EUROCOMMERCIAL PROPERTIES N.V. ANNOUNCES SCRIP ISSUE TAKE UP AND
INITIATES BUYBACK PROGRAMME TO COVER EMPLOYEE STOCK OPTIONS
Date: 23 November 2007
Release: after close of business of Euronext Amsterdam and Euronext
Paris
Stock dividend take up
Eurocommercial Properties N.V. ("ECP") announces that holders of
depositary receipts representing 35% of the issued share capital
(last year 43%) have opted to take up 468,675 bonus depositary
receipts at an issue price of ¤ 43.42 from the Company's share
premium reserve, instead of a cash dividend of ¤ 1.67 per depositary
receipt for the financial year ended 30 June 2007. Accordingly, the
shareholders' equity of the Company will increase by ¤ 20.3 million.
The number of depositary receipts on issue will increase by 1.3% to
35,746,294 with effect from 30 November 2007.
Employee stock options
On 8 November 2007 the 676,000 outstanding employee stock options,
granted in 2004, vested, giving option holders the right to exercise
these options at a price of ¤ 24.82 over a period of seven years.
Given current stock market prices the Company has decided to initiate
a programme under which depositary receipts are bought back to cover
future possible exercises of these options with the intention of
minimizing costs to the Company. The programme will start on 26
November and cease on 31 December 2007. The Company intends to
acquire up to a maximum of 676,000 depositary receipts on Euronext
Amsterdam through the Company's paying agent Fortis Bank.
Following the approval of the Annual General Meeting of Shareholders
held on 6 November 2007, a new series of 716,000 options was granted
to staff members and members of the Board of Management (J.P. Lewis
100,000 options and E.J. van Garderen 70,000 options) under the
existing stock option plan of the Company, representing 2% of the
current issued share capital of the Company (35,746,294 depositary
receipts). The options are again conditional upon performance targets
and can only be exercised three years after the date of granting. The
exercise price is ¤ 37.28, being the closing price of depositary
receipts on 12 November 2007, the granting date.
Sale of small retail property at Tourville la Rivière
The Company has sold its small retail property at Tourville la
Rivière in France to one of the owners of the shopping centre in
which this property is located for a price of ¤ 3.2 million. The
price represents a net yield to the purchaser of 4.8%. The book value
of this property was ¤ 2.5 million, resulting in a realised capital
gain to ECP of ¤ 0.7 million.
For additional information please contact:
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| Jeremy Lewis | Chief Executive | + 44 20 7925 |
| | | 7860 |
|-----------------------+--------------------------+----------------|
| Kate Spiro | Director Investor | + 44 20 7925 |
| | Relations | 7860 |
|-----------------------+--------------------------+----------------|
| Evert Jan van | Finance Director | + 31 20 530 |
| Garderen | | 6030 |
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Website: www.eurocommercialproperties.com