Wrap Text
Statement re possible partial offer and subscription for shares
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
LEI: 21380097W74N9OYF5Z25
ISIN: GB0001741544
(“Capital & Regional” or “the Company”)
STATEMENT RE POSSIBLE PARTIAL OFFER AND SUBSCRIPTION FOR SHARES
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 IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS
AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM
INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF 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.
The Board of Capital & Regional announces that it is in discussions with Growthpoint Properties Limited
(“Growthpoint”), the largest real estate investment trust primary listed on the Johannesburg Stock
Exchange, about Growthpoint acquiring a majority stake in the Company through a combination of a partial
offer in cash for Capital & Regional shares and an injection of capital to support the Company’s strategy
through a subscription for new Capital & Regional shares.
There can be no certainty that a partial offer and subscription for new Capital & Regional shares will be
made, nor as to the terms of any such transactions. A further announcement will be made as appropriate.
Following this announcement, the Company is now considered to be in an "offer period" as defined in the
Code, and the dealing disclosure requirements listed below will apply. Rule 2.6(a) of the Code requires that
Growthpoint, by no later than 5.00 p.m. on 9 October 2019, being the 28th day following the date of this
announcement, either announces a firm intention to make an offer for Capital & Regional in accordance
with Rule 2.7 of the Code or announces that it does 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.
Enquiries:
Capital & Regional: Tel: +44 (0)20 7932 8000
Lawrence Hutchings, Chief Executive Officer
Stuart Wetherly, Group Finance Director
Numis (Joint Financial Adviser to Capital & Regional) Tel: +44 (0) 20 7260 1000
Heraclis Economides
Ben Stoop
Oliver Hardy
George Fry
J.P. Morgan Cazenove (Joint Financial Adviser to Capital & Tel: +44 (0) 20 7742 4000
Regional)
Paul Hewlett
Leon Li
Henry Capper
Paul Pulze
FTI Consulting: Tel: +44(0)20 3727 1000
Richard Sunderland
Methuselah Tanyanyiwa
Further information
The person responsible for the release of this announcement on behalf of the Company is Stuart Wetherly.
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 subscribe for or to purchase 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.
Numis Securities Limited (“Numis”), which is authorised and regulated in the United Kingdom by the
Financial Conduct Authority (“FCA”), is acting as Joint Financial Adviser exclusively for Capital &
Regional 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 for providing the protections afforded to clients of Numis, nor for
providing advice in relation to any matter referred to herein.
J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove
(“J.P. Morgan Cazenove”), is authorised by the Prudential Regulation Authority and regulated by the FCA
and the Prudential Regulation Authority in the United Kingdom and is acting for Capital & Regional and
no one else in connection with the matters set out in this announcement. In connection with such matters,
J.P. Morgan Cazenove, its affiliates and their respective partners, directors, officers, employees and agents
will not regard any person other than Capital & Regional as their client, nor will they be responsible to
anyone other than Capital & Regional for providing the protections afforded to their clients or for providing
advice in relation to the contents of this announcement or any other matter referred to in this announcement.
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
https://capreg.com/ 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.
11 September 2019
JSE sponsor
Java Capital
Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused retail property REIT specialising in shopping centres that dominate
their catchment, serving the non-discretionary and value orientated needs of the local communities. It has
a strong track record of delivering value enhancing retail and leisure asset management opportunities
across a c. £0.8 billion portfolio of in-town shopping centres.
Capital & Regional owns seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton,
Maidstone, Walthamstow and Wood Green. Capital & Regional manages these assets through its in-house
expert property and asset management platform.
Capital & Regional is listed on the main market of the London Stock Exchange (LSE) and has a secondary
listing on the Johannesburg Stock Exchange (JSE)
For further information see capreg.com/
Date: 11/09/2019 08:01:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
