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Placing of up to 4,738,712 PSDL shares

16 May 2016 13:09

Liberum Capital has announced a proposed placing of up to 4,738,712 shares in Phoenix Spree Deutschland Limited.

PMM Partners (UK) Limited, the property adviser to Phoenix Spree Deutschland Limited, a director of PSDL (and his connected party), various persons deemed to be discharging managerial responsibilities in respect of PSDL (and their connected parties), and other selling shareholders intend to sell the shares to institutional investors to satisfy certain tax charges triggered by the completion of PSDL's restructuring in February 2015 and for financial planning reasons.

The placing shares represent c. 5.1 per cent. of PSDL's entire existing issued share capital.

PMM, its principals and shareholders are currently the subject of certain soft lock-in restrictions as described in the prospectus published by Phoenix Spree Deutschland Limited in connection with the introduction of PSDL to the London Stock Exchange in June 2015.

Liberum has consented to the Placing and in doing so has agreed to waive the lock-in restrictions with respect to any shares sold under the Placing only. Post completion of the Placing any remaining shares held by the each of the Property Advisor, its principals and shareholders shall continue to be subject to the existing lock-in restrictions.

At 1:09pm: (LON:PSDL) Phoenix Spree Deutschland share price was 0p at 180.5p

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