Rule 3 adviser to the board of DP Property Europe Limited on its delisting and requisitioning by Dinu Patriciu Global Properties Limited.
Rule 3 adviser to the board of DP Property Europe Limited on its delisting and requisitioning by Dinu Patriciu Global Properties Limited.
TRANSACTION SUMMARY
On 14 May 2010, the Board of DP Property Europe announced that it had received a requisition from Dinu Patriciu Global Properties Limited (DPGP) to convene an EGM to remove the independent board and delist the company. This followed an indicative proposal received by the Company from DPGP in March 2010. In July 2010, DPGP’s subsidiary Eve Acquisitions announced the recommended cash offer for the company.
BACKGROUND
DP Property Europe (known at the time as Rutley European Property Limited) was floated in November 2006 at a price of 100p per Share. In July 2009, DPGP (known at the time as Black Sea Global Properties Limited) acquired 74% of the Company via a recommended public offer at 7.25p per Share.
ROLE
SHP was appointed Rule 3 adviser by the Board of DP Property Europe to advise it on the indicative proposal and subsequent requisition.