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Printmgr File Offering to subscribe to an amount up to EUR 50 million in New Shares with VVPR-strips which may be supplemented by an Over-allotment Option of up to 15% of the New Shares. The Offering consists of public offerings in Belgium and in the Czech Republic and a private placement to institutional investors in certain countries within the European Economic Area and Switzerland. The issuance of the New Shares is subject to the condition precedent of the Closing of the Offering. The Company will grant to the Global Coordinator & Bookrunner, over-allotment warrants, exercisable within a period of 30 days starting from the Listing Date, to subscribe for new shares up to a maximum of 15% of the New Shares, at the Offering Price. The Offering Price will be fixed within a price range that will be published in the Belgian and Czech financial press as well as on the Company’s website (www.vgpparks.eu) and the websites of the Managers and Selling Agents, on or about 21 November 2007. The amount of the Offering, the Offering Price, the number of New Shares to be issued and the allocation methodology will be published through the same media on or about 7 December 2007. Application has been made for listing of all of the Shares as well as all of the VVPR-strips on Eurolist by Euronext Brussels in Belgium and of all of the Shares on the Main Market of the Prague Stock Exchange in the Czech Republic. It is expected that the Shares will be listed on or about 7 December 2007. The Shares and VVPR-strips will be traded in EUR on Eurolist by Euronext Brussels in Belgium. The Shares will be traded in CZK on the Main Market of the Prague Stock Exchange in the Czech Republic. Prior to the Offering there has been no public market in the Shares and the VVPR-strips. WARNING The Offering and the distribution of this Prospectus are subject to certain restrictions, set forth in the chapter “Disclaimers and notices”. Investing in the Shares involves substantial risks. Investors should carefully read the risks set forth in the chapter “Risk Factors”. The net results of the Group for the period from 2004 until 30 June 2007 originate principally from valuation gains related to its investment. As a consequence, a downturn of the property market or a negative change in one of the assumptions used or factors considered in making a property’s valuation (interest rates, local economic situation, market sentiment, market yield expectation, inflation) could decrease the value of the property and have a material adverse effect on the operating results of the Group. These factors are not under the Group’s control. The Group may not be able to offset such valuation losses through expected future rental income, which may adversely affect the operating results. KBC Securities Global Coordinator & Bookrunner Public Offering in Belgium Public Offering in the Czech Republic Institutional offering KBC Securities Patria KBC Securities / Patria Lead Manager Lead Manager Lead Managers ING Belgium ING Co-lead Manager Co-lead Manager Selling Agents The above managers together with KBC Bank, CBC Banque, Patria Direct and CSOB Table of Contents RISK FACTORS ............................................................................................ 1 SUMMARY .................................................................................................10 1 THE COMPANY VGP NV ............................................................................10 1.1 REORGANISATION PRIOR TO THE OFFERING ......................................................10 1.2 VGP NV .........................................................................................10 1.3 SUMMARY OF THE ACTIVITIES ....................................................................10 1.4 KEY STRENGTHS .................................................................................11 1.5 STRATEGY .......................................................................................11 1.6 DIVIDEND POLICY ................................................................................12 1.7 CORPORATE GOVERNANCE .......................................................................12 2 BRIEF INTRODUCTION TO THE MARKETS IN WHICH THE GROUP OPERATES OR INTENDS TO OPERATE ..................................................................................12 3 THE OFFERING ......................................................................................12 3.1 TERMS AND CONDITIONS .........................................................................12 3.2 USE OF PROCEEDS ................................................................................16 3.3 COSTS AND REMUNERATION OF THE INTERMEDIARIES ............................................16 3.4 KEY DATES ......................................................................................17 4 SELECTED FINANCIAL INFORMATION ..........................................................17 4.1 COMBINED BALANCE SHEET &PROFIT AND LOSS SUMMARY .....................................17 4.2 EXPECTED CONTRACTED ANNUAL LEASE INCOME AND MATURITY ...............................18 4.3 RECENT DEVELOPMENTS .........................................................................19 DEFINITIONS OF THE PRINCIPAL GENERAL TERMS USED IN THE PROSPECTUS .............23 DISCLAIMERS AND NOTICES ...........................................................................27 1 APPROVAL OF THE PROSPECTUS .................................................................27 2 LEGAL NOTICES .....................................................................................27 3 AVAILABLE INFORMATION .......................................................................27 4 NO REPRESENTATION ..............................................................................28 5 DECISION TO INVEST ...............................................................................28 6 SELLING RESTRICTIONS ...........................................................................29 7 FORWARD LOOKING INFORMATION ............................................................30 8 INDUSTRY DATA .....................................................................................30 9 ROUNDING OF FINANCIAL INFORMATION ......................................................31 CHAPTER I: PARTIES ASSUMING RESPONSIBILITY ................................................32 1 RESPONSIBILITY FOR THE CONTENT OF THE PROSPECTUS ................................32 2 RESPONSIBILITY FOR THE AUDIT OF FINANCIAL STATEMENTS ...........................32 CHAPTER II: KEY INFORMATION ......................................................................33 1 HISTORICAL VALUE CREATION OF THE GROUP’S REAL ESTATE PORTFOLIO ...........33 i 2 COMBINED BALANCE SHEET & PROFIT AND LOSS STATEMENT SUMMARY ..............33 3 WORKING CAPITAL STATEMENT ................................................................34 4 CAPITAL AND INDEBTEDNESS ....................................................................34 5 FUNDING OF THE CURRENT SEMI-INDUSTRIAL PROJECTS ..................................35 6 INTEREST OF NATURAL AND LEGAL PERSONS INVOLVED IN THE OFFERING ...........35 7 PURPOSE OF THE OFFERING AND USE OF PROCEEDS ........................................35 CHAPTER III: GENERAL INFORMATION ABOUT THE OFFERING .................................36 1 INTENTIONS OF THE EXISTING SHAREHOLDERS ..............................................36 2 CONDITIONS TO WHICH THE OFFERING IS SUBJECT .........................................36 3 TERMS OF THE OFFERING .........................................................................36 3.1 NATURE AND SIZE OF THE OFFERING .............................................................36 3.2 OFFERING PRICE .................................................................................37 3.3 BOOK-BUILDING AND OFFERING PERIOD ..........................................................37 3.4 SUBSCRIPTION PROCEDURE .......................................................................37 3.5 ALLOCATION METHODOLOGY ....................................................................38 3.6 PUBLICATION OF THE RESULT OF THE OFFERING ..................................................39 3.7 FORM OF THE OFFERED SHARES ..................................................................39 3.8 PAYMENT, SETTLEMENT AND DELIVERY OF THE OFFERED SHARES ................................39 3.9 DIVIDENDS .......................................................................................40 4 OVER-ALLOTMENT OPTION AND STABILISATION ............................................40 5 LOCK-UP ..............................................................................................41 6 FINANCIAL SERVICE ................................................................................41 7 UNDERWRITING .....................................................................................41 8 LISTING ...............................................................................................42 8.1 LISTING APPLICATION IN BELGIUM AND THE CZECH REPUBLIC FOR LISTING ON THE MAIN MARKETS .........................................................................................42 8.2 TRADING CURRENCY .............................................................................42 8.3 CONDITIONAL TRADING ..........................................................................42 8.4 ISIN-NUMBERS AND SYMBOLS ...................................................................42 8.5 COSTS OF THE OFFERING .........................................................................42
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