IN VIEW OF THE FUND TERM EXPIRY AT 31 DECEMBER 2014, THE BOD RESOLVED TO CALL THE UNITHOLDERS’ MEETING TO EXPRESS ITS OPINION ON THE EXTRAORDINARY EXTENSION OF THE FUND’S TERM
Milan, 30 October 2014 – The Board of Directors of Prelios SGR on today’s date approved the interim report at 30 September 2014 of Tecla Fondo Uffici, a listed real estate mutual fund.
The Tecla Fondo Uffici interim report will be made available to the public at the offices of Prelios SGR, of Borsa Italiana, of the Depositary Bank State Street Bank S.p.A. and on the Company website at www.fondotecla.com.
Considering the approaching of the Fund’s term expiry date, currently corresponding to 31 December 2014, as well as the current framework of reference, Prelios SGR evaluated different options: the spin-off not on a pro rata basis, already anticipated to the market in the press release of 30 July 2014, and the extraordinary extension of the expiry term.
In relation to the anticipated spin-off transaction not on a pro rata basis under review and for which the preliminary activities continue, it should be recalled that its implementation is subject to the authorization by Bank of Italy, to the consent of the lending banks, of the Tecla Fund majority unitholder as well as to the confirmation of the tax regime. With regard to the latter issue, Prelios SGR submitted a questioning to the Inland Revenue Office in July 2014. On 15 October 2014 the Land Revenue Office filed a request for supplementary documents.
On the other hand, with the regard to the possibility to extend the Fund’s term, following to publication in the Official Gazette on 20 August 2014 of Law n. 116/2014 (converting the Italian Legislative Decree no. 9/2014 into law), with consequent issue of the extraordinary provision envisaging the right for asset management companies to amend the regulation of listed real estate funds by 31 December 2014, with the possibility to extraordinarily extend the funds’ term for max. two/three years (i.e. until 31 December 2017 for the Tecla Fund), the SGR Board of Directors resolved to call the Unitholders’ Meeting to resolve on the extension of the Fund’s term, by giving mandate to the Chairman and to the CEO to fix the day, venue and time of the meeting to be held next December.