DGAP-News: CPI PROPERTY GROUP

CPI PROPERTY GROUP
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254
PRESS RELEASE
Luxembourg, 5 March 2018
 

Interim Results of the Buy Back Offer. Minimum threshold of 300 million Company shares presented to the Buy Back Offer reached. 
 

On 1 March 2018, the shareholders of CPI PROPERTY GROUP (the "Company") have approved the terms of a share buy-back programme enabling the Company to repurchase up to 1,000,000,000 shares of CPI PG (the "Programme") in accordance with the provisions of article 430-15 of the Luxembourg law of 10 August 1915 on commercial companies, as amended, and have authorized the board of directors of the Company to implement such Programme in one or several steps.

On the basis of such authorization, the Board has decided on 1 March 2018, to proceed to a buy-back of certain shares of the Company under the Programme, the terms of which are set forth in the buy-back offer published by the Company on 2 March 2018 (the "Offer").

As part of the conditions of the Offer, a minimum of 300,000,000 shares of the Company shall have to be presented to the Offer, in order for the Offer to be successful.

The Company hereby informs that on the date hereof such minimum threshold was already reached, an amount of 724,853,952 Company shares having been presented to the Offer, for the proposed acquisition price of EUR 0.20 per share (representing in aggregate app. EUR 145 million), and the Company already signed the transfer agreements with respect to such shares. This represents a direct holding by the Company of 7.64% of the Company's share capital.

The Offer is opened until 9 March 2018, 12:00 (noon) CET. Shareholders wishing to participate to the Offer must send back to the Company the participation form available on the Company website. For other conditions and the timing of the Offer please refer to the buy-back offer published by the Company on 2 March 2018.
 

For further information, please contact:
 

INVESTORS
CPI Property Group
David Greenbaum
Chief Financial Officer
d.greenbaum@cpipg.com
 

MEDIA/PR
Kirchhoff Consult AG
Andreas Friedemann
Borselstraße 20
22767 Hamburg
T +49 40 60 91 86 50
F +49 40 60 91 86 60
E andreas.friedemann@kirchhoff.de