Rodamco North America NV today announced that it has repurchased the 14.7 million shares issued to Stichting RNA, an independent foundation, for a total amount of EUR 130.3 million.
As already stated in the Â'Updated explanatory memorandumÂ' dated 11 March 2002, the Voting Trust has commenced to unwind itself and has now exercised the put option in accordance with the existing acquisition agreement between RNA and the Voting Trust. Accordingly, RNA wil repurchase 14.7 million shares for a total consideration of EUR130.3 million. The total number of shares outstanding following the repurchase is 45.1 million.
On 23 September 2001, RNA issued 14.7 million shares to the Voting Trust. The proceeds have been used by RNA to redeem part of the companyÂ's outstanding loans. RNA has now drawn under its credit facility to finance the repurchase of the shares, however, the net debt position of the company does not materially alter as the issuance of the 14.7 million shares to the Voting Trust has been accounted for as external financing.
The Voting Trust will not receive any proceeds from the proposed transactions as described in the Â'Updated explanatory memorandumÂ' and will not be voting at the forthcoming extraordinary general meeting, scheduled for 25 March 2002.
(source: Rodamco North America)