Oslo, 14 June 2024: Reference is made to the stock exchange announcement made by KMC Properties ASA (the "Company" or "KMC Properties") earlier today regarding the proposed transaction with Logistea AB (publ.) ("Logistea") (the "Transaction").
Following completion of the Transaction and in connection with the distribution by KMC Properties of the initial approx. 80% of the consideration shares in Logistea to its shareholders (as further described in the stock exchange announcement), KMC Properties intends to initiate a limited buyback of such consideration shares from its shareholders. The buyback is intended to facilitate for liquidity to shareholders receiving consideration shares and who wish to divest a portion of such shares. In the buyback, each KMC Properties shareholder who has received consideration shares will be offered to sell a portion of, limited up to 20% of the Logistea shares received, subject to a total maximum purchase amount payable by KMC Properties in the buyback of NOK 300 million. All the Company's shareholders will be treated equally and be able to sell the same pro-rata portion of the Logistea shares received.
The share buyback will be financed by a loan facility of up to NOK 300 million from DNB Bank ASA (the "Facility"). Logistea shares received by KMC Properties and not distributed to KMC Properties' shareholders in connection with closing of the Transaction will, together with any repurchased shares, be used as collateral for the Facility. Following completion of the buyback, KMC Properties intends to sell the repurchased shares in a structured block trade. Further announcements on the share buyback, including the price to be offered, will be communicated by KMC Properties in due course.
Certain large shareholders of the Company, i.e. Bewi Invest AS, M2 Asset Management AB and Flugfiskaren AB (Nordika) (together holding approximately 63.9 per cent of the shares and votes in the Company have undertaken that they will not participate in the buyback described above.
For additional information, please contact:
Stig Wærnes, interim CEO of KMC Properties ASA
+47 915 66 386
stig.waernes@kmcp.no
Christian Linge, interim CFO of KMC Properties ASA
+47 466 37 846
christian.linge@kmcp.no
About KMC Properties ASA
KMC Properties is an Oslo Børs-listed real estate company focusing on industrial and logistic properties. The company has a diversified portfolio of properties in the Nordics, Belgium, Germany, Poland and Netherlands. The properties are strategically located and have long lease agreements with solid tenants. KMC Properties has an ambitious strategy to grow the portfolio through further development of existing properties, as well as M&A initiatives.