Mirland Development Corporation PLC Century Project Acquisition Update (0468I)
August 24 2016 - 7:40AM
UK Regulatory
TIDMMLD
RNS Number : 0468I
Mirland Development Corporation PLC
24 August 2016
MirLand Development Corporation PLC
(the "Company")
Century Project Acquisition Update
Further to the announcements by the Company on 22 June 2016 and
19 August 2016 in relation to the acquisition of minority interests
in the Century Project ("Minority Interests") (the "Acquisition"),
the Company announces that the parties to the Acquisition have
conditionally waived the condition that consummation of the
agreement is reached on the Company's debt re-structuring with
Sberbank before transferring any funds to the sellers of the
Minority Interests to the Company's subsidiaries.
Accordingly, the Minority Interests in the Company's
subsidiaries were transferred to the Company for an initial
consideration of US$1.7 million ("Initial Consideration"). The
payment by the Company of the remaining consideration of approx.
US$3.0 million will be made only after the consummation of the
agreement in relation to the debt re-structuring between the
Company and Sberbank.
In the event that the condition of the debt restructuring is not
satisfied as set out above, the Minority Interests will be
transferred back to the sellers of the Minority Interests and the
Initial Consideration repaid to the Company.
Negotiations are continuing between the Company and Sberbank in
relation to the debt re-structuring as referred to above.
Further announcements in relation to the Acquisition will be
made in due course.
MirLand Development Corporation plc
Roman Rozental +7 495 787 49 62
roman@mirland-development.com +7 499 130 31 09
FTI Consulting
Dido Laurimore / Tom Gough / Ellie Sweeney +44 20 7327 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFVLTTISFIR
(END) Dow Jones Newswires
August 24, 2016 07:40 ET (11:40 GMT)
Mirland (LSE:MLD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mirland (LSE:MLD)
Historical Stock Chart
From Apr 2023 to Apr 2024