27th Oct 2006 07:31
Plaza Centers N.V.27 October 2006 This announcement is not an offer of securities for sale in the United States orany other jurisdiction. This announcement is an advertisement and not aprospectus and investors should not subscribe for or purchase any sharesreferred to in this announcement except solely on the basis of information inthe prospectus to be published by Plaza Centers N.V. in due course in connectionwith the admission of the ordinary shares (the "Ordinary Shares") in the capitalof Plaza Centers N.V. to the Official List of the UK Listing Authority and totrading on the main market for listed securities of the London Stock Exchange ("LSE"). Copies of the Prospectus will, following publication, be available fromPlaza Centers N.V's registered office at 241 Keizersgracht, EA1016 Amsterdam,The Netherlands and at the offices of Plaza Centers N.V's lawyers, BerwinLeighton Paisner LLP, Adelaide House, London Bridge, London EC4R 9HA duringnormal business hours on any weekday (Saturdays, Sundays and public holidaysexcepted). THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY ORINDIRECTLY) IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THESTATE OF ISRAEL, THE REPUBLIC OF IRELAND, JAPAN OR THE REPUBLIC OF SOUTH AFRICAAND THEIR RESPECTIVE TERRITORIES AND POSSESSIONS. Plaza Centers N.V. Announces Offer Price of 180 pence per Ordinary Share (LONDON, 27 October 2006) - Plaza Centers N.V. ("Plaza" or the "Company"), todayannounces the successful pricing of its initial public offering of OrdinaryShares (the "IPO" or the "Offer") on the Official List of the LSE. - The offer price has been set at 180 pence per Ordinary Share (the " Offer Price") - Based upon the Offer Price, the market capitalisation of Plaza at the commencement of conditional dealings will be £514.3 million. Conditional dealings are expected to commence on the London Stock Exchange at 8:00am today (27 October) under the ticker symbol PLAZ. A final prospectus will be published in due course. - The Offer consists of 85.71 million new Ordinary Shares (excluding 10% greenshoe). Following the Offer, the free float of the Company will be approximately 30%. - It is expected that admission of Plaza's ordinary shares to the Official List of the UKLA and to trading on the main market for listed securities of the LSE ("Admission") will become effective and unconditional dealings will commence at 8:00am on 1 November 2006. UBS Investment Bank is the sole bookrunner to the offer of Ordinary Shares (the"Offer") and sponsor in connection with Admission. Mordechay Zisser, Chairman of the Board, Europe Israel Group of Companies said: "We are delighted to have successfully completed the offer and to be able towelcome a varied international institutional investor base to the Company. Welook forward to capitalising on our experienced management team and our localpresence to deliver our initial development portfolio. We will further diversifyand grow the Company's portfolio through the development of high quality retailand entertainment property assets across multiple geographic regions." Ran Shtarkman, CEO and acting CFO, Plaza Centers N.V. said: "With the Offer now behind us, we will immediately begin our planned developmentactivity to create capital growth for our shareholders. We have a number of veryexciting opportunities in our portfolio that we look forward to bringing tofruition." For further information please contact: Plaza Mordechay Zisser +972 3 608 6000 Ran Shtarkman +36 1 462 7221 UBS James Dauman +44 20 7568 2428 Andrew Shore +44 20 7568 1232 Financial Dynamics +44 20 7831 3113 Stephanie Highett/ Dido Laurimore UBS Limited, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is advising the Company and no one else inrelation to the Offer. UBS Limited will not be responsible to anyone other thanthe Company for providing the protections afforded to the customers of UBSLimited or for providing advice in relation to the Offer, the contents of thisannouncement or any transaction, arrangement or other matter referred to herein. The announcement does not constitute an offer of securities for sale in theUnited States of America, nor may the securities be offered or sold in theUnited States of America absent registration or an exemption from registrationunder the U.S. Securities Act of 1933, as amended in the rules and regulationsthereunder. There is no intention to register any portion of the offering in theUnited States of America or to conduct a public offering of securities in theUnited States of America. The distribution of this announcement, any related documents, and the offer,sale and/or issue of the Ordinary Shares in certain jurisdictions may berestricted by law. No action has been taken to permit a public offer of theOrdinary Shares or possession or distribution of this announcement. Personsinto whose possession this announcement (or any other offer or publicly materialor application form relating to the Ordinary Shares) comes are required toinform themselves about and to observe any such restrictions. Any failure tocomply with these restrictions may constitute a violation of the securities lawsof such jurisdiction. This announcement does not constitute or form part of anoffer to sell, or the solicitation of an offer to buy or subscribe for, OrdinaryShares to any person in any jurisdiction to whom or in which such offer orsolicitation is unlawful and, in particular, is not for release, publication ordistribution in or into the United States of America, Canada, Australia, theState of Israel, Republic of Ireland, Japan or the Republic of South Africa andtheir respective territories and possessions. The issue of the Ordinary Shareshas not been and will not be registered under the applicable securities law ofthe United States of America, Canada, Australia, the State of Israel, theRepublic of Ireland, Japan or the Republic of South Africa. The contents of this announcement, which have been prepared by and are the soleresponsibility of the Company, have been approved by UBS Limited solely for thepurposes of section 21(2)(b) of the Financial Services and Markets Act 2000 ofthe United Kingdom. Forward-Looking Statements This announcement contains "forward-looking statements", including statementsabout current beliefs and expectations of the Directors. In particular the words"expect", "anticipate", "estimate", "may", "should", "plans", "intends", "will","believe", and similar expressions (or in each case their negative and othervariations or comparable terminology) can be used to identify forward-lookingstatements. These statements are based on the Directors' expectations ofexternal conditions and events, current business strategy, plans and otherobjectives of management for future operations, and estimates and projections ofthe Company's financial performance. Though the Directors believe theseexpectations to be reasonable at the date of this announcement they may prove tobe erroneous. Forward-looking statements involve known and unknown risks anduncertainties and speak only as of the date they are made. Investors are herebycautioned that certain important factors could cause actual results, outcomes,performance or achievements of the Company or industry results to differmaterially from those expressed or implied in forward-looking statements. Forward-looking statements may and often do differ materially from actualresults. Any forward-looking statements in this announcement reflect theCompany's view with respect to future events as at the date of this announcementand are subject to risks relating to future events and other risks,uncertainties and assumptions relating to the Company's operations, results ofoperations, growth strategy and liquidity. Save as required by law or by theListing Rules, Disclosure Rules or Prospectus Rules of the Financial ServicesAuthority, the Company undertakes no obligation publicly to release the resultsof any revisions to any forward-looking statements in this announcement that mayoccur due to any change in its expectations or to reflect events orcircumstances after the date of this announcement. This announcement does not constitute a recommendation concerning the Offer. Thevalue of shares can go down as well as up. Past performance is not a guide tofuture performance. Potential investors should consult a professional advisor asto the suitability of the Offer for the individual concerned. Stabilization/FSA Background Information The Group is a developer of shopping and entertainment centres in Central andEastern Europe and India. The Company focuses on constructing new centres and,where there is significant redevelopment potential, redeveloping existingcentres in both capital cities and important regional centres. The Company is anindirect subsidiary of Elbit Medical Imaging Ltd. ("EMIL"), an Israeli publiccompany whose shares are traded on both the Tel Aviv Stock Exchange in Israeland the NASDAQ Global Market in the United States. The Group's developments The Group is currently in the process of developing ten shopping andentertainment centre projects, which are under various stages of development: • Arena Plaza - a centre with a planned gross lettable area of approximately66,000 sq m in Budapest, Hungary, which is scheduled to open in the fourthquarter of 2007; • Lublin Plaza - a centre with a planned gross lettable area of approximately26,000 sq m in Lublin, Poland, which is scheduled to open in the second quarterof 2007 in which the Group holds a 50% interest;* • Rybnik Plaza - a centre with a planned gross lettable area of approximately18,000 sq m in Rybnik, Poland, which is scheduled to open in the second quarterof 2007;+ • Sosnowiec Plaza - a centre with a planned gross lettable area of approximately13,000 sq m in Sosnowiec, Poland, which is scheduled to open in the secondquarter of 2007;+ • Plzen Plaza - a centre with a planned gross lettable area of approximately20,000 sq m in Plzen, Czech Republic. Construction is due to commence in thelast quarter of 2006 and which is scheduled to open in the fourth quarter of2007; + • Riga Plaza - a centre with a planned gross lettable area of approximately45,000 sq m in Riga, Latvia, in which the Group holds a 50% interest.Construction is due to commence in the fourth quarter of 2006 and the centre isscheduled to open in the third quarter of 2008; • Lodz Plaza - a project in the preliminary planning and development stage, tobe constructed on an area of land in a prime location in Lodz, Poland with aplanned gross lettable area of approximately 29,000 sq m. The Group is currentlydetermining the nature and extent of the proposed project; • Liberec Plaza - a project in the preliminary planning and development stage,to be constructed on an area of land in a prime location in Liberec, CzechRepublic, with a planned gross lettable area of approximately 21,000 sq m.Construction is due to commence in the second quarter of 2007 and the centre isscheduled to open in the third quarter of 2008; • Opava Plaza - a project in the preliminary planning and development stage, tobe constructed on an area of land in a prime location in Opava, Czech Republic,with a planned gross lettable area of approximately 14,000 sq m. Construction isdue to commence in the first quarter of 2008 and the centre is scheduled to openin the second quarter of 2009; and • Suwalki Plaza - a project in the preliminary planning and development stage,to be constructed on an area of a land in a prime location in Suwalki, Poland,with a planned gross lettable area of approximately 14,000 sq m. Construction isdue to commence in the second quarter of 2007 and the centre is scheduled toopen in the third quarter of 2008. Klepierre and the Company have entered into a preliminary agreement under whichKlepierre will acquire three of the shopping and entertainment centre projectsdescribed above once they have been completed (namely Rybnik Plaza, SosnowiecPlaza and Plzen Plaza), subject to the fulfillment of certain conditions. Inaddition, Klepierre has an option to acquire the Lublin Plaza shopping andentertainment centre, subject to certain conditions, on the same terms andconditions as provided for in the aforementioned preliminary agreement. A fifth centre (the Novo Plaza in Prague) was completed in March 2006 and wassold and delivered on 30 June 2006 under the preliminary agreement withKlepierre. In addition, the Company has entered into an agreement with Klepierre to buildan extension to the Duna Plaza shopping and entertainment centre owned byKlepierre with a planned gross lettable area of approximately 15,000 sq m,construction of which is anticipated to commence in the last quarter of 2007,assuming Klepierre assembles the required land and requisite building permitsare obtained. The Group has also leveraged its emerging markets expertise to expand beyond CEEand is currently planning to invest in several projects in India, which itbelieves has a number of attractive characteristics: (i) the significant economic growth the country has experiencedover the last 5 years, which is expected to continue in the coming decade; (ii) the rapid growth in household income, which is a similartrend to that the Group experienced in CEE when it commenced operations; (iii) the Group's experience in emerging markets with similarcomplex legal and regulatory environments to India; (iv) the interest from major retailers in the areas being consideredby the Group; (v) the undeveloped retail industry in India, which is expected toenter a period of exponential growth; and (vi) lack of local expertise and hence competition in thedevelopment of shopping and entertainment centres. Furthermore, the Group will examine other countries in CEE and Asia that meetthe Group's development criteria with a view to identifying furtheropportunities in this sector. In addition, the Group owns four other propertiesthat are a mixture of offices and development sites for residential or officeuse in Prague, Budapest and Athens. The shopping and entertainment centre product offering The Group has generally built shopping and entertainment centres of between8,000 - 70,000 sq m (GLA), but would develop larger shopping and entertainmentcentres if its development criteria were met. The Group builds shopping andentertainment centres whose size, tenant mix and design are dictated by marketdemand, that take into account particular factors such as the size of the localcatchment area (generally a minimum of 50,000 people), the socio-economic statusof the population, any competing shopping and entertainment centres in thelocality, local retail demand (whether for fashion, grocery/local conveniencestores or entertainment) and the location of the site (whether city centre orsuburban). Each centre comprises two principal elements: shopping and entertainment. The shopping element comprises large retail anchor tenants (such as Tesco,Carrefour, Match, Stokrotka, H&M, Zara and C&A). These anchor tenants form thebasis of the shopping areas around which smaller boutiques, international brandssuch as Hugo Boss, Mango, Aldo and Esprit, and local retailers create acarefully balanced tenant mix to meet local demand. Leases with anchor tenantsgenerally run for a term of 10 to 15 years, with an option to extend. Leaseswith semi-anchor tenants are usually for a term of five to ten years, whilestandard units will be leased for three to five years. The entertainment facilities typically include a multiplex cinema complex ofbetween four and twelve screens, depending on the size of the centre, and, whereappropriate, an IMAX auditorium. The entertainment areas also include a gamingarea comprising a video games arcade, bowling alley, electronic gaming machines,billiards, discotheque, bar and a children's playground. Mulan B.V., trading asFantasy Park (a wholly-owned subsidiary of Dreamland Entertainment N.V., whichis a wholly-owned subsidiary of the Company), operates the gaming area and I.T.Cinemas B.V. operates the multiplex cinemas (except in Riga and in four of thepreviously owned Hungarian centres). Each entertainment area also includes afood court offering a wide range of food outlets together with coffee shops andrestaurants. * Subject to option to sell to Klepierre. +Subject to contract to sell to Klepierre. Competitive strengths Pioneer in introducing western-style shopping and entertainment centres to theCEE region The Group has been active in emerging markets since 1996, when it opened thefirst western-style shopping and entertainment centre in Hungary and began toimplement its vision of offering western-style retail and entertainmentfacilities to a growing middle class and an increasingly affluent consumer base.Over the past 10 years, the Group has expanded its operations in central Europeand eastwards into Poland, the Czech Republic and Latvia, and more recentlyIndia and has proven its ability to anticipate and adapt to market trends anddeliver innovative large scale projects. Highly skilled management team In its ten years of operation, the Group's highly qualified real estateprofessionals and local management teams have accumulated extensive knowledge oflocal markets and demonstrated a proven ability to source strategic developmentsites, design attractive and innovative projects that meet the demands of thelocal market and obtain planning and building permissions expeditiously. TheGroup runs a highly efficient construction process in order to minimise costs -the Group has completed all of its developments within the constructiontimeframe of between nine to eighteen months and almost without budget overruns.The Directors believe that it is this efficiency and quality of executiontogether with the Company's local knowledge and infrastructure that has giventhe Group its competitive advantage in each of its principal markets. Productive relationships with both leading international and local retailers The Group has productive relationships with recognised international retailers -such as Tesco, H&M, Zara, C&A and local retailers. The strength of suchrelationships is demonstrated by the Company's track record of signing uptenants, with 80% - 95% of each shopping and entertainment centre developed bythe Group having been let within the first year after opening. In addition,through its exclusive relationship with I.T. Cinemas B.V. and its own indirectsubsidiary Mulan B.V., trading as Fantasy Park, the Group has strongrelationships with the occupiers of the entertainment space in the centres. Strong relationships with premier property investors and operators and theability to attract buyers early in the development process The Company's strong track record in successfully pre-selling its centres isdemonstrated by the sale of developments to Klepierre, Europe's second largestshopping centre operator, and Dawnay Day, one of the UK's leading institutionalproperty investors. By agreeing the sale of a shopping and entertainment centreduring the development phase, the Company locks in yields and achieves enhancedcash visibility. The Company's disposals to date have generated returns uponrealisation of between 40%-60% on equity invested, and the Company will targetthe same returns in the future. The Group also has continuing relationships withleading institutional property developers and strategic buyers. Strong brand name Due to the Group's reputation for successful property development, ''PlazaCenters'' has become a widely recognised brand name. Following the acquisitionof the shopping and entertainment centres by Klepierre and Dawnay Day, thepurchasers continue to use, under licence granted to them by the Group, the ''Plaza Centers'' Community and Hungarian trade marks. Clearly identified pipeline of new growth opportunities targeting attractivereturns in fast growing emerging markets The Group, with its strong track record as a leading developer of shopping andentertainment centres in the fast growing CEE market, is well positioned toleverage the significant retail demand resulting from the rapidly growingincomes and increasingly westernised tastes and habits of emerging markets. TheGroup has a clear and focused growth pipeline across CEE and India. The Group iscurrently negotiating terms on nine projects and analysing 13 additional townsand cities suitable for potential development projects. The Group aims tocommence the development of four to five shopping and entertainment centres eachyear. Flexible product mix tailored to local market demand The Group has pioneered the development of western style shopping andentertainment centres in both capital cities and other key regional centres inCEE. Furthermore, the Group is able to design and deliver shopping andentertainment centres based on a comprehensive demographic analysis within eachof its markets. Each project is tailored to the demand of the local market interms of the retail/entertainment offering, tenant mix, design and lettable areaso as to exploit the local market to the maximum effect. Business strategy Plaza has a strategy in place from which to deliver future growth. Thisstrategy is based upon four key objectives: • to develop four to five modern western-style shopping and entertainment centres in the capital and regional cities of selected countries, primarily in CEE (focusing on the medium term in Poland, the Czech Republic, Slovakia and Romania) and India (focusing on large cities within Southern India) per year; • to acquire operating shopping centres that show significant redevelopment potential (either as individual assets or as portfolios) for refurbishment and subsequent re-sale; • to pre-sell, where prevailing market and economic conditions are favourable, the centres prior to, or shortly after, commencement of construction or redevelopment; and • where the opportunity exists in CEE, to extend its developments beyond shopping and entertainment centres by leveraging its strengths and drawing upon the experience and skills of the Company's executive management team and the Europe Israel Group to participate in residential, hotel, offices and other development schemes where such developments form part of integrated large scale business and leisure developments, such as Dream Island, an area of land measuring approximately 347,000 sq m (excluding parking) located on the southern end of Obuda Island in the Danube River in central Budapest. The Group will also assess and consider specific development opportunities thatsatisfy the Group's development parameters and investment criteria in countriesnot previously targeted by the Group. Whilst the Group's current strategy in CEE is to dispose of a shopping andentertainment centre upon completion, if economic conditions, including propertyyields, change such that retaining and operating a shopping and entertainmentcentre on completion is likely to be more profitable to the Group than disposingof it, the Group will consider retaining and operating the completed shoppingand entertainment centre until economic conditions warrant a profitable sale.Currently, the Group is considering initially holding its Indian developments,once completed, because it is attracted by the high potential cash-flows and thehope that the market will continue to re-rate such assets. Further details of the offer Capitalised terms used but not defined herein shall have the meanings ascribedto them in the Prospectus. As at 26 October 2006, 26,108,602 non-negotiable options over Ordinary Shareswere granted, the terms and conditions of which (except for the exercise price)will be regulated by the Share Option Scheme. The authorised but unissued share capital of the Company immediately followingAdmission will be €7,142,857.14 representing approximately 71.4% of theauthorised share capital of the Company. Approximately 1.5% of the authorisedshare capital will be reserved for the issue of 15,037,594 Ordinary Shares onthe exercise of the options to be issued under the Share Option Scheme. The total number of Options that may be granted under the Share Option Schemeshall be 33,834,586 which, if fully exercised, would be a maximum dilution of 5%of the Enlarged Share Capital). Offer Statistics Number of Ordinary Shares in the Offer to be issued by the 85,714,286Company Number of Ordinary Shares subject to the Over-allotment 8,571,428Option Number of Ordinary Shares in issue immediately following 285,714,286Admission* Gross proceeds of the Offer before expenses* £154,285,715 Net proceeds of the Offer* £145,853,017 Expected market capitalisation of the Company immediately £514,285,715following the Offer* * Assuming no exercise of the Over-allotment Option Expected Timetable of Principal Events* Event 2006 Announcement of Offer Price and 27 Octoberallocation Commencement of conditional dealings 27 Octoberon the London Stock Exchange** Payment to be received from investors 1 Novemberpursuant to the Offer in cleared funds Admission effective and unconditional 8.00 a.m. on 1 Novemberdealings expected to commence in theOrdinary Shares CREST accounts expected to be 8.00 a.m. on 1 Novembercredited in respect of DepositaryInterests Note: * Each of the times and dates in the above timetable are subject to change.Reference to times are to London times, unless otherwise stated. ** It should be noted that, if Admission does not occur, all conditional dealings will be of no effect and any such dealings will be at the sole risk of the persons concerned. Major shareholders On Admission, save for the interests of the Directors disclosed below, theCompany is aware of the following person who is or will be interested (sections6 and 7 of the Dutch Disclosure Act), directly or indirectly in 5% or more ofthe issued share capital of the Company: Before Admission Immediately on Admission Number of Percentage of Number Percentage of Ordinary issued share Of issued share Shares capital/voting Ordinary capital/voting rights Shares rights Name Elbit Ultrasound 200,000,000 100 200,000,000 70.0(Netherlands)B.V.* * One share held by Stichting L'Orage as nominee for Elbit Ultrasound (Netherlands) B.V. As at 26 October 2006 (being the latest practicable date prior to thepublication of the Prospectus) and as expected on Admission, the interests (allof which are beneficial) of the Directors in the share capital of the Companyare as follows: Number of options Mr Mordechay Zisser 3,907,895Mr Ran Shtarkman 10,150,376 (1)Mr Shimon Yitzhaki 1,116,541 (2)Mr Marius van Eibergen Santhagens -Mr Edward Paap -Mr Marco Wichers - (1) Mr. Shtarkman is receiving 150,000 options pursuant to hisdirectorship and Goryan Management Limited (a company owned by Mr. Shtarkman) isreceiving 10,000,376 options. (2) Mr. Yitzhaki is receiving 150,000 options pursuant to hisdirectorship and 966,541 pursuant to his employment with EMI. Bridgewell Limited is the sole lead manager. UBS Limited, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is advising the Company and no one else inrelation to the Offer. UBS Limited will not be responsible to anyone other thanthe Company for providing the protections afforded to the customers of UBSLimited or for providing advice in relation to the Offer, the contents of thisannouncement or any transaction, arrangement or other matter referred to herein. The announcement does not constitute an offer of securities for sale in theUnited States of America, nor may the securities be offered or sold in theUnited States of America absent registration or an exemption from registrationunder the U.S. Securities Act of 1933, as amended in the rules and regulationsthereunder. There is no intention to register any portion of the offering in theUnited States of America or to conduct a public offering of securities in theUnited States of America. The distribution of this announcement, any related documents, and the offer,sale and/or issue of the Ordinary Shares in certain jurisdictions may berestricted by law. No action has been taken to permit a public offer of theOrdinary Shares or possession or distribution of this announcement. Personsinto whose possession this announcement (or any other offer or publicly materialor application form relating to the Ordinary Shares) comes are required toinform themselves about and to observe any such restrictions. Any failure tocomply with these restrictions may constitute a violation of the securities lawsof such jurisdiction. This announcement does not constitute or form part of anoffer to sell, or the solicitation of an offer to buy or subscribe for, OrdinaryShares to any person in any jurisdiction to whom or in which such offer orsolicitation is unlawful and, in particular, is not for release, publication ordistribution in or into the United States of America, Australia, Canada, theState of Israel, Republic of Ireland, Japan or the Republic of South Africa andtheir respective territories and possessions. The issue of the Ordinary Shareshas not been and will not be registered under the applicable securities law ofthe United States of America, Canada, Australia, the State of Israel, theRepublic of Ireland, Japan or the Republic of South Africa. The contents of this announcement, which have been prepared by and are the soleresponsibility of the Company, have been approved by UBS Limited solely for thepurposes of section 21(2)(b) of the Financial Services and Markets Act 2000 ofthe United Kingdom. Forward-Looking Statements This announcement contains "forward-looking statements", including statementsabout current beliefs and expectations of the Directors. In particular the words"expect", "anticipate", "estimate", "may", "should", "plans", "intends", "will","believe", and similar expressions (or in each case their negative and othervariations or comparable terminology) can be used to identify forward-lookingstatements. These statements are based on the Directors' expectations ofexternal conditions and events, current business strategy, plans and otherobjectives of management for future operations, and estimates and projections ofthe Company's financial performance. Though the Directors believe theseexpectations to be reasonable at the date of this announcement they may prove tobe erroneous. Forward-looking statements involve known and unknown risks anduncertainties and speak only as of the date they are made. Investors are herebycautioned that certain important factors could cause actual results, outcomes,performance or achievements of the Company or industry results to differmaterially from those expressed or implied in forward-looking statements. Forward-looking statements may and often do differ materially from actualresults. Any forward-looking statements in this announcement reflect theCompany's view with respect to future events as at the date of this announcementand are subject to risks relating to future events and other risks,uncertainties and assumptions relating to the Company's operations, results ofoperations, growth strategy and liquidity. Save as required by law or by theListing Rules, Disclosure Rules or Prospectus Rules of the Financial ServicesAuthority, the Company undertakes no obligation publicly to release the resultsof any revisions to any forward-looking statements in this announcement that mayoccur due to any change in its expectations or to reflect events orcircumstances after the date of this announcement. This announcement does not constitute a recommendation concerning the Offer. Thevalue of shares can go down as well as up. Past performance is not a guide tofuture performance. Potential investors should consult a professional advisor asto the suitability of the Offer for the individual concerned. Stabilization/FSA This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Plaza