As an integrated Group operating in all event professions, GL events works in three major segments:
event organisation, event venue management and services for fairs, congresses and events.
© Odile Decq architect / Felice Varini – Altitude 150
GL events Group today confirms the imminent sale to Foncière Polygone of real estate holdings, namely the Budapest Exhibition Park, Hungexpo and the Turin Convention and Exhibition Centre, Lingotto Fiere. This disposal will enable the Group to reduce its net financial debt by €83 million.
GL events will pay annual rent of €6.7 million before the investment of cash and tax savings that will provide a gross rate of return of 7.2% for the property company. For the 2010 full year, current operating income before tax is expected to decline by approximately €0.4 million or less than 1.5% of the revenue generated by these two sites.
To safeguard GL events' interests, an ad hoc committee was formed chaired by Nicolas de Tavernost, Chairman of the Executive Board of the M6 Group, with two other independent directors, André Perrier, former Executive Officer of Société Générale, and Philippe Marcel, former Chairman of Adecco France.
Prior to this transaction, the committee appointed two of the worlds leading real estate service and appraisal firms, Colliers International and American Appraisal, to perform valuations of the fair value of these real estate assets and define the procedures for their disposal.
The proceeds of this disposal will enable GL events to accelerate its deleveraging and provide it with additional resources to act on growth opportunities and pursue its development.
2009 third-quarter results: 20 October 2009 (after the close of trading)
GL events, bringing people together
Managing Director Corporate Finances and Administration : Erick ROSTAGNAT
Telephone : + 33 4 72 31 54 20
Fax : + 33 4 26 20 42 00
Email : email@example.com
Code ISIN : FR0000066672
Code Bloomberg : GLO FP
Code Reuter : GLTN.PA
Code FTSE : 581
Erick Rostagnat - Managing Director Corporate Finances and Administration:
Tel : +33(0)4 72 31 54 20