RF CorVal and Luxembourg-based fund withdraw from acquisition of BUMA Group’s companies and assets
The Management Board of REINO Capital SA (“Issuer,” “Company”) hereby discloses the following inside information, having received yesterday a statement from Andrew Roberts on behalf of RF CorVal International Holdings Limited (“RF CorVal”) on withdrawal from a preliminary conditional agreement on the sale of shares in BUMA Group’s operating companies, executed on 28 February 2020, with the participation of the Issuer’s subsidiary REINO SuppCos Sp. z o.o. and RF CorVal as the buyers, along with information on a statement being issued by REINO RF CEE Real Estate SCA SICAV-RAIF (“Fund”), as a result of activities initiated by RF Corval Europe representatives, regarding withdrawal from an agreement on the sale of BUMA Group’s special-purpose vehicles, executed on 14 February 2020, with the Fund’s participation as the buyer. The Issuer disclosed the preliminary agreements in current reports 11/2020 of 14 February 2020 and 16/2020 of 28 February 2020.
The Issuer’s Management Board is currently analysing the Issuer’s and its Group’s current situation in the context of the statements submitted. Further decisions and activities resulting from these decisions will be communicated by the Issuer in separate current reports.
The Issuer’s Management Board also notes that the statements on withdrawal from the agreements to purchase BUMA Group’s companies and assets, resulting from decisions and actions taken by RF CorVal, have no bearing on the Issuer’s positive assessment of the transaction and its intentions as well as any of the assumptions in the Group’s business development strategy.
The Issuer will continue implementing the strategy in line with the adopted assumptions. The current market situation can be an opportunity to expand capabilities for achieving strategic objectives, also in collaboration with other partners, just as in the case of the warehousing market investment platform, which is being implemented in parallel.
The Issuer’s competences and experience are seen by a vast majority of potential investors and partners as crucial in projects on the Polish commercial real estate market. This is of key significance to the Issuer’s activities and results in the mid- to long-term.
At the same time, RF CorVal’s decision and actions give rise to risk associated with achieving strategic and financial objectives, which may have a negative impact on financial results in the present financial year. The Issuer will take action to minimise these risks and to capitalise on market opportunities in order to neutralise these risks.
Legal basis:
Art. 17 sec. 1 MAR – inside information.
