Vastned Retail and Vastned Belgium announce intention to merge
16 Mayo 2024 - 12:00AM
Vastned Retail and Vastned Belgium announce intention to merge
• Vastned Retail and Vastned Belgium intend to merge
Vastned Retail into Vastned Belgium, to be named
“Vastned”• The Merger aims to generate value for Vastned and
its stakeholders, including: o Simplification of
organizational and governance structure, while continuing current
successful strategy; o Expected future recurring
annual operational cost synergies of approx. EUR 2.0 - 2.5
million; o Optimized debt financing;
o Increased free float and liquidity;
o One single listed platform under Belgium’s REIT
regime; o More portfolio diversification;
o Future ability to pursue accretive growth• One
listed organization with trading on Euronext Brussels and Euronext
Amsterdam, with an expected increase in free float and liquidity
for shareholders and a more interesting profile for equity analyst
coverage• Vastned will be headquartered in Belgium with a
board of directors comprised of five individuals, chaired by Lieven
Cuvelier• Sven Bosman will become CEO of Vastned• The
Merger is expected to become effective on 1 January 2025, following
shareholder approval and satisfaction of other customary
conditions• At completion, Vastned Retail shareholders will
receive 0.839 Vastned Belgium share for each outstanding Vastned
Retail share• To mitigate the immediate impact on the cash
dividend for shareholders of Vastned Belgium in light of the
different yield profile of Vastned Retail compared to Vastned
Belgium, Vastned Belgium will declare an additional dividend
of 1.00 per share, to be paid to its pre-merger shareholders
in January 2025• Vastned Retail will declare and pay an
interim dividend of EUR 1.70 per share in December 2024 (with no
interim dividend to be declared and paid by Vastned Retail in
August 2024)• Vastned Belgium will declare and pay an interim
dividend of EUR 2.30 per share in December 2024• The Vastned Retail
Boards as well as the independent directors of Vastned Belgium
unanimously support and recommend the Merger• Vastned Retail
shareholders, being entities controlled by Messrs. Van Herk,
Meulman, De Jonge and Niessen and ICAMAP Real Estate Securities
Fund, representing, in the aggregate, more than 42% of the voting
rights in Vastned Retail support the simplification and strategic
restructuring of the group into one listed organization and have
committed to vote in favor of the Merger
Full press release:
- Vastned Retail and Vastned Belgium announce intention to
merge
Vastned Retail Belgium Nv (LSE:0ET5)
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De Abr 2024 a May 2024
Vastned Retail Belgium Nv (LSE:0ET5)
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De May 2023 a May 2024
