Le Lézard
Classified in: Business
Subjects: ACC, SHA

Letko Brosseau Reaffirms Its Intention to Vote Against Gazit-Globe Ltd.'s Buyout of Atrium European Real Estate Limited


MONTREAL, Aug. 14, 2019 /PRNewswire/ -- Letko, Brosseau & Associates Inc., an independent investment manager that exercises investment control or direction over approximately 2.4% of the outstanding shares of Atrium European Real Estate Limited ("ATRS" or the "Company") and is the Company's second largest shareholder, today reaffirms its intention to vote AGAINST the proposed going private transaction of ATRS by Gazit-Globe Ltd.

The proposed transaction price of 3.75 Euros per share significantly undervalues the Company's own stated Net Asset Value of 5.03 Euros per share.

ATRS is a leading owner and manager of high-quality shopping centers in some of the best urban locations in Central and Eastern Europe. To date, ATRS has been successful in selling assets at or above their book value, including two assets in Poland for 298 million Euros in the first half of 2019. As of December 31, 2018, ATRS reported Net Asset Value of 5.03 Euros per share before tax ("ERPA NAV") and 4.62 Euros per share after tax and other items ("ERPA NNNAV").  Additionally, ATRS is expected to benefit from an increase in rental income, declining interest rates, significant development and redevelopment opportunities as well as its land bank. Based on these factors, Letko Brosseau believes ATRS's stated Net Asset Value far exceeds the proposed transaction price.

Letko, Brosseau & Associates Inc. is a Canadian independent investment manager founded in 1987. As of July 31, 2019, the firm manages approximately $28 billion in assets for institutional investors and private clients. It has offices in Montreal, Toronto and Calgary.

FORWARD-LOOKING STATEMENTS
Certain information contained in this press release may constitute forward-looking statements. Forward-looking statements may include estimates, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Letko Brosseau believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Letko Brosseau's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and Letko Brosseau does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.

Contact: Peter Letko, peter@lba.ca, +1(514) 499-1200; Daniel Brosseau, daniel@lba.ca, +1(514) 499-1200


These press releases may also interest you

at 06:35
Aramark today reported fourth quarter and full-year fiscal 2019 results. "Aramark is an iconic company with a promising future. I am incredibly inspired by the many talented field leaders and valued client partners I have met in just 45 days back...

at 06:35
MAXIMUS , a leading provider of government services worldwide, today reported financial results for the three months and year ended September 30, 2019. Highlights for fiscal year 2019 include: Revenue increased to $2.89 billion driven by the...

at 06:33
Integrated Device Technology, Inc. (IDT), a wholly owned subsidiary of Renesas Electronics Corporation (TSE: 6723), announced today it has partnered with industrial artificial intelligence (AI) leader ONE Tech to deliver an end-to-end, integrated...

at 06:30
According to a new market intelligence report by BIS Research titled 'Global Blockchain in Energy Market ? Analysis and Forecast, 2018-2024', the blockchain in energy market was valued at $ 518.6 million in 2018 and is projected to grow at a CAGR of...

at 06:30
Find an updated list of early Black Friday baby car seat, stroller, monitor, crib, toy and clothing deals, featuring savings on Carter's, UPPAbaby, Graco and Britax baby products. Links to deals are listed below and provided by the Black Friday team...

at 06:30
Boeing announced at the Dubai Airshow services orders and agreements with leading airlines and governments to provide greater lifecycle value to their fleets and enable improved connectivity, exploration and mission readiness. The Middle East is...



News published on 14 august 2019 at 18:42 and distributed by: