3rd Feb 2020 16:10
(Alliance News) - Globalworth Real Estate Investments Ltd on Monday said Chief Executive Ioannis Papalekas sold his indirect interest in the firm to CPI Property Group SA for "personal reasons".
The deal was completed on Friday last week through the sale of Papalekas's holding company, Zakiono Enterprises Ltd.
Papalekas received EUR9.70 per share for 23.7 million shares, a total of EUR229.9 million. CPI Property also paid EUR7.3 million for 2.8 million share warrants and agreed to pay EUR7.1 million in respect of the EUR0.30 per share dividend scheduled to be paid next week.
As a consequence of the deal, CPI Property holds 37.3 million shares and 2.8 million warrants, for a combined strake of 18%, up from 6.0% previously.
"Papalekas' decision to sell his remaining stake in Globalworth is driven by personal reasons. Papalekas has confirmed that he shall stay on as chief executive officer and a director in the near-to-medium term. Globalworth now has a mature asset management and development platform with a strong management team and a body of substantial, knowledgeable and supportive investors, who are able to take the company forward and grow it further," said Globalworth.
Other share transactions were announced which took place on Monday this week. These were Deputy CEO Dimitris Raptis's sale of 508,792 Globalworth shares at EUR9.70 each, as well as the sale of 50,848 shares at the same price by a pension trust of which Raptis is the only beneficiary. As a result of the deals, worth a combined EUR5.4 million, Raptis holds 0.33% Globalworth interest.
Non-Executive Director Eli Alroy also sold shares on Monday at the same EUR9.70 price. In total, Alroy sold 1.1 million Globalworth shares - held in his own name and by his 100% owned company AYRAD Investments Ltd - for EUR10.7 million. He no longer has an interest in any Globalworth shares.
Shares in Globalworth were down 2.0% at EUR9.70 in London on Monday afternoon.
By Anna Farley; [email protected]
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