Ad-hoc: CPI PROPERTY GROUP: Capital increase
Zeit: 23.11.21 10:06
CPI PROPERTY GROUP
40, rue de la Vallée
R.C.S. Luxembourg: B 102 254
Ad hoc disclosure of inside information according to Article 17 of the EU Market Abuse Regulation
Luxembourg, 22 November 2021
CPI PROPERTY GROUP - Capital increase
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,
Mr. Vitek owns 7,902,846,980 CPIPG's shares representing 93.90 % of share capital (94.66% of voting rights). CPIPG's share capital was increased today from 817,239,581.70 to 841,590,231.10, represented by 8,415,902,311 ordinary shares.
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.
Chief Financial Officer
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