Negotiations over Disposal of ‘Arkady Wrocławskie’ Real Property Extended
Legal basis: Article 17(1) of MAR - inside information
With reference to the Current Report No. 9/2022 of 04 February 2022, the Management Board of DEVELIA S.A. (“the Issuer” or ”the Company“) inform that the Issuer and an Issuer’s subsidiary, Arkady Wrocławskie S.A. (“AW”), in which the Issuer holds 100% of shares and 100% of votes at the subsidiary’s general meeting under voting rights attaching to such shares, due to the current situation on the property development market resulting in the extension of ongoing negotiations, failed to enter, before 30 September 2022 – as stipulated in the letter of intent, into the final agreement relating to the potential disposal of the right of perpetual usufruct and ownership right to parcels of land located in Wrocław at Powstańców Śl. Street, Komandorska Street and Nasypowa Street, on which, apart from other structures, a multifunctional building “Arkady Wrocławskie” has been erected.
The Company is still continuing the negotiations and will attempt to cause the final agreement to be signed until 31 December 2022, which will be communicated by the Issuer in a separate current report.
According to the Issuer, the information on extending the negotiations constitutes inside information within the meaning of Article 7 of the MAR, as the transaction, if effected, will be considered by the Issuer a significant transaction on account of its value.
Legal basis: Article 17(1) in conjunction with Article 7(1a), (2), (3) and (4) of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on market abuse (the Market Abuse Regulation) repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (the “MAR”) in conjunction with Article 2 and 3 of the Commission Implementing Regulation (EU) 2016/1055 of 29 June 2016 laying down implementing technical standards with regard to the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council.