GTC SA partnership informed that it is going to use proceeds from a planned share issue in the period till 18 months from the completion of the offer. If the partnership assumes obligations in this period or invests less than 90 per cent of incomes from the offer in indicated investments, GTC will initiate a buyback programme of own shares with the value of other unused incomes from the offer while the buyback’s price of own shares would not be lower than issue price within the offer increased by the interest accrued in accordance with 3M WIBOR rate for the period from the moment of receiving incomes from the offer till performing the buyback of shares.
The general meeting of shareholders will consider the issue project to 140 million shares of K series with the pre-emptive right on 13th October. The suggested day of the pre-emptive right of a new issue, dematerialization and apply for the admission and introduction of pre-emptive rights to shares and shares of new issue is 16 December 2014. The shareholder will have the one pre-emptive right for each share.
GTC is going to use net incomes from the offer to realize its new strategy of acquiring properties which generate income from the lease, in which the partnership will be able to create the value added by using a regional operational and knowhow platform in the area of properties’ management except from the continuation of the limited development within a present portfolio of properties.
The investments will be examined and acquired on the basis of some criteria:
office and commercial properties with institutional standard;
located in Warsaw or other main cities in Poland and in capitals of CEE and SEE countries;
enabling a potential increase of incomes from operational net activity on the level to 30 per cent by i.a. pre-leasing, renting unleased areas, increasing rate of a rent or repositioning;
initial return from the capital on the level of low a dozen or so per cent;
potential of a return’s increase from the capital to more than ten per cent, thanks to active management of shares.
The investments financed by incomes from the offer will be selected and precisely judged on the basis of market conditions and possibility of achieving a planned potential return from the investment. The partnership may invest independently or together with other entities which will enable a larger diversification and range of the portfolio of properties.