Last checked at 5 Jun 2008 07:13
5 June 2008
CAPITAL & REGIONAL PLC:
Mall Fund raising update
Capital & Regional plc, the co-investing property asset manager, is today further updating the market in relation to The Mall's £286 million fundraising by way of an open offer as announced on 30 May 2008.
The Mall has now received a report from its valuers as at 31 May 2008 which confirms that it remained within its loan to value banking covenant as at that date.
The meeting of unit holders originally proposed for 5 June 2008 has been deferred to 19 June 2008. The extra time will be used to progress further discussions with unit holders on the future strategy and governance of the Fund. Subject to passing the necessary resolutions, the transaction is still expected to complete around the end of June 2008. The legally binding commitments of Norwich Union Life and Pensions and CGNU Life Assurance to subscribe for the entire issue remain in place at the same price.
- ENDS -
For further information:
Capital & Regional: Tel: 020 7932 8000
Hugh Scott-Barrett, Chief Executive
William Sunnucks, Group Finance Director
Maitland Tel: 020 7379 5151
Martin Leeburn / Emma Burdett
Notes to editors:
About Capital & Regional plc
Capital & Regional is the co-investing asset manager which specialises in town centre shopping centres, out of town retail parks, and urban entertainment complexes.
Capital & Regional founded the Mall and Junction Funds in conjunction with Morley Fund Management. It also founded the X-Leisure fund with Hermes Investment Management Limited, and has a number of other joint ventures and developments. Its shares are quoted on the London Stock Exchange.
For further information visit www.capreg.com
About The Mall
The Mall is the leading owner and operator of community shopping centres in the UK. Morley Fund Management and Capital & Regional set up The Mall Fund in 2002.
For further information, visit www.themall.co.uk