Business News
Punch Graphix acquires participation in Accentis held by Punch International
Monday 05. January 2009 - Punch Graphix nv has acquired the entire participation in Accentis nv held by Punch International nv as at 31 December 2008 by purchasing all of the 125,487,176 Accentis shares in possession of Punch International nv.
These shares were acquired for a total consideration of 20.7 million euros (i.e. 0.165 euros per share). As a result, Punch Graphix nv becomes the major shareholder in Accentis nv, holding 24.49% of the shares outstanding. It is the intention of Punch Graphix nv to build up a blocking minority in Accentis nv.
In addition, Punch Graphix nv has acquired a loan extended by Punch International nv to Accentis nv worth 30.4 million euros, for a total consideration of 29.5 million euros. This loan is redeemable after 5 years and carries interest at 6% per annum, interests not being capitalised. The overall transaction thus amounts to a total consideration of 50.2 million euros.
Information with regards to Accentis nv
Accentis nv is a real estate group listed on Euronext Brussels. In the course of 2008 the group acquired Punch International nvs real estate portfolio through several transactions. This real estate portfolio -consisting mainly of semi-industrial properties- includes approximately 1,461,000 m² of land and approximately 373,000 m² of buildings. As a result of the transactions, Accentis nv became the owner of, among others, the 4 production sites rented by Punch Graphix nv (Lier, Heultje and Ypres in Belgium and Boizenburg in Germany). Further specific and financial information with regards to Accentis nv can be found on the companys website: www.accentis.com.
Specific information with regards to the impact of the transaction on Punch Graphix nv
As of 31 December 2008 Punch Graphix nv will consolidate its participation in Accentis nv using the equity method. No material impact on the consolidated result is expected. The purchase of said loan will lead to a positive result before taxes of approximately 0.9 million euros. As a result of the transaction, the net financial debt position of the company will increase substantially, but will remain less than 50 million euros at 31 December 2008 (net financial debt at 1 December 2007: 36.4 million euros, net financial debt at 30 June 2008: 2.2 million euros).
Specific information with regards to the impact of the transaction on Punch International nv
This transaction will not have a material impact on the consolidated income statement or balance sheet of Punch International nv.