Last checked at 13 Nov 2014 14:00
13 November 2014
Capital & Regional plc (the "Company")
Notice of General Meeting for REIT conversion
In line with its previously stated intention to seek conversion to a Real Estate Investment Trust ("REIT") with effect from 31 December 2014 Capital & Regional PLC has today issued a circular (the "Circular") and is convening a General Meeting of shareholders to be held at 9.30am on Tuesday 2 December 2014 at The Archive Room, The Goring Hotel, Beeston Place, London SW1W 0JW.
The purpose of the meeting is to seek approval for various amendments to the Company's Articles and for the purchase back of the Company's Deferred Shares, both of which the Company is required to undertake in advance of REIT conversion. Further details are provided in the Circular.
The Circular will be posted to shareholders later today and has also been submitted to the National Storage Mechanism where it will be available for viewing shortly at http://www.hemscott.com/nsm.do. The Circular can also be accessed in the Investor Relations section of the Company's website at www.capreg.com and copies will be made available at the Company's registered office at 52 Grosvenor Gardens, London SW1W 0AU.
Hugh Scott-Barrett, Chief Executive commented:
"REIT conversion before the end of 2014 has been a long stated objective of ours and today's announcement represents another important step in achieving that goal. As a REIT, Capital & Regional will be exempt from tax on qualifying property income and capital gains, which will further enhance the Company's ability to generate attractive dividends and broaden its appeal to a wider, more international shareholder base."
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 Aleka Bhutiani | |
Notes to editors:
About Capital & Regional plc
Capital & Regional is a specialist property company with a strong track record of delivering value enhancing retail and leisure asset management opportunities across a £1.2 billion portfolio, primarily in town centre shopping centres.
Capital & Regional is the principal investor and Property and Asset Manager for the Mall Fund.
Capital & Regional & Ares Management (formerly known as AREA Property Partners) each hold a 50% interest in a German retail property portfolio.
Capital & Regional has a 20% joint venture interest in the Kingfisher Centre in Redditch. For further information see www.capreg.com