Promise of sale for the shares in Mercury Car Park Limited

Mercury Towers Limited has entered into a promise of sale agreement to pay €9 million to Bersella Holdings Limited for a majority shareholding in Mercury Car Park Limited, which owns the car park site underlying the Mercury Site in Paceville

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Mercury Towers Limited has entered into a promise of sale agreement to pay €9 million to Bersella Holdings Limited for a majority shareholding in Mercury Car Park Limited, which owns the car park site underlying the Mercury Site in Paceville.

Mercury Towers Limited currently owns 1,500 Class ‘B’ ordinary shares in, and constituting 25% of the share capital of, Mercury Car Park Limited.

Under this promise of sale agreement with Bersella Holdings, dated 30 November 2021, the company will acquire 4,080 Class ‘A’ ordinary shares in, and constituting 68% of the share capital of, Mercury Car Park Limited, for a price of €9 million.

At present, Mercury Car Park Limited owns the existing constructions and airspaces of, and is intended to continue to own, develop, finish and eventually operate the car park within the car park site.

The car park is currently in shell form and consists of four storeys, of an approximate superficial area of 4,533sq.m on each level from bottom to top, built on levels -6 to -3.

Mercury Towers Limited will pay a deposit of €450,000, out of which €100,000 had already been paid prior to the Agreement and an additional €50,000 was paid on signing the promise of sale agreement.

The balance of €300,000 due by way of deposit is to be paid in six consecutive monthly instalments of €50,000 each.

The remaining €8,550,000 will be payable on the final deed of sale to be completed by not later than 30 June 2022.

Mercury Towers Limited will have the option to delay the payment of the last €1,000,0000 by up to one year until 30 June 2023, in which case it will also pay a 6% interest.

On its part, Mercury Car Park Limited is still indebted towards BNF Bank p.l.c. for a current outstanding principal amount of €330,245.24, which is secured on the car park site.

The agreement provides for completion of the share transfer by not later than 30 June 2022.

If and when the share transfer is completed, Mercury Towers Limited will become the owner of 93% of the share capital of Mercury Car Park Limited, which will therefore become a subsidiary of Mercury Towers Limited.

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