In its press release of June, 20th, Montea announced having reached a principles agreement subject to conditions precedent with De Paepe Group (M.G. Invest NV and M.G. Holding NV) for the acquisition of a customized development for DHL Global Forwarding at Brussels Airport (through Warehouse Nine NV).
The project encompasses 23,000 m² of warehouse space and 5,300 m² of office space and social areas. DHL Global Forwarding will lease the building for a period of 15 years, with the option to terminate after a period of 10 years. Montea will acquire the project, based on an initial return of 7.50%, representing an investment value of €26.2 million.
The acquisition would occur through a contribution in kind of the shares of Warehouse Nine NV in the share capital of Montea, subject to the realization of certain conditions precedent. Montea and De Paepe Group intend to sign a conditional contribution agreement shortly.
Upon realization of the conditions precedent, the contribution in kind would cause an increase of the share capital of Montea by approx. €21,000,000 and new shares of Montea would be issued as a reward. The issue price of the new shares would then be determined by the average trading price of Montea's shares over a 30-day period preceding the contribution agreement, minus the anticipated gross dividend for the financial year ending December, 31st, being €1.93 per share.
In its interim statement of November, 8th with respect to the third quarter of the current financial year (ending September, 30th) Montea's statutory director announced the company was on course to maintain a net operating result per share of €2.00 for 2012.
This anticipated result can be considered to be reasonable and achievable, taken into account the fact that Montea's financial situation per 30 September to a large extent reflects the final results of the current financial year ending December, 31st and considering that Montea does not expect any unforeseen circumstances to materially affect that anticipated result. Taking that into account, the board of directors of the statutory director intends to propose the general meeting a gross dividend of €1.93, assuming a distribution percentage of 96.6% of the net operating result per share.
The capital increase is planned on December, 20th and would occur using the authorized capital.