15th Sep 2016 15:11
LONDON (Alliance News) - Plaza Centers NV Thursday said it has signed a preliminary deal to sell a 1.8 hectare plot of land in the centre of Leszno in Poland for a total of EUR810,000.
The sale is conditional on the purchaser securing a permit for the development of the site and, on that basis, the purchaser has the right to withdraw from the transaction within a window of eight months. If they don't, Plaza will secure a payment of EUR230,000 at that time, followed by the other EUR580,000 12 months later.
"Upon the receipt of each stage payment, in line with the company's stated restructuring plan, 75% of the net cash proceeds will be distributed to Plaza's bondholders in the following quarter," said Plaza.
Plaza shares were untraded on Thursday, last trading at 245.0 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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