8th Jun 2015 07:52
LONDON (Alliance News) - Secure Property Development & Investment PLC Monday said it will buy the property assets in Romania and Bulgaria that it previously announced for EUR24.7 million and will issue shares and warrants at a revised blended price of 45 pence a share to cover the purchase price.
The property company focused on Eastern Europe said it will issue the sellers of the properties a total of 18.0 million new shares, 18.0 million warrants exercisable at 10 pence a warrant within 45 days of completion of the acquisitions, 18.0 million warrants exercisable at 45 pence each by the end of 2016, and 8.6 million convertible redeemable preference shares. The preference shares are either to be converted to an equal number of ordinary shares or redeemed for 51 pence each 12 months from the closure of the deal.
Secure Property expects to complete all the acquisitions by the end of June.
Its shares were down 3.9% at 25.00 pence early Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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