Plaza Centers N.V. DISPUTE WITH THE PURCHASER OF A PLOT IN INDIA (4315C)
January 19 2018 - 8:30AM
UK Regulatory
TIDMPLAZ
RNS Number : 4315C
Plaza Centers N.V.
19 January 2018
19 January 2018
PLAZA CENTERS N.V.
DISPUTE WITH THE PURCHASER OF A PLOT IN INDIA
Plaza Centers N.V. ("Plaza" or the "Company") announces, further
to its press release dated June 19, 2017 regarding the signing of a
revised agreement for the sale of the100% interest in an SPV (in
which Plaza holds a 50% stake with its joint venture partner, Elbit
Imaging Ltd.), that holds property in Bangalore, India, to a local
investor (the "Agreement" and the "Purchaser" respectively), that,
due to a proposed change (initiated by the Indian authorities)
which could potentially impact the development of the land, the
Purchaser has given notice that all remaining payments under the
Agreement will be stopped until a mutually acceptable solution is
reached.
To date, since the signing of the Agreement, the Purchaser has
paid non-refundable advance payments totalling INR 40 Crores (circa
EUR5.3 million), out of the total consideration of INR 338 Crores
(circa EUR43.4 million) due under the Agreement.
The Company rejects the Purchaser's claims and is considering
all available legal options.
Ends
For further details, please contact:
Plaza
Dori Keren, CEO +48 22 231 99 00
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is listed on the Main
Board of the London Stock Exchange, as of 19 October 2007, on the
Warsaw Stock Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on
the Tel Aviv Stock Exchange. Plaza Centers N.V. is an indirect
subsidiary of Elbit Imaging Ltd. ("EI"), an Israeli public company
whose shares are traded on both the Tel Aviv Stock Exchange in
Israel and on the NASDAQ Global Market in the United States. Plaza
Centers has been active in real estate development in emerging
markets for over 22 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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