ORCO PROPERTY GROUP | Media
Media
ORCO ANNOUNCES PRICING OF ITS CAPITAL INCREASE AT EUR 115.00 PER SHARE AND ISSUANCE OF 1,304,348 SHARES
14 June 2007: ORCO announces the price of its capital increase which will be executed by means of a private placement to institutional investors of ORCO ordinary shares (“New Shares”). The Company will issue 1,304,348 New Shares (the “Capital Increase”) at EUR 115.00 per share. The gross proceeds of the capital increase will amount to approximately EUR 150 million excluding the over-allotment option of up to 195,652 New Shares. The net proceeds are estimated at approximately EUR 142.4 million excluding the over-allotment option. The settlement-delivery of the new shares is expected to take place on 21 June 2007.
The shares of the Company (the “Shares”) are currently listed on Eurolist by Euronext Paris and the main market of the Prague Stock Exchange. The Company has applied for the New Shares to be admitted to trading on Eurolist by Euronext Paris and on the main market of the Prague Stock Exchange, which is expected to take place on or about 21 June 2007.
The Company has applied for the listing of its Shares (including the New Shares) to be admitted to trading on the main market of the Warsaw Stock Exchange and the regulated market of Budapest Stock Exchange. The Company expects trading on the Warsaw Stock Exchange and the Budapest Stock Exchange on or about 21 June 2007.
Upon completion of the new listing process, the Company’s Shares, including the New Shares, will trade on four stock exchanges in Europe.
Citigroup Global Markets Limited (“Citi”) acted as Sole Global Co-ordinator and Sole Bookrunner of the offering. Wood & Co. acted as Co-Lead Manager and Dom Maklerski Banku Handlowego, a member of Citigroup, (“DMBH”) acted as selling agent in Poland.
Commenting on the proposed transaction, Jean-François Ott, the Chief Executive Officer of ORCO, said: “The success of the capital increase will allow us to expand our portfolio further in the fast growing real estate market of Central Europe. It is also a clear sign from the equity markets that Orco has a unique and successful business model and differentiates itself within the real estate sector. We are particularly pleased with the strong participation of Polish and other investors from the region in the offering and their belief in the future of ORCO”.
Disclaimer
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART TO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This document does not constitute an invitation to sell or a solicitation of an offer to buy any securities in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws.
The information contained herein is not for publication or distribution to persons in the United States of America. This information may not be sent in or into the United States of America. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the “Securities Act”), as amended, and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom.
This document is not for distribution, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the United States and the District of Columbia). These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Shares mentioned herein have not been, and will not be, registered under the Securities Act.
The securities may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.
This document is only directed at persons outside the United Kingdom or person within the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) for the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”)) or other persons to whom it may lawfully be communicated in accordance with the Order. In the case of investment professionals, this document is directed at persons having professional experience in matters relating to investments and the investments and investment activity to which it relates will be engaged in only with such persons; persons who do not have professional experience in matters relating to investments should not rely on it.
A prospectus in the English language in respect of listing of ordinary shares in Orco Property Group is expected to be approved by the Commission de Surveillance du Secteur Financier in Luxembourg on or around 14 June 2007. The approved prospectus and its French summary will be published on the website of the Autorité des marchés financiers (www.amf-france.org) and on the website of the Company (www.orcogroup.com). The approved prospectus and its Czech summary will be published on or around 14 June 2007, in accordance with applicable legal regulations, on the web sites of the Company and Wood & Co. (www. wood.cz).
This document is an advertisement for the purposes of the applicable measures implementing the Prospectus Directive 2003/71/EC (together with any applicable implementing measures in any European Economic Member State, the “Prospectus Directive”) in any jurisdiction where such advertisement is allowed before approval, passporting and publication of the prospectus. A prospectus prepared pursuant to the Prospectus Directive is intended to be passported into the relevant jurisdictions and published, which, if published, can be obtained in accordance with applicable rules. Investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in the prospectus.
The offer is directed only at persons in member states of the European Economic Area who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, individually designated Qualified Investors to whom Citi and other managers deliver an invitation to participate in the book-building. Any person who is not a Qualified Investor should not act or rely on this communication or any of its contents.
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Orco Property Group is a leading investor, developer and asset manager in the Central European real estate and hospitality market, currently managing assets of approximately EUR 1.31 billion as estimated at 31/12/2006. Operating in Central Europe since 1991, Orco Property Group is a public company (société anonyme), based in Luxembourg. Orco Property Group’s portfolio includes, IPB Real, MaMaison Hotels & Apartments, Orco Real Estate, and other retail properties. Orco Property Group operates in a number of countries including, mainly, the Czech Republic, Germany, Hungary, Poland, Russia, Croatia and Slovakia. Orco Property Group is continually analyzing investment into new territories. Orco Property Group is also sponsor and manager of the Endurance Real Estate Fund for Central Europe (The Endurance Fund), a Luxembourg–regulated, closed–end umbrella fund whose total subscribed capital represents EUR 150 million, and which currently manages assets of approx. EUR 190 million appraised value. The Endurance Fund is dedicated to institutional investors and focuses on acquisitions in Central European real estate markets.
Contact persons:
Séverine
Farjon
Tel:
+33 1 40 67 67 00
E-mail:
sfarjon@orcogroup.com
City:
Paris
Luc
Leroi
Tel:
+ 352 26 47 67 47
E-mail:
lleroi@orcogroup.com
City:
Luxembourg
Aleš
Vobruba
Tel:
+42 02 21 416 311
E-mail:
avobruba@orcogroup.com
City:
Prague