StockMarketWire.com - Secure Property Development & Investment said it had sold its assets outside of Greece to to Arcona Property Fund for €29.3m worth of shares, equivalent to the properties' deemed market valuations.

The company said the sale price represented a 95% premium to its total current market capitalisation.

The acquisition would be made through the issue of around 2.1m new Arkona shares and the transfer of existing debt over the related properties totalling around €30m.

Additionally, an earn-out component had been proposed that would see warrants over a further around 507k Arcona shares being issued to SPDI shareholders.




Story provided by StockMarketWire.com