Capital & Counties Properties Plc Update on proposed demerger of Covent Garden (6933N)
September 26 2019 - 2:00AM
UK Regulatory
TIDMCAPC
RNS Number : 6933N
Capital & Counties Properties Plc
26 September 2019
26 September 2019
CAPITAL & COUNTIES PROPERTIES PLC ("Capco")
Update on proposed demerger of Covent Garden
On 25 July 2019, the Company announced its intention to launch
Covent Garden as a central London focused REIT through its demerger
from Capco. The Company also confirmed that there had been a broad
range of interest in Earls Court but that there was no certainty of
a sale being completed.
Since then preparations for the demerger and documentation have
been substantially finalised. In addition, there has been progress
with parties interested in acquiring the Earls Court business,
including in relation to due diligence and commercial terms, and
certain relevant stakeholders have indicated that selected
potential buyers would represent acceptable counterparties.
Indicative pricing continues to represent a range of discounts to
the balance sheet value. In assessing interest from potential
buyers, the Board continues to focus on value and
deliverability.
Accordingly the Board has determined to continue to work with
selected parties towards achieving a sale. The Board believes that
separation of the two businesses is in shareholders' interests and
it is expected that demerger documentation will be published by the
end of October 2019 if a sale of Earls Court is not progressed
satisfactorily.
Further announcements will be made in due course.
Enquiries
Capital & Counties Properties PLC
+44 (0)20 3214
Ian Hawksworth Chief Executive 9188
+44 (0)20 3214
Situl Jobanputra Chief Financial Officer 9183
+44 (0)20 3214
Sarah Corbett Head of Investor Relations 9165
Media enquiries
+44 (0)20 3214
Sarah Hagan Director of Communications 9185
+44 (0)20 7353
UK: Tulchan Jessica Reid 4200
SA: Instinctif Frederic Cornet +27 (0)11 447 3030
Notes to Editors
About Capital & Counties Properties PLC (Capco)
Capital & Counties Properties PLC is one of the largest
investment and development property companies that specialises in
central London real estate and is a constituent of the FTSE-250
Index. Capco's landmark London estates at Covent Garden and Earls
Court were valued at GBP3.2 billion as at 30 June 2019 (Group
share). The company is listed on the London Stock Exchange and the
Johannesburg Stock Exchange.
www.capitalandcounties.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDCKPDDABKDCCB
(END) Dow Jones Newswires
September 26, 2019 02:00 ET (06:00 GMT)
Shaftesbury Capital (LSE:SHC)
Historical Stock Chart
From Apr 2024 to May 2024
Shaftesbury Capital (LSE:SHC)
Historical Stock Chart
From May 2023 to May 2024