Laxey's Terra Catalyst Fund has announced that it has received acceptances in respect of 37.5% of Spazio's ordinary shares, effectively gaining control of the AIM-listed concern. Terra Catalyst already held more than 20% of the company's shares.
Laxey's Terra Catalyst Fund has announced that it has received acceptances in respect of 37.5% of Spazio's ordinary shares, effectively gaining control of the AIM-listed concern. Terra Catalyst already held more than 20% of the company's shares.
Spazio Investment is an Amsterdam-based investment company focused on the Italian real estate market. In March, it reported a loss of EUR 8.6 mln for 2008, from a profit of EUR 45 mln a year before. At the end of 2008, the company launched a EUR 450 mln asset disposal programme for the next three years.
Laxey Partners Limited is a globally active value investor. It established Terra Catalyst Fund to achieve an absolute return for its shareholders (in sterling) through capital growth by investment in property-related securities and by way of an annual dividend payment. A Cayman domiciled entity, TerraCF listed on AIM on the 25 February 2008.
