DGAP-Adhoc: CPI PROPERTY GROUP - Capital increase
DGAP-Ad-hoc: CPI PROPERTY GROUP / Key word(s): Capital Increase CPI PROPERTY GROUP Luxembourg, 22 November 2021 CPI PROPERTY GROUP ("CPIPG" or the "Group") issues this announcement in relation to the issuance of 487,012,987 new ordinary shares of CPIPG priced at €0.616/share. CPIPG and funds (the "Apollo Funds") managed by affiliates of Apollo Global Management, Inc. (together with its consolidated subsidiaries, "Apollo") have agreed upon Apollo's subscription for new shares for a total amount of €300 million. Subject to the satisfaction of certain closing conditions, CPIPG expects that the new shares will be issued to the Apollo Funds before the end of 2021, resulting in a stake of about 5.5%. The Group's majority shareholder and founder Radovan Vitek also subscribed to 243,506,494 new ordinary shares of CPIPG at €0.616/share, increasing the Group's equity by a further €150 million. Following this capital increase, Proceeds from the ordinary share issuances will be used for acquisitions and deleveraging, consistent with CPIPG's strategy to grow our portfolio while maintaining a conservative financial profile. CPIPG has not paid dividends in the past. To accommodate Apollo as a new equity investor and further regularize the Group's equity shareholder distributions, CPIPG will increase our FFO I distribution target from 50% to 65% beginning in 2022. Distributions are expected to be made via share buy-backs offered to shareholders annually. Notifying Person: David Greenbaum
22-Nov-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | CPI PROPERTY GROUP |
40, rue de la Vallée | |
L-2661 Luxembourg | |
Luxemburg | |
Phone: | +352 264 767 1 |
Fax: | +352 264 767 67 |
E-mail: | [email protected] |
Internet: | www.cpipg.com |
ISIN: | LU0251710041 |
WKN: | A0JL4D |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart |
EQS News ID: | 1251163 |
End of Announcement | DGAP News Service |
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1251163 22-Nov-2021 CET/CEST