MLP Group launches secondary offering of new shares

MLP Group is initiating a public offering of series F shares by way of a private subscription. The funds raised will be used to finance the expansion of the land bank in the markets served by MLP Group.

The Management Board of MLP Group, on November 29, 2022, after obtaining the consent of the Supervisory Board, adopted a resolution on increasing the share capital through the issuance of up to 2,621,343 series F shares and the exclusion of the pre-emptive rights of existing shareholders.

The newly issued securities will represent up to 12.3 percent of the existing share capital (up to 10.9 percent of the capital after the registration of the new issue shares); which share capital is currently divided into 21,373,639 shares.

The issue price of the issued securities will be determined after the book-building process is conducted.  

The number of series F shares offered in the book-building process will be up to 1,310,672, with the Management Board being able to decide to increase this number by a maximum of an additional 1,310,671 shares. 

The funds raised will be used to finance the expansion of the land bank in the markets served by MLP Group.  
Investors holding at least 1.0% (213,737 shares) of MLP Group shares at the end of the day on November 28, 2022, will have a priority right to subscribe for new shares in proportion to their holdings.  

The majority shareholder, ILDC (Israel Land Development Company Ltd.), has simultaneously committed to subscribing for the new shares. ILDC is subscribing for shares in a number that allows it to maintain its directly and indirectly held share in the Company's equity (economic interest) at the current level of 41.3037%. The Company and ILDC have simultaneously submitted a commitment, subject to standard exceptions, that they will not, among other things, sell series F shares or enter the market with a new share offering for a period of, respectively, 180 days from the date of determining the issue price (lock-up) in the case of the Company, and in the period from the date of the start of the book-building process until the day falling 180 days after the first day of trading of rights to Series F Shares on the regulated market operated by the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.) in the case of ILDC. 

According to the established schedule, the book-building process will begin immediately and will be conducted until December 1 of this year (Thursday) at 5:00 PM. The subscription will last from December 2 to 8 of this year, when the final allotment will take place. The introduction of rights to shares to trading is planned for the middle of the month, while the registration of the issued shares in court is expected at the end of the current year.