there will be a total of 90,640,856 ordinary shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

Following the issue of new ordinary shares, the Non - executive directors will hold the following shares:

	Shares	%
Ian Domaille	379,475	0.42%
Paul Ensor	271,597	0.30%
Franz Hoerhager	245,575	0.27%
Antonios Kaffas	205,709	0.23%
Alvaro Portela	168,844	0.19%
Harin Thaker	170,780	0.19%
Vagharshak Barseghyan	35,484	0.04%
Kalypso  Nomikou	35,484	0.04%

Lambros G. Anagnostopoulos, Chief Executive Officer, said, "The issuance of the new shares at twice the prevailing share price to directors and advisers in lieu of fees closely follows last month's series of director share purchases in the market.  Both events demonstrate a strong conviction that the market is significantly undervaluing our portfolio of prime real estate. 

"The numbers speak for themselves: comprised of logistics terminals, offices and a retail Big Box Property in strategic locations such as Athens and Bucharest, as well as residential units in Bucharest and Sofia, SPDI's net asset value was estimated as at 30 June 2016 to be €41 million, more than twice our current market valuation.  By agreeing to be paid in shares at a 100% premium to the market price, the directors and advisers have demonstrated their strong support firstly for our vision to transform SPDI into the leading London listed property company focused on selected South East European countries, and secondly our ability to deliver."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

* * ENDS * *

For further information, please visit www.secure-property.eu or contact:

Lambros Anagnostopoulos Constantinos Bitros	SPDI	Tel: [phone]
Andrew Emmott Ritchie Balmer	Strand Hanson Limited	Tel: [phone]
Lottie Brocklehurst Frank Buhagiar	St Brides Partners Ltd	Tel: [phone]

Notes to Editors

Secure Property Development and Investment plc is an AIM listed property development and investment company focused on the South East European markets.  The Company's strategy is focused on generating healthy investment returns principally derived from: the operation of income generating commercial properties and capital appreciation through investment in high yield real estate assets.  The Company is focused primarily on commercial and industrial property in populous locations with blue chip tenants on long term rental contracts.  The Company's senior management consists of a team of executives that possess extensive experience in managing real estate companies both in the private and the publicly listed sector, in various European countries.

 

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