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Morgan & Morgan advised Grupo VerdeAzul in the issuance of senior preferred cumulative shares for an amount up to US$30 million

Saturday, 30 August 2014 / Published in Ana Castrellon, Aristides Anguizola, expertise, Francisco Arias, Real Estate, Ricardo Arias, Roberto Vidal, Securities and Capital Markets

Morgan & Morgan advised Grupo VerdeAzul in the issuance of senior preferred cumulative shares for an amount up to US$30 million

Morgan & Morgan represented Verdemar Investment Corporation, a subsidiary of Grupo VerdeAzul (GVA), in the issuance of senior preferred cumulative shares for an amount of up to US$30,000,000, successfully placed through the Stock Exchange of Panama among over 100 investors.

Verdemar Investment Corporation is the equity shareholder of GVA in 7 real estate projects under development in the Republic of Panama: Santa Maria Golf & Country Club and Santa Maria Business District; Green View Residences, The Reserves, Puntarena Ocean Village (Buenaventura), CasaMar, Playa Dorada and La Peninsula (Pearl Island).

The senior preferred cumulative shares will yield an 8.5%annual return for its shareholders, from dividends generated by these 7 projects. Once the return is covered, surplus dividends shall be destined to partial redemption of the preferred shares.

This issuance offered investors an innovative structure where they were able to invest in a diversified basket of real estate projects in hand with a renowned developer and the protection of the best corporate governance practices.

Francisco Arias, partner, and Roberto Vidal, Aristides Anguizola, Ricardo Arias and Ana Cristina Castrellón took part in this transaction.

Morgan & Morgan representó a Verdemar Investment Corporation, subsidiaria de Grupo VerdeAzul (GVA),  en la emisión de acciones preferentes acumulativas senior hasta por un monto de US$30, 000,000.00, colocadas exitosamente a través de la Bolsa de Valores de Panamá, S.A., entre más de 100 inversionistas.

Verdemar Investment Corporation es la tenedora de la participación accionaria de GVA en 7 proyectos inmobiliarios desarrollados en la República de Panamá: Santa María Golf & Country Club y Santa María Business District, GreenView Residences,  The Reserve, Puntarena Ocean Village (Buenaventura), CasaMar, Playa Dorada y La Península  (Pearl Island – Las Perlas).

Las acciones preferentes acumulativas senior le generarán un rendimiento anual a sus tenedores de 8.5%, producto de los dividendos generados por estos 7 proyectos. Una vez cubierto el rendimiento, los excedentes de dividendos recibidos serán destinados a redimir parcialmente las acciones preferentes.

Esta emisión le ofreció al público inversionista una innovadora estructura, mediante la cual pudieron invertir en una canasta diversificada de proyectos de bienes raíces, de la mano de un promotor de reconocida trayectoria, con las protecciones que ofrecen las mejores prácticas en gobierno corporativo.

Francisco Arias, socio, y Roberto Vidal, Aristides Anguizola, Ricardo Arias y Ana Cristina Castrellón, asociados, participaron en esta transacción.

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