Capital & Regional Regulatory News (CAL)

5 Jan 2005 12:25

Capital & Regional plc05 January 2005 Not for release, publication or distribution in, or into the United States, Canada, Australia or Japan 5 January 2005 CAPITAL & REGIONAL PLC: ISSUE OF NEW ORDINARY SHARES Capital & Regional plc ("Capital & Regional" or the "Company"), the co-investingproperty asset manager, today placed 3,200,000 new ordinary shares (the "PlacingShares") for cash ("the Placing"), representing just under 5% of the existingissued share capital. The shares were placed through UBS Limited at a price of£7.00 per share. The proceeds of the placing will be used to pay down debt, and strengthen theCompany's position for further repurchases of its Convertible Unsecured LoanStock (the "Loan Stock"). The Loan Stock was issued at £1 in 1996 with a rightto convert into ordinary shares at a price of £1.9448 per share. The shareprice has since risen to around £6.90 per share. The premium over the originalsubscription price paid on any Loan Stock repurchases will be claimed as acorporation tax deduction. Martin Barber, chief executive, said: "We are aiming to simplify our capital structure by buying back as much of theLoan Stock as we can afford. At the same time we need to ensure that we havesufficient funding to take advantage of profitable investment opportunities asthey arise". - ENDS - For further information: Capital & Regional:Martin Barber, Chief Executive Tel. 020 7932 8101William Sunnucks, Group Finance Director Tel. 020 7932 8125 UBS LimitedEdmund Craston/Nick Sanderson Tel: 020 7568 2341 gcg hudson sandlerMichael Sandler / James Benjamin Tel: 020 7796 4133 Notes to Editors About Capital & Regional plc Capital & Regional is the co-investing asset manager which specialises in towncentre shopping centres, out of town retail parks, and urban entertainmentcomplexes. Capital & Regional founded the Mall and Junction Funds in conjunction withMorley Fund Management. It also founded the X-Leisure fund with HermesInvestment Management Limited, and has a number of other joint ventures anddevelopments. Its shares are quoted on the London Stock Exchange. Over the last five years the Company has made 21 repurchases of equity. Thetotal equity raised since flotation in 1986 is £184m, of which £95m has sincebeen repurchased. On 29 October 2004, the Company announced the re-purchase of 17.1% of the LoanStock outstanding for £12.4 million. For further information see www.capreg.com Disclaimers The Placing is conditional inter alia on the admission of the Placing Shares bythe UK Listing Authority, their admission to trading on the London StockExchange, for which application has been made and commencement of dealings inthe Placing Shares. Dealings in the Placing Shares, which will rank pari passuin all respects with the existing ordinary shares in the Company, are expectedto commence on Monday 10 January 2005. This announcement has been issued by, and is the sole responsibility of, Capital& Regional. UBS Limited is acting for Capital & Regional in connection with thePlacing and no-one else and will not be responsible to anyone other than Capital& Regional for providing the protections offered to clients of UBS Limited norfor providing advice in relation to the Placing. Members of the public are not eligible to take part in the Placing. Thisannouncement, in so far as it constitutes an invitation or inducement toparticipate in the Placing, is directed only at persons who have professionalexperience in matters relating to investments who fall within article 19(1) ofThe Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (asamended) (the "Order") or are persons falling within article 49(2) (a) to (d) ofthe Order (all such persons together being referred to as "Relevant Persons").This announcement, in so far as it constitutes an invitation or inducement toparticipate in the Placing, must not be acted on or relied on by persons who arenot Relevant Persons. Any investment or inducement activity in so far asrelating to participation in the Placing is available only to Relevant Personsand will be engaged in only with Relevant Persons. The announcement does not constitute an offer of securities for sale in theUnited States. The information contained herein is not for publication ordistribution to persons in the United States. The Placing Shares have not beenand will not be registered under the U.S. Securities Act of 1933 (the"Securities Act") and may not be offered or sold in the United States unlessthey are registered with the U.S. Securities and Exchange Commission or pursuantto an exemption from the registration requirements of the Securities Act. This information is provided by RNS The company news service from the London Stock Exchange