GO plc - Reorganisation of Corporate Structure

On 5 May, GO plc issued an announcement explaining that the Board of Directors of the Company has been exploring options that would maximize value for its shareholders in relation to the portfolio of immovable property owned by its subsidiary Malta Properties Company Limited consisting of eleven immovable properties valued at approximately €50 million.

The GO Group has already, in order to free value and bring cost savings, been pursuing a strategy of minimizing property used as office space and that for technical installations. Over the past years the Group has centralised offices, freeing various buildings from office use and has been working on another phase whereby it aims to free or limit the extent to which property is committed with technology.

The Board of Directors of the Company is currently analyzing options potentially available to restructure the Group in a manner that would allow the necessary focus and expertise to be brought to bear on the portfolio of immovable property. One option under consideration, subject to shareholder and regulatory approvals, is to “spin-off” (pro-rata to the then existing shareholders of GO p.l.c.) the subsidiary Malta Properties Limited with its property portfolio. This would serve to enhance shareholder value.