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Wednesday, June 21, 2017 11:55:40 AM
Tel Aviv, Israel, June 21, 2017, Elbit Imaging Ltd. (“EI”or the
“Company”) (TASE, NASDAQ: EMITF)announced today, that Plaza Centers N.V.(“Plaza”) (LSE: PLAZ), an indirect subsidiary of the Company, has signed a non-binding Letter of Intent with an investment fund (the Purchaser ”) regarding the sale of Torun Plaza shopping and entertainment center in Poland.
The LOI binds the Purchaser to a strict timeline for undertaking a comprehensive due diligence process which would result in the transaction being completed by the middle of September 2017.
Should the transaction proceed towards a signed share purchase agreement, following the due diligence process, Plaza will receive approximately Euro 70 million followed by additional payments up to a maximum potential amount of Euro 4 million after an additional earn out period following the closing of the transaction. The expected net proceeds to Plaza, following the repayment of the related bank loan are estimated to be approximately Euro 27-29 million.
At this stage, there is no certainty that the transaction will be completed.
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