Related Party Transaction


 

TIDMDGRE 
 
RNS Number : 7566P 
Delek Global Real Estate PLC 
31 March 2009 
 

. 
31 March 2009 
DELEK GLOBAL REAL ESTATE PLC 
("DGRE" or the "Company") 
RELATED PARTY TRANSACTION 
As disclosed in the circular sent to the Company's shareholders on 24 March 2009 
(the "Circular"), the independent directors of DGRE, being Howard Stanton, 
Elisha Flax, Armin Zucker, Paul Harvey and Jonathan Scott Warren (the 
"Independent Directors") were approached by Delek Belron International Limited 
("DBI") on 23 March 2009 requesting an extension, from 31 March 2009 to 15 May 
2009 (the "Extension"), to the due date of repayment of principal and interest 
under the GBP6,000,000 term loan (the "Loan") made by the Company to DBI, 
details of which were announced on 29 September 2008. Having considered the 
request, the Independent Directors have agreed to grant the Extension. The Loan 
will remain secured by way of an extension to the existing bank guarantee; all 
other material terms of the Loan (including its interest rate of 10 per cent. 
per annum) and related security arrangements in favour of DGRE, remain 
unchanged. Further details of the Loan and the related security arrangements 
(including the bank guarantee) are set out in paragraph 6(d) of Part 8 of the 
Circular. 
 
 
The Extension constitutes a related party transaction for the purposes of the 
AIM Rules. Where an AIM company enters into such a transaction, the AIM Rules 
require that the directors who are independent of the transaction, make a 
statement that they consider, having consulted with the company's nominated 
adviser, that the terms of the transaction are fair and reasonable insofar as 
the shareholders of the company are concerned. 
 
 
The Independent Directors consider, having consulted with Panmure Gordon, the 
Company's nominated adviser, that the terms of the Extension are fair and 
reasonable insofar as the shareholders of the Company are concerned. 
 
 
Enquiries 
+----------------------------------------------+----------------------+ 
| Independent Directors of Delek Global Real   |                      | 
| Estate plc                                   |                      | 
+----------------------------------------------+----------------------+ 
| Howard Stanton, Chairman                     | +44 (0) 7785 282 150 | 
+----------------------------------------------+----------------------+ 
|                                              |                      | 
+----------------------------------------------+----------------------+ 
| Panmure Gordon                               | +44 (0) 20 7459 3600 | 
+----------------------------------------------+----------------------+ 
| Hugh Morgan                                  |                      | 
+----------------------------------------------+----------------------+ 
|                                              |                      | 
+----------------------------------------------+----------------------+ 
| Pelham PR                                    | +44 (0) 20 7337 1500 | 
+----------------------------------------------+----------------------+ 
| Alex Walters                                 |                      | 
+----------------------------------------------+----------------------+ 
 
 
Panmure Gordon, which is authorised and regulated in the United Kingdom by the 
Financial Services Authority is acting exclusively as financial adviser to DGRE 
and no one else in connection with the Extension and will not be responsible to 
anyone other than DGRE for providing the protections afforded to the clients of 
Panmure Gordon nor for advice in connection with the Extension or any other 
matter referred to in this announcement. 
Not for release, publication or distribution in whole or in part in, into or 
from any jurisdiction (including the United States) where to do so would 
constitute a violation of the relevant laws or regulations of such jurisdiction. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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