Wrap Text
Response to press speculation
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
LEI: 21380097W74N9OYF5Z25
ISIN: GB00BL6XZ716
("Capital & Regional" or "the Company")
RESPONSE TO PRESS SPECULATION
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS
AND MERGERS (THE "CODE"). THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY
FIRM OFFER MIGHT BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
For immediate release
23 May 2024
The Board of Capital & Regional plc ("Capital & Regional" or the "Company") notes the recent press speculation.
The Board of Capital & Regional confirms that on 19 April 2024 it received a non-binding indicative proposal from
Vukile Property Fund Limited ("Vukile") regarding a possible cash and share offer for the entire issued, and to be issued,
share capital of Capital & Regional (the "Vukile Proposal").
In addition to the Vukile Proposal, the Board of Capital & Regional confirms that it is aware that its majority shareholder
Growthpoint Properties Limited ("Growthpoint") which holds 68.13% of the Company's issued share capital, has also
received a preliminary expression of interest from NewRiver REIT plc ("NewRiver") in relation to a possible offer in
cash and shares for the entire issued, and to be issued, share capital of Capital & Regional (the "NewRiver Expression
of Interest"). The Board of Capital & Regional confirms that it has received no offer proposal from NewRiver at this
stage.
There can be no certainty that any firm offer will be made for the Company, nor as to the terms on which any offer will
be made.
The Board of Capital & Regional will issue a further statement if and when appropriate.
Rule 2.6(a) of the Code requires that each of Vukile and NewRiver, by no later than 5.00 p.m. on 20 June 2024, being
the 28th day following the date of this announcement, either announce a firm intention to make an offer for Capital &
Regional in accordance with Rule 2.7 of the Code or announce that they do not intend to make an offer, in which case
the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be
extended with the consent of the Takeover Panel, in accordance with Rule 2.6(c) of the Code.
This announcement is being made without the consent of Growthpoint, Vukile or NewRiver.
Enquiries:
Capital & Regional plc
Lawrence Hutchings Via FTI Consulting
Stuart Wetherly
Deutsche Numis (Joint Financial Adviser and Joint Broker)
Ben Stoop +44 (0) 207 260 1000
Stuart Ord
William Rance
Stifel (Joint Financial Adviser and Joint Broker)
Mark Young +44 (0) 20 7710 7600
Nick Harland
Jonathan Wilkes-Green
Java Capital (JSE sponsor)
Daniel Ross +27 (0) 83 716 8665
FTI Consulting (PR Adviser)
Richard Sunderland +44 (0) 20 3727 1000
Bryn Woodward
Oliver Parsons
Further information
Numis Securities Limited ("Deutsche Numis"), which is authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting exclusively for Capital & Regional plc and no one else in connection with the matters set
out in this announcement and will not regard any other person as its client in relation to the matters in this announcement
and will not be responsible to anyone other than Capital & Regional plc for providing the protections afforded to clients
of Deutsche Numis, nor for providing advice in relation to any matter referred to herein. Neither Deutsche Numis nor
any of its affiliates (nor any of their respective directors, officers, employees or agents), owes or accepts any duty, liability
or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any
person who is not a client of Deutsche Numis in connection with this announcement, any statement contained herein or
otherwise.
Stifel Nicolaus Europe Limited ("Stifel"), which is authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as Financial Adviser exclusively for Capital & Regional plc and no one else in connection
with the matters set out in this announcement and will not regard any other person as its client in relation to the matters
in this announcement and will not be responsible to anyone other than Capital & Regional plc for providing the
protections afforded to clients of Stifel, nor for providing advice in relation to any matter referred to herein.
This announcement is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe
for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.
The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be
restricted by law and therefore persons into whose possession this announcement comes should inform themselves about,
and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities
law of any such jurisdiction.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree
company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been
announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the
commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is
first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and
rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange
offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30
pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no
later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange
offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities
exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities
of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any
relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain
details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any
relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that
these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire
or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed
to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures
must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and
Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period
commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or
a Dealing Disclosure.
Publication on Website
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.capreg.com/investor-
info promptly and in any event by no later than 12 noon on the business day following this announcement. The content
of this website is not incorporated into and does not form part of this announcement.
Rule 2.9 disclosure
In accordance with Rule 2.9 of the Code, as at the close of business on 22 May 2024 (being the business day prior to the
date of this announcement), Capital & Regional plc confirms that it had in issue 224,906,731 ordinary shares of 10 pence
each with voting rights and admitted to trading on the Main Market of the London Stock Exchange, with a secondary
listing on the Main Board of the Johannesburg Stock Exchange, under the ISIN code GB00BL6XZ716.
Date: 23-05-2024 09:51:00
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