News Column

Capital & Regional Raises GBP158 Million In Placing And Open Offer

July 9, 2014

Anthony Tshibangu

LONDON (Alliance News) - Retail property specialists Capital & Regional PLC Wednesday said it has raised GBP158 million net of expenses through its firm placing and placing and open offer of 351.1 million new shares at an offer price of 47 pence per share.

Capital & Regional shares were untraded Wednesday morning; they were last quoted Tuesday at the offer price of 47.00p.

The company raised the money to increase its holdings in the Mall Fund to 91.82% from 29.26%. The company plans to acquire Aviva PLC's 52.04% stake and Karoo Investment Fund's 10.52% stake in a deal worth GBP213 million. Last month, the group said the deal would be partially fund by a placing and open offer of new Capital & Regional shares.

The Mall Fund consists of shopping centres in Blackburn, Luton and Wood Green, London.

Capital and Regional said it received 60.4% acceptance for the open offer, while the remaining shares were taken up pursuant to the placing.

The firm placing and placing and open offer remains conditional upon shareholder approval, the result of which is expected Wednesday afternoon.

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Source: Alliance News

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