APPROVED ADDITIONAL REIMBURSEMENT OF EURO 18.58 PER UNIT
- TOTAL NAV EQUAL TO 19.7 €/MLN
- NAV PER UNIT EQUAL TO 37.73 EURO
FUND WINDING-UP COMPLETED WITHIN THE TERMS ENVISAGED BY THE FUND BY-LAWS
Milan, 26 February 2015 – Prelios SGR Board of Directors, that held its meeting on today’s date, approved the Fund final winding up report at 25 February 2015 of Olinda - Fondo Shops, a real estate mutual fund, pursuant to the Fund by-laws.
As already anticipated on 16 December 2014, the amount of price adjustment for the disposal of 100% of Olinda Centers S.r.l. shares was determined in Euro -936,000.
From the fund establishment and considering the reimbursement of Euro 18.58 resolved upon on today’s date for the final liquidation (that will be made, pursuant to the Fund by-laws, by 27 March 2015), and in addition to the reimbursement of Euro 85,00 already made on 13 February 2015, the Fund made payments for a total amount of Euro 405 for each unit (equal to 79.7% of the equity invested upon the Fund’s establishment). The amount of Euro 19.15 per unit shall remain tied-up to guarantee the indemnification commitments undertaken upon disposition of the real estate asset portfolio on 16 December 2014, as announced in the previous relevant press releases.
The Fund liquidation takes place as its term has expired pursuant to the Fund by-laws envisaging that the final winding up accounting operations shall be implemented within and not later than sixty days after the term expiration (31 December 2014).
For the purpose of completing the winding up procedure pursuant to the Fund by-laws, in the interest and to the benefit of unitholders who at the Fund winding up date are entitled to the proceeds and/or to the reimbursements deriving from such liquidation (the Beneficiaries), the SGR takes over the residual assets and liabilities at 25 February 2015 – as indicated in detail in the final winding up report and within the limits of the same - and will perform their administrative management, at its own expenses, for a period of 10 years.
As of 1 January 2015 the SGR has not been paid any management fee.
In particular, as indicated in the final winding up report (to which reference should be made), we hereby inform that the SGR:
- takes over the residual assets (at the agreed value of Euro 1), committing to distributing to the Beneficiaries any cash inflow deriving from such assets (the Assets) in excess of any future contingent losses that may arise;
- takes over the liabilities, as indicated in detail in the final winding up report and within the limits of the same, by keeping and depositing the corresponding amount into a current account opened with the Depositary Bank (the Liabilities). The SGR undertakes to distribute to the Beneficiaries any positive difference deriving from the lower amounts that should be paid by the SGR in total compared to the Liabilities value; and
- takes over the indemnity commitments undertaken by the Fund vis-à-vis the Reitaly fund managed by AXA REIM SGR (purchaser of the real estate asset portfolio transferred on 16 December 2014 as announced in the previous relevant press releases) by keeping and depositing Euro 10 million (equal to the aforesaid value of Euro 19.15 per unit) from the Fund available cash, corresponding to the maximum indemnity guaranteed by the same Fund, into the dedicated current accounts with the Depositary Bank.
The amounts of Assets collected and the amounts to be used for the payment of Liabilities will be also deposited with the Depositary Bank.
For a period of 10 years starting from the Fund liquidation date, the SGR will evaluate on a half-year basis – on 31 March and 30 September of each year – the occurrence of the presuppositions to make payments, even partial, to the Beneficiaries in the event that a positive difference results from the administrative management of the Assets and Liabilities (considered as a whole), to be recognised to the Beneficiaries. The SGR will communicate, by press release, the terms of payment of any amount due to the Beneficiaries.