Last checked at 16 Oct 2015 12:30
16 October 2015
CAPITAL & REGIONAL PLC ("Capital & Regional" or "the Company")
DISPOSAL AND TRANSFER OF KAROO SHARES
On 16 October 2015 the Company received notification of the following transactions relating to the 70,040,911 of ordinary shares in the Company held by Karoo Investment Fund ("Karoo"), of whom Wessel Hamman is a Non-Executive Director:
31,637,003 shares will be transferred to underlying shareholders of Karoo who have elected to receive their pro-rata holding in specie. The transfer of these shares is due to be completed on 22 October 2015. Included within this are 29,102,851 shares, representing 4.2% of the Company's issued share capital, which will be transferred to Arctospark, representing its full pro-rata entitlement. Louis Norval has a beneficial interest in Arctospark and Wessel Hamman is a connected party. Also included in the 31,637,003 are 81,327 shares that will be transferred to Vidna Holdings Limited, a connected party of Louis Norval.
37,000,000 shares were disposed of in a placing in the South African market. The sale of these shares completed on 15 and 16 October 2015 at a value of 13.8 ZAR per share equivalent to 67.0 pence per share based on an exchange rate of 20.60 ZAR to 1 GBP at 14 October 2015, the date investors subscribed to the placing. Of the 37,000,000 shares 5,000,000 were acquired by MStead Limited, an entity in which Louis Norval has a beneficial interest, and 280,000 were acquired by Exdiem Trust which is a connected party of Louis Norval. MStead Limited's shareholding in the Company following this purchase is 58,608,107 shares, representing 8.4% of the Company's issued share capital.
1,403,908 shares have been retained by Karoo.
Once the above transactions have all been completed the revised beneficial interest of Louis Norval will be 138,322,274 ordinary shares representing 19.7% of the Company's issued share capital. Wessel Hamman has a beneficial interest in the 1,403,908 shares retained by Karoo.
ENDS
For further information:
Capital & Regional: | Tel: 020 7932 8000 |
Hugh Scott-Barrett, Chief Executive | |
Charles Staveley, Group Finance Director | |
FTI Consulting | Tel: 020 3727 1000 |
Richard Sunderland Claire Turvey capreg@fticonsulting.com |
Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused specialist property REIT with a strong track record of delivering value enhancing retail and leisure asset management opportunities across a c. £1 billion portfolio of in-town dominant community shopping centres. Capital & Regional is listed on the main market of the London Stock Exchange and has a secondary listing on the Johannesburg Stock Exchange.
Capital & Regional owns six Mall shopping centres in Blackburn, Camberley, Luton, Maidstone, Walthamstow and Wood Green. It also has a 20% joint venture interest in the Kingfisher Centre in Redditch and a 50% joint venture in the Buttermarket Centre, Ipswich. Capital & Regional manages these assets, which comprise over 900 retail units and attract c. 1.7 million shopping visits each week, through its in-house expert property and asset management platform.
For further information see www.capreg.com.