In response to significant investor interest and to take advantage of a pipeline of attractive investment opportunities in both Poland and Romania, the Board of Globalworth has announced its intention to raise in the region of €300m additional equity capital through a non-pre-emptive issue of new ordinary shares, with the ability to flex this dependent on deman.The Company has received strong indications of support from existing and new investors for this equity raise and currently expects to price it at or around prevailing EPRA NAV per share.
In addition to funding further investments, a key objective of the intended equity raise will be to attract new institutional investors and broaden the liquidity of the Company's shares ahead of its planned move to the Main Market of the London Stock Exchange in 2018. The equity raise will also assist the Company in managing its gearing strategy to a target LTV of 35%.
The Board also confirms that based on the current timetable any placing shares will be entitled to the H2-17 dividend previously stated at €0.22 per share, anticipated to be paid in January 2018. Consistent with the target of a sustainable and growing dividend, the Board is pleased to indicate a prospective H1-18 dividend of not less than €0.27 (or not less than €0.54 annualised) anticipated to be paid in August 2018.
