Gafisa decides to sell 30% of the shares of the tent

Sao Paulo-the Gafisa signed contract with Jaguar Real Estate Partners, an affiliate of Jaguar Growth Asset Management, for the sale of up to 30% of the shares of the tent for the price of R$ 8.13 per share. The operation can achieve R$ 539,020,000.
According to the fact, sent to the Brazilian Securities Commission (CVM), the Board of Directors of Gafisa received the proposal from the Jaguar and determined the approval to the Administration as an alternative to secondary public offering of shares (IPO, the acronym in English) from the tent, which was cancelled last Tuesday (13) Between the previous conditions to be checked is the reduction of the share capital of Tent without cancellation of shares, Gafisa, its only shareholder, of 100 million R$, being R$ 50 million plus correction, be paid until 31 December 2018.
The rest must be paid until 31 December 2019, and can be anticipated on the basis of certain financial covenants stipulated in the contract. There is also the reduction of the share capital of Gafisa through refund, its shareholders, shares corresponding to 50% of the share capital of Tent.
Finally, there is the condition to determine the completion of the procedure related to the exercise by shareholders of Gafisa, the right of first refusal for the acquisition of the shares, the price per share. If, after the exercise of choice, there are less than 20% of the shares of the tent, the Jaguar will not be forced to acquire them, and the operation will continue with the shareholders who have exercised the right of first refusal. "The contract also contains representations and warranties and indemnification obligations," says the Gafisa, in fact.