Friday July 8th, 2011
Edwin Lee of NVS Bancorp (“NVS”) is delighted to announce Phoenician Corporation V Limited’s (the “Company” or “PV”) acquisition of Prime Investments Group Limited (“Prime”) and the readmission of the Company’s Class A Share to trading on the PLUS Stock Exchange (“PLUS”). Edwin Lee, Managing Director of NVS Bancorp was the lead advisor on the transaction and was instrumental in the successful completion of the cross border transaction.
Upon Admission, the enlarged group has a market capitalization of GBP 253,201,313. The Company has acquired the entire issued share capital of Prime Investments Group Limited in consideration for the issuance by it of:
a) 1,239,233,572 Class A Shares in the Company; and
b) Warrants granting the holders the right to subscribe for a total of 322,786,428 Class A Shares in the Company over a five year period for an exercise price of 20 pence per Class A Share.
The Company has been renamed “Prime Investments International Group Limited” and accordingly its new ISIN is BSP791301034 and its CUSIP is P79130 103.
The main asset of Prime at the date of Admission is a land bank of 67 plots which have a gross floor area of 21,905,000 square feet in a project known as the Eye of Ajman in the Emirate of Ajman, UAE, which Ernst & Young’s Dubai office have valued at approximately USD 400,000,000.
Jason Futko CA, the Chairman of Phoenician Corporation IV Limited, the largest shareholder of Phoenician Corporation V Limited believes that “this asset base, in an emerging market; coupled with the fact that Prime and its assets are unleveraged, make the acquisition very attractive for shareholders of the Company”.
Mr. Lee also commented on the transaction, “I am delighted to complete this real estate transaction in the UAE as it further strengthens our team’s real estate and cross border expertise.”
Prime was incorporated in the Cayman Islands with the primary objective to identify real estate and other investments focusing on the Middle Eastern and North African countries. Prime intends to invest in a mixture of immediate cash generating assets and capital appreciating assets that are, where possible, Shari’ah compliant. Going forward, the enlarged group intends to target investments in distressed real estate assets mainly the Middle East and North Africa.
For more information on the acquisition, Prime, or the Eye of Ajman asset please refer to the complete news release here.
About Phoenician Corporation V Limited
The Company was incorporated in The Commonwealth of the Bahamas with the intention of becoming a vehicle for investments in emerging market businesses where collectively such investments if owned by the Company may command a higher valuation than they would if they remained independent.
About NVS Bancorp
NVS is an investment banking firm established to provide tailored services to select clients. NVS has extensive expertise in advising SMEs on corporate financing and M&A transactions. NVS specializes in cross-border transactions and have on-the-ground presence in the Americas, Asia, Europe and the Middle East.