Update re The Mall fund raisi

RNS Number : 0320W

Capital & Regional plc

05 June 2008

 



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. 

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For further information:

Capital & Regional:                                                      Tel: [phone]

Hugh Scott-Barrett, Chief Executive

William Sunnucks, Group Finance Director

Maitland                                                                        Tel: [phone]

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 

 

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