Edition:
India

CPI Property Group To Tighten Original Financial Policy Guidance, To Repurchase Own Shares


Monday, 17 Jun 2019 

June 18 (Reuters) - Cpi Property Group SA ::DGAP-NEWS: CPI PROPERTY GROUP - FINANCIAL POLICY AND SHARE REPURCHASE UPDATE.SAID ON MONDAY TO TIGHTEN THE ORIGINAL FINANCIAL POLICY GUIDANCE WHICH WAS FIRST COMMUNICATED TO THE MARKET IN MAY 2018.NOW TARGETS A NET LTV OF 40% OR BELOW IN THE NORMAL COURSE OF BUSINESS.IN THE CASE OF ACQUISITIONS WITH HIGH STRATEGIC MERIT, THE GROUP MAY CONSIDER A NET LTV UP TO 45% ON A TEMPORARY BASIS.HAS ALSO REVISED THE ICR TARGET TO 4X OR ABOVE.INTENDS TO REPURCHASE UP TO 400,000,000 SHARES AT A PRICE OF EUR 0.30 PER SHARE.RESULTS OF THE SHARE REPURCHASE WILL BE PUBLISHED ON 26 JUNE 2019.IN THE EVENT THAT ALL 400,000,000 SHARES ARE REPURCHASED, THE TOTAL AMOUNT WOULD REPRESENT LESS THAN 60% OF THE GROUP'S EXPECTED FUNDS FROM OPERATIONS (FFO) FOR 2019.DOES NOT ANTICIPATE CONDUCTING FURTHER SHARE REPURCHASE ACTIVITIES IN 2019. 

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15 Nov 2019