The Monitor has expressed his opinion on some aspects of the supplemental letter and the combined financial information as of 31 December 2013 included in the Admission Memorandum and the net asset value per share based thereon. The comments mainly relate to the valuations of the property portfolio and liabilities of Geneba and to events that have occurred after 31 December 2013 including repayment of liabilities. Geneba emphasizes that the property valuations on which the combined financial information in the Admission Memorandum is based were conducted by external property valuators and the related financial information is externally audited and included in the Admission Memorandum. Geneba continues to seek an open dialogue with the Monitor about its opinion.
Geneba underlines that the combined financial information included in the Admission Memorandum represents the Initial Business as per 31 December 2013, consisting of the assets Geneba received out of the Homburg Invest Inc. (primarily the property portfolio) insolvency proceedings as per 27 March 2014. Geneba has explained and substantiated to its shareholders the combined financial information and underlying property valuations included in the Admission Memorandum in letters dated 7 July and 14 July. Geneba emphasizes that for shareholders to make informed investment decisions they should carefully read the entire Admission Memorandum. On 29 August 2014 Geneba will present its first semi-annual financial statements, taking into account the events that have occurred since 31 December 2013 up to and including 30 June 2014. The management of Geneba follows a prudent and realistic approach in managing the property portfolio and with regard to the valuations.
Until 5 October 2014 existing Geneba shareholders have the opportunity to offer their shares to Catalyst Catalyst RE Coöperatief U.A. (“Catalyst”) for a price of €2.40. Shareholders are not obligated to offer their shares to Catalyst and can choose to make a decision after having taken into consideration Geneba’s first semi-annual financial statements that will be published by 29 August 2014.
Geneba Properties N.V. is a European commercial real estate company, incorporated in 2013 and based in Amsterdam, the Netherlands. The company manages a property portfolio of €563.5 million, as per the Initial Business 31 December 2013, consisting of long-term leased commercial real estate in Germany, the Netherlands and the Baltic states. Geneba shares trade at NPEX. Geneba is subject to the supervision of the Netherlands Authority for the Financial Markets. The company holds all licenses that are necessary to operate in Europe.