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Secure Property Development & Investment PLC - Nicosia, Cyprus-based commercial property investor - Transfers 21% stake in Lelar Holdings Ltd to Arcona Property Fund NV in exchange for 315,668 shares in Arcona and 76,085 warrants over shares in Arcona.
Lelar holds the Delenco office building asset in Bucharest, which generates €140,000 lease income a month.
Transfer marks start of stage two of the transfer to Arcona of Secure Property's property portfolio in exchange for new shares in Arcona.
Another 3.2% interest in Lelar will be contributed towards Arcona for an additional proportionate number of shares.
‘Despite a very long wait, we are happy to announce the commencement of Stage Two of the Arcona transaction with the completion of the transfer of the 21.2% interest in Delenco, which will bring the total number of Arcona Shares issued to SPDI to approximately 909,200 with a current market value of €5.9 million, representing 60% of SPDI's current market capitalization,’ says Chair Michael Beys.
Current stock price: 6.70 pence
12-month change: up 28%
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