31st Dec 2007 09:38
Livermore Investments Group Limited31 December 2007 31 December 2007 LIVERMORE INVESTMENTS GROUP LIMITED ("LIVERMORE") Increasing holdings in Atlas Estates Ltd. to 21.28% Livermore today announces that it has increased its holdings in Atlas EstatesLtd. ("Atlas") after reaching a share purchase agreement with Atlas's mainshareholder Elran (D.D.) Real Estate Ltd. ("Elran"). The agreement with Elran is for the purchase of 4,097,509 Ordinary Shares inAtlas at a price of €4.8 (£3.53) per share, amounting to a totalconsideration of €19,668,443 (£14,461,796), representing an additional9.1% of Atlas's issued share capital (excluding treasury shares held by Atlas).Under this agreement Livermore will transfer the consideration for the purchasedshares by no later than 15 January 2008. As part of the share transfer agreement, Elran represented to Livermore that itis not aware of any material information relating to Atlas which was notpublished in the company's reports that is expected to have a material adverseeffect on the company and/or its business. After the share purchase has taken place, and following recent share purchasesit has made through the Alternative Investment Market ("AIM"), Livermore willhold 9,579,345 Ordinary Shares in Atlas, representing 21.28% of Atlas's issuedshare capital. Atlas is an AIM-quoted real estate investment and development company. Atlas'sstrategy is to build a high yielding investment portfolio and generateadditional capital gain through development projects, with a focus onresidential development. Its activities are focused in Central and EasternEurope, excluding Russia and other former Soviet Union countries. Its currentassets are located in Poland, Hungary, Slovakia and Romania. Noam Lanir, Chief Executive Officer of Livermore, commented: "Following ourinitial share purchases in Atlas in early December 2007, we have now decided toincrease our holdings in the company. We believe Atlas to be an attractiveinvestment that represents good value to its shareholders, due to its strongmarket focus, solid asset portfolio, experienced management, and the purchaseprice, which is lower by more than 20% than the company's current NAV". Enquiries: Livermore Doron Yassur +972 542 555900 Hudson Sandler Jessica Rouleau / Fran Read 020 7796 4133 Numis Securities Lee Aston 020 7260 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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