On 14th June 2006 an Extraordinary Shareholder Meeting of Globe Trade Centre S.A. approved a resolution on the splitting of shares.
After the registration of the relevant changes in the Company’s statute by the Registry Court the share capital of Globe Trade Centre S.A. amounting to 21,676,841 zloty will be divided into 216,768,410 shares with nominal value of 10 groszy each. Currently, i.e. before the split, the share capital is divided into 21,676,841 shares with a nominal value of 1 zloty each.
On the date of the split the price per share will be divided by 10 accordingly.
The main goal of the share split is to improve liquidity of trading on the Warsaw stock Exchange and to make the price per share more affordable for individual investors.
The operation of splitting the shares should take approximately 5 weeks from the date of shareholders’ approval
GTC will develop an A-class 2-phase office project of 43,000 sq.m in a prominent location in the city centre.
GTC is to develop two A-class office buildings on Piata Presei Libere in Bucharest, close to the Sofitel hotel and the Romanian exhibition center. The property is located on the main road connecting the airport with the city center. The project is comprised of 43,000 sq.m. of gross area across the two buildings and the underground car park that will accommodate around 670 cars.
GTC expects to obtain a building permit in the fourth quarter of 2006 and to start construction of the first building immediately thereafter. The project is to be developed in two phases with construction of both office buildings planned to be completed within 2 years. The estimated total development cost is EUR 56 million(inclusive of the site acquisition cost of EUR 7.5 mil).
GTC will have a 50.07 % stake in the project and will lead and manage it on behalf of the other shareholders.
The new office investment will more than double the size of GTC’s portfolio of A-class office buildings in Bucharest, Romania’s capital city. In 1Q 2006 GTC completed America House – an A-class office building comprising of 27,000 sq.m, that has been fully let to renowned international tenants.
After this acquisition GTC’s portfolio in Romania will include 450,000 sq.m. of commercial and residential space.