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Globalworth to raise around EUR300 million additional equity capital


In response to significant investor interest and to take advantage of a pipeline of attractive investment opportunities in both Poland and Romania, Globalworth is planning to raise in the region of EUR300 million in additional equity capital through a non-pre-emptive issue of new ordinary shares, with the ability to flex this dependent on demand.

The Company has received strong indications of support from existing and new investors for this equity raise and currently expects to price it at or around prevailing EPRA NAV per share. 
 
In addition to funding further investments, a key objective of the intended equity raise will be to attract new institutional investors and broaden the liquidity of the Company’s shares ahead of its planned move to the Main Market of the London Stock Exchange in 2018. The equity raise will also assist the Company in managing its gearing strategy to a target LTV of 35 per cent. 
 
The Board also confirms that based on the current timetable any placing shares will be entitled to the H2-17 dividend previously stated at EUR0.22 per share, anticipated to be paid in January 2018. Consistent with the target of a sustainable and growing dividend, the Board is pleased to indicate a prospective H1-18 dividend of not less than EUR0.27 (or not less than EUR0.54 annualised) anticipated to be paid in August 2018. 
 
A further announcement providing details of the proposed equity raise will be issued in due course. In order to provide the shareholder authorities necessary to issue shares as part of the proposed equity raise, a circular (the Circular) convening an Extraordinary General Meeting (EGM) at which the required shareholder approvals will be sought is today being published and sent to shareholders. In addition to containing the notice of EGM, the Circular also contains an explanation of each resolution being proposed and the recommendation of the Board to vote in favour of each resolution.

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