Secure Property Dev & Inv PLC Issue of Equity to Directors and Advisers (0597F)
May 15 2017 - 1:00AM
UK Regulatory
TIDMSPDI
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 GBP0.35 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 EUR41 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 SPDI Tel: +357 22
Constantinos Bitros 030783
Andrew Emmott Strand Hanson Tel: +44 (0)
Ritchie Balmer Limited 20 7409 3494
Lottie Brocklehurst St Brides Partners Tel: +44 (0)
Frank Buhagiar Ltd 20 7236 1177
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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