Results of Placing

RNS Number : 0206G

Capital & Counties Properties Plc

05 May 2011

 



NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

Capital & Counties Properties PLC

Results of Placing

5 May 2011

Capital & Counties Properties PLC ("Capco" or the "Company") is pleased to announce the successful completion of the placing announced earlier today (the "Placing").

A total of 62,100,000 new ordinary shares of 25 pence each in Capco (the "Placing Shares") have been placed by UBS Limited, raising gross proceeds of approximately £100.6 million.  Sterling Placing Shares have been issued at a price of 162 pence per Placing Share and Rand Placing Shares at a price of 17.96 Rand per Placing Share. The Placing Shares being issued represent, in aggregate, approximately 9.99 per cent. of Capco's issued ordinary share capital prior to the Placing.

The Placing Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares of 25 pence each in the capital of the Company including the right to receive all future dividends and distributions declared, made or paid (excluding the 2010 final dividend).

Application will be made for admission of the Placing Shares to the Official List of the Financial

Services Authority and to trading on the London Stock Exchange's main market for listed securities ("UK Admission"). The Company will also apply to the Johannesburg Stock Exchange for the listing of the Placing Shares on the Main Board of the Johannesburg Stock Exchange. It is expected that the admission and listing of the Placing Shares on the London Stock Exchange and the Johannesburg Stock Exchange will become effective on 10 May 2011.

The Placing is conditional, inter alia, upon UK Admission becoming effective. It is anticipated that the settlement date will be 10 May 2011.

Capitalised terms used but not defined in this announcement have the same meanings as set out in the placing announcement of the Company released at 7.00 a.m. on the date hereof.

Commenting on the Placing, Ian Hawksworth, Chief Executive, said:

"We are delighted to have received such a positive response from investors.  During the past year we have established ourselves as a central London focused property company and have made significant progress in repositioning our Covent Garden estate to create a contemporary luxury destination.  The new money raised from the Placing will accelerate our progress at Covent Garden and we expect acquisitions and projects at Covent Garden funded by the Placing to be accretive to both ERV and net asset value per share over time."

UBS Limited acted as sole bookrunner and underwriter in respect of the Placing.

For further information please contact:

Capital & Counties Properties PLC              

Ian Hawksworth                   Chief Executive     [phone]             

Soumen Das                          Finance Director   [phone]             

Rothschild                                                            [phone]

Alex Midgen

Duncan Wilmer

UBS Limited                                                         [phone]

Hew Glyn Davies

Jonathan Bewes

Fergus Horrobin

Christopher Smith

UBS South Africa (Proprietary) Limited       [phone]

Martin Nel

Hudson Sandler

Michael Sandler / Wendy Baker                        [phone]

College Hill                                                         

Nicholas Williams                                                [phone]

IMPORTANT NOTICE

This announcement includes statements that are, or may be deemed to be, "forward-looking statements", including within the meaning of Section 27A of the Securities Act and Section 21E of the US Exchange Act of 1934. These forward-looking statements can be identified by the use of a date in the future or forward-looking terminology, including, but not limited to, the terms "may", "believes", "estimates", "plans", "aims", "targets", "projects", "anticipates", "expects", "intends", "may", "will", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not historical facts and include statements regarding Capco's intentions, beliefs or current expectations. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. A number of factors could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Any forward-looking statements in this announcement reflect Capco's view with respect to future events as at the date of this announcement and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Capco's operations, results of operations, financial condition, growth, strategy, liquidity and the industry in which Capco operates. No assurances can be given that the forward-looking statements in this announcement will be realised. Capco undertakes no obligation and does not intend to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement.

Neither the content of the Company's website nor any website accessible by hyperlinks to the Company's website is incorporated in, or forms part of, this announcement. This announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or acquire, or the solicitation of an offer to buy, sell, issue, or acquire any securities in any jurisdiction, nor shall there be any sale of securities in any jurisdiction, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States, Australia, Canada or Japan.

The securities mentioned herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or under any securities laws of any State or other jurisdiction of the United States and may not be offered, sold, resold, transferred or delivered, directly or indirectly, within the United States except pursuant to an applicable exemption from the registration requirements of the US Securities Act and in compliance with the securities laws of any State or other jurisdiction of the United States. There will be no public offer of the securities mentioned herein in the United States. This announcement may not be released, published or distributed, directly or indirectly, in whole or in part, in or into the United States.

This announcement has been issued by, and is the sole responsibility of, the Company. Neither UBS Limited nor any of its affiliates, parent undertakings, subsidiary undertakings or subsidiaries of its parent undertakings (such entities together, "UBS") or any of its respective directors, officers, employees or advisers or any other person accepts any responsibility whatsoever and makes no representation or warranty, express or implied, for or in respect of the contents of this announcement and, without prejudice to the generality of the foregoing, no responsibility or liability is accepted by any of them for any such information or opinions or for any errors or omissions.

UBS is acting exclusively for Capco and no one else in connection with the Placing, UK Admission and SA Admission and will not regard any other person (whether or not a recipient of this document) as a client in relation to the Placing, UK Admission and SA Admission and will not be responsible to anyone other than Capco for providing the protections afforded to its clients or for providing advice in relation to the Placing, UK Admission, SA Admission or any transaction, arrangement or other matter referred to in this announcement.

The Placing Shares will be regarded as approved inward listed instruments for South African Exchange Control purposes. All South African corporates, trusts, partnerships and private individuals may participate in the Placing without restriction. However, South African resident institutional investors should be aware that the South African Exchange Control Regulations will apply to their participation in the Placing. The Placing Shares will count immediately towards South African institutional investors' offshore allowance. South African resident institutional investors will need to ensure that they have capacity within their foreign investment portfolios to acquire the Placing Shares.

The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares.

 

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