Aroundtown SA (IRSH)
Aroundtown SA announces share buy-back Program, supported by successful sale
of assets and final composition of management body following merger with TLG
02-Jun-2020 / 08:56 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
*THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY
OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH
AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF APPLICABLE LAWS OR REGULATIONS*
*AROUNDTOWN ANNOUNCES SHARE BUY-BACK PROGRAM, SUPPORTED BY SUCCESSFUL SALE
OF ASSETS AND FINAL COMPOSITION OF MANAGEMENT BODY FOLLOWING MERGER WITH
TLG*
_02 June 2020._
Aroundtown ('the Company' or 'AT') resolved today a share buy-back program
for its own shares with a volume of up to 120 million shares (this equals
8.9% of total shares carrying voting rights for a total purchase price of up
to EUR 500 million. The buy-back program will begin on June 3, 2020 and
until December 31, 2020. The share buy-back program follows the shareholder
authorization received during the OGM in the beginning of May 2020 and the
board of directors' decision to benefit from the significant share price
discount to the underlying net asset value and current operational
performance of Aroundtown.
Further, year-to-date the Company has signed EUR 400 million of disposals
of non-core and/or mature properties, of which EUR 220 million have been
completed. The successful disposals were carried through several deals and
follow AT's ongoing strategy to dispose mature assets, which potential has
been mainly lifted, as well as non-core assets which lie outside of the
Company's focus locations and asset types. The disposals were made at book
value and enable the Company to benefit from the very large arbitrage
between the disposal price and the current price of Aroundtown's share,
supporting the rational of the share buyback. The disposals were carried at
a multiple of 19x and included 30% of properties for development, 45% office
and 25% retail and hotel properties. The properties are located in Germany
and in the Netherlands.
Following the completion of the merger with TLG, Aroundtown finalized the
decision for the members of the Management Body of Aroundtown, which will
come into force during the second half of 2020. The Management Body will
include 5 members and consist of Mr. Shmuel Mayo as CEO, Mr. Eyal Ben-David
as CFO, Mr. Barak Bar-Hen as COO (and Co-CEO), Mr. Oschrie Massatschi as
CCMO (Chief Capital Markets Officer) and Mr. Klaus Krägel as CDO (Chief
Development Officer). Mr. Andrew Wallis has resigned from his position as
Deputy CEO and Aroundtown thanks him for his successful tenor and wishes him
good luck in his future endeavors. Following Mr. Massatschi's nomination as
CCMO, he will resign his duties as member of the board of directors. The
Board of Directors will then consist of 6 members of which 3 are independent
directors.
*About the Company*
Aroundtown SA (symbol: AT1), trading on the Prime Standard of the Frankfurt
Stock Exchange, is the largest listed and highest rated (BBB+ by S&P) German
commercial real estate company. Aroundtown invests in income generating
quality properties with value-add potential in central locations in top tier
European cities mainly in Germany/NL.
Aroundtown SA (ISIN: LU1673108939) is a public limited liability company
(société anonyme) established under the laws of the Grand Duchy of
Luxembourg, registered with the Luxembourg Trade and Companies Register
(Registre de Commerce et des Sociétés, Luxembourg) under number B217868,
having its registered office at 40, Rue du Curé, L-1368 Luxembourg, Grand
Duchy of Luxembourg.
*Contact *
Timothy Wright
T: +352 285 7741
E: info@aroundtown.de
www.aroundtown.de [1]
*DISCLAIMER *
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY ANY SECURITIES.
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE *SECURITIES ACT*), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED
STATES.
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED
KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING
TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE *ORDER*), (II) HIGH
NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE
COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO
WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER
BEING REFERRED TO AS *RELEVANT PERSONS*). THIS COMMUNICATION MUST NOT BE
READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY
INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS
AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT
PERSONS.
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (*EEA*) AND THE UNITED
KINGDOM, THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED
ONLY AT PERSONS WHO ARE 'QUALIFIED INVESTORS' WITHIN THE MEANING OF
REGULATION (EU) 2017/1129, AS AMENDED (THE *PROSPECTUS REGULATION*)
(*QUALIFIED INVESTORS*). ANY PERSON IN THE EEA OR THE UNITED KINGDOM WHO
ACQUIRES THE SECURITIES IN ANY OFFER (AN *INVESTOR*) OR TO WHOM ANY OFFER OF
THE SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT
IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO HAVE
REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER HAVE
NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA OR THE UNITED KINGDOM
OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITH A
VIEW TO THEIR OFFER OR RESALE IN THE EEA OR THE UNITED KINGDOM TO PERSONS
WHERE THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY AROUNDTOWN OR
ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS
REGULATION.
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND
OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE
FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO
RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF AROUNDTOWN
SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF
FACTORS.
ISIN: LU1673108939, XS1227093611, XS1336607715, XS1403685636,
XS1449707055, XS1532877757, XS1540071724, XS1586386739,
XS1649193403, XS1700429308, XS1715306012, XS1761721262,
XS1815135352, XS1753814141, CH0398677689, XS1857310814
Category Code: MSCL
TIDM: IRSH
LEI Code: 529900H4DWG3KWMBMQ39
Sequence No.: 67296
EQS News ID: 1060441
End of Announcement EQS News Service
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(END) Dow Jones Newswires
June 02, 2020 02:57 ET (06:57 GMT)
