Grand City Properties S.A. suspending 2023 dividend payout as elevated uncertainties in markets remain

Public disclosure of inside information according to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse (market abuse regulation – MAR)

Grand City Properties S.A. suspending 2023 dividend payout as elevated uncertainties in markets remain

Luxembourg, 12 March 2024 - The Board of Directors (the “Board”) of Grand City Properties S.A. (the “Company” or “GCP”) has decided today not to recommend a dividend payment for 2023 at the Company’s annual general meeting scheduled for 26 June 2024. The decision was taken as market uncertainties remain elevated and visibility on the full impact on leverage, transaction markets, valuation as well as on the cost of financing remain limited. GCP’s management believes that in the current market environment it is more prudent to be conservative in terms of capital and liquidity preservation while the Company continues to focus on deleveraging.

Contact

Michael Bar-Yosef
T: +352 28 77 87 86
E: [email protected]
www.grandcityproperties.com

Important information:

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities mentioned in this announcement have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act.

If any announcements in this document contain forward-looking statements, such statements do not represent facts and are characterized by the words 'will', 'expect', 'believe', 'estimate', 'intend', 'contemplate', 'aim', 'assume' or similar expressions. Such statements express the intentions, opinions or current expectations and assumptions of Grand City Properties S.A. and the persons acting together with Grand City Properties S.A.. Such forward-looking statements are based on current plans, estimates and forecasts which Grand City Properties S.A. and the persons acting together with Grand City Properties S.A. have made to the best of their knowledge, but which do not claim to be correct in the future. Forward-looking statements are subject to risks and uncertainties that are difficult to predict and usually cannot be influenced by Grand City Properties S.A. or the persons acting together with Grand City Properties S.A.. It should be kept in mind that the actual events or consequences may differ materially from those contained in or expressed by such forward-looking statements.