Atrium European Real Estate Limited

euro adhoc: Atrium European Real Estate Limited

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.



Jersey, January 30, 2009: Atrium European Real Estate Limited ("Atrium" or the "Company") (ATX: ATR), one of the leading real estate companies focused on shopping centre investment management and development in Central and Eastern Europe, announces that it has closed the new equity fund raising and related arrangements with Citi Property Investors and its investors ("CPI") and Gazit- Globe Limited ("Gazit" and, together, the "Investors").

This equity fund raising raised EUR 72.1 million of new equity which, together with the related arrangements, reduces the Company's aggregate indebtedness by approximately EUR 175 million in principal amount and reduces the equity overhang of the outstanding warrants to subscribe for the Company's shares from 30 million to approximately 5 million.

The Company issued 10,300,000 new ordinary shares to the Investors in aggregate at a price of EUR 7 per share. CPI acquired 4,738,000 shares and Gazit acquired 5,562,000 shares. The subscription price was paid by the transfer to the Company of convertible bonds in an aggregate principal amount of EUR 72,100,000. The voting rights attaching to the Company's special voting shares have been reduced proportionately to reflect the reduction in the outstanding aggregate principal amount of convertible bonds held by the Investors to EUR 427,900,000.

In addition, the Investors delivered 25,066,667 existing warrants to subscribe for ordinary shares (out of a total of 30 million such warrants issued to the Investors on August 1, 2008) to the Company. These 25,066,667 warrants have been cancelled for nil consideration.

The Company has also acquired from Gazit approximately EUR 103 million in principal amount of the Company's 2006 listed medium term notes (ISIN XS0263871328). The notes were acquired by the Company for a cash amount equal to the aggregate of the prices paid for them in the open market (including dealing costs) by Gazit (which in aggregate was EUR 77.26 million) plus accrued interest on the notes to the date of purchase by the Company.

As a result of the subscription for the new shares and transfer of the convertible securities, the Investors and their affiliates are in aggregate interested in securities of the Company carrying 28.46 per cent. of the Company's outstanding voting rights.

For further information:

Financial Dynamics: +44 (0)20 7831 3113 Richard Sunderland Stephanie Highett Laurence Jones

end of announcement                               euro adhoc

Further inquiry note:

Financial Dynamics, London
Stephanie Highett / Richard Sunderland
Phone: +44 (0)20 7831 3113

Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Continous
Börsen: Wiener Börse AG / official market

Original-Content von: Atrium European Real Estate Limited, übermittelt durch news aktuell

Weitere Meldungen: Atrium European Real Estate Limited

Das könnte Sie auch interessieren: