Black Sea Global Properties (BSGP) has acquired 75.49% of the shares in Rutley European Property. BSGP had already acquired 150,000 Rutley shares prior to its takeover bid, bringing the total to 75.56%.
Black Sea Global Properties (BSGP) has acquired 75.49% of the shares in Rutley European Property. BSGP had already acquired 150,000 Rutley shares prior to its takeover bid, bringing the total to 75.56%.
As a result, less than 25% of Rutley's shares are now in public hands which means it is technically in breach of the London Exchange's listing rules. However, in a press release BSGP said it remains committed to retaining Rutley’s London listing and is currently considering a number of options to enable the company to comply with the listing rules. A further announcement will be made in due course.
Dinu Patriciu of BSGP commented: 'At the outset of this process we made it clear that our intention was to take a majority stake in Rutley which would allow us to stabilise the company's financial position, take other measures to improve the company's performance and create a platform for future growth. At the same time, we always intended to retain Rutley’s listing on the London Stock Exchange and our offer was designed to allow those shareholders wishing to remain invested to do so. We are pleased that our offer has been accepted and are now working with our advisers to ensure that we are able to retain the company's listing.'
David Pinckney, chairman of Rutley, commented: 'I am pleased by the success of the offer by BSGP for Rutley and look forward to continuing my work as the chairman of the company alongside our new majority shareholder.'
Rutley European Property is a Guernsey-registered vehicle with capital of around £162 mln. Managed by Rutley Capital Partners, the fund targets pan-European core-plus real estate, including office, retail and warehouse assets, with a primary geographic focus on Germany, Poland, Hungary and the Czech Republic.
