NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

1 July 2021

Globalworth Real Estate Investments Limited ("Globalworth" or the "Company")

Offer Update

Globalworth notes that yesterday was the third closing date of the unilateral cash offer for the Company (the "Offer")  by CPI Property Group S.A. ("CPI") and Aroundtown SA ("Aroundtown" and, together with CPI, the "Consortium") and that the Consortium has today extended the Offer again until 9 July 2021.

On 26 April 2021, a committee of the Globalworth board comprising independent directors (the "Independent Committee") announced that the Offer significantly undervalues the Company, its assets and its prospects.  Further, the Independent Committee gave its views on the Offer in the response circular published by the Company on 26 May 2021 (the "Response Circular").

Level of acceptances

The Independent Committee notes that the Consortium has only received acceptances in respect of a total of 5,828,358 Globalworth Shares, representing approximately 2.64 per cent. of Globalworth's issued share capital. 

Globalworth Shareholders should note that the Consortium may no longer revise the Offer (including by increasing the Offer consideration) or publish any revised offer documentation without Globalworth's consent.

The Independent Committee continues to advise Globalworth Shareholders to take no action in relation to the Offer.

Withdrawal rights available

Further, the Independent Committee notes that any Globalworth Shareholders who have accepted the Offer are now entitled to withdraw their acceptances by written notice received by post to the Receiving Agent, Computershare, at Corporate Actions Projects, Bristol, BS99 6AH, United Kingdom.  Alternatively, in the case of Globalworth Shares held in uncertificated form, withdrawals can also be effected in the manner set out in paragraph 5(i) of Part 2 of Appendix 1 of the Offer Document.

As stated in the Response Circular, the letter sent by the Independent Committee to the Consortium on 21 May 2021 and in the announcement on 3 June 2021, the Independent Committee remains willing to discuss with the Consortium alternative transactions to the Offer that may deliver greater value to all Globalworth Shareholders and continues to seek clarity in respect of the Consortium's anticipated plans for Globalworth.

Terms used but not defined in this announcement shall have the meanings given to them in the Response Circular.

Enquiries:

Important notices

This announcement is not intended to and does not constitute an offer to buy or the solicitation of an offer to subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction. The release, publication or distribution of this announcement in whole or in part in, into or from certain jurisdictions may be restricted by law and therefore persons in such jurisdictions should inform themselves about and observe such restrictions.

The person responsible for arranging for the release of this announcement on behalf of the Company is Nicola Marrin, Company Secretary.

Disclaimers

J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the Financial Conduct Authority. J.P. Morgan Cazenove is acting as financial adviser exclusively for Globalworth and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Globalworth for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing advice in relation to any matter referred to herein.

Panmure Gordon (UK) Limited ("Panmure Gordon") which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Globalworth and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this document and will not be responsible to anyone other than Globalworth for providing the protections afforded to clients of Panmure Gordon or its affiliates, nor for providing advice in relation to any matter referred to herein.

Rule 26.1 Disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.globalworth.com, by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.