Secure Property Development confirms extension to Romania RCPSs

South Eastern European focused property and investment company Secure Property Development & Investment announced on Thursday that it has exercised its right to request a three-month extension to the redemption date of the Redeemable Convertible Preference Shares, which were issued in July 2015 to the vendor of BLUEBIGBOX, a DIY retail property located in a prime location in Craiova, Romania.

The AIM-traded firm said BLUEBIGBOX, along with a number of other properties in Romania and Bulgaria, was acquired by SPDI in July 2015.

It said the property, which is fully let to the European DIY retailer Praktiker, was purchased for a total consideration of €6.1m.

That consideration was settled by the issue of 8,618,997 RCPSs to the vendor.

“Under the terms of the sale and purchase agreement, the RCPSs were to be either converted to an equal number of ordinary shares or redeemed for €0.7056 per RCPS on 13 July 2016, subject to SPDI's right of extension,” Secure’s board said in a statement.

“Further to today's extension, the RCPSs will either be redeemed or converted by 13 October 2016 at the discretion of the holder of the RCPSs.”