New Europe Property Investments PLC: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
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New Europe Property Investments Plc Announces Acquisitions of MODATIM INVESTMENT SA, MODATIM PROPERTIES SA and MODATIM BUSINESS FACILITY SA through Subsidiaries; Announces Issue of Shares
New Europe Property Investments Plc announced that through its subsidiaries NEPI FOUR TOWER BUILDING SRL, NEPI FIVE OFFICE TOWER SRL and NEPI BUCHAREST TWO SRL has concluded agreements for the acquisition of all the issued shares in and shareholders’ claims against MODATIM INVESTMENT SA (MTI) and MODATIM PROPERTIES SA (MTP) from MTInv Holding BV and Mr. Ovidiu Sandor (the Sellers). The Company also announced that it has, through another subsidiary, NE Property Cooperatief UA (NEPI Coop), concluded an agreement for the forward acquisition of all the issued shares in and shareholders’ claims against MODATIM BUSINESS FACILITY SA (MTBF) from the Sellers. MTP and MTI own three adjoining office buildings of some 27,150 square meters located in the centre of Timisoara, Romania, while MTBF owns land on which two further adjoining office blocks of some 20,000 square meters are in the process of being developed, also located in Timisoara. MTI and MTP were acquired at the estimated transaction purchase price of approximately EUR 16.55 million, financed through the Vendor Placing. Application will be made for the 5,518,057 new ordinary New Europe Property Investments Plc shares to be issued pursuant to the Vendor Placing to be admitted to trading on the JSE, AIM and the BVB, with dealings expected to commence on February 10, 2012.
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