TIDMLII
RNS Number : 2698I
Liberty International PLC
09 March 2010
9 March 2010
Liberty International PLC announces proposed demerger
Introduction
Further to the announcement made by Liberty International PLC ("Liberty
International") on 5 February 2010 responding to press comment, Liberty
International today announces its intention to separate into two businesses,
Capital Shopping Centres and Capital & Counties. Liberty International has also
announced today its audited preliminary results for the year ended 31 December
2009.
The separation will be effected by way of a demerger (the "Demerger") of Liberty
International's central London focused property investment and development
division, to a new company called Capital & Counties Properties PLC ("Capital &
Counties"), from the rest of the Liberty International Group comprising
predominantly the UK shopping centres business. Liberty International will be
renamed Capital Shopping Centres Group PLC ("Capital Shopping Centres").
The Demerger will create distinct entities with separate strategic, capital and
economic characteristics and management teams:
· Capital Shopping Centres, a prime regional shopping centre focused UK
REIT, aiming to deliver
strong long-term returns through income and capital
growth; and
· Capital & Counties, a central London focused, non-REIT, property company
focusing on total
return opportunities in London's real estate market.
Highlights
· Liberty International to retain its UK regional shopping centre assets,
along with its US assets
and Indian investments, and to be renamed Capital
Shopping Centres Group PLC.
· Capital Shopping Centres had, on a pro forma basis as at 31 December 2009,
investment and
development properties of GBP5.0 billion, net external debt
of GBP2.7 billion and adjusted, diluted net
assets of GBP2.1 billion giving
an adjusted, diluted net asset value per share of 339 pence. For the
year
ended 31 December 2009 Capital Shopping Centres had pro forma net rental income
of
GBP292 million.
· Capital & Counties to comprise Liberty International's interests in Covent
Garden, Earls Court &
Olympia, including the Empress State Building, and
the Great Capital Partnership, as well as its
Chinese fund investments.
· Capital & Counties had, on a pro forma basis as at 31 December 2009,
investment and
development properties of GBP1,240 million, net debt of
GBP463 million and adjusted, diluted net assets of GBP791 million giving an
adjusted, diluted net asset value per share of 127 pence. For the year ended 31
December 2009 Capital & Counties generated pro forma net rental income of GBP74
million (adjusted for certain non recurring items).
· Capital Shopping Centres Group PLC and Capital & Counties Properties PLC
both to have
premium listings on the Official List and to be traded on the
London Stock Exchange.
· The approval and posting of documentation relating to the proposed
Demerger remains subject to the Liberty International Board being satisfied with
the South African listing requirements for the Demerger, in particular the
listing status granted to Capital & Counties Properties PLC, and that the
existing domestic listing status of Liberty International is not prejudiced as a
result of the Demerger, both of which require formal approval from the South
African authorities. The nature of the secondary listing on the JSE Limited (the
"JSE") being sought for Capital & Counties Properties PLC is an inward listing,
with South African institutional shareholders given a period of time to realign
their portfolio if their foreign portfolio allowance is exceeded as a result of
the Demerger. The requisite applications in this regard have been submitted to
the relevant authorities.
· Capital Shopping Centres to remain a UK REIT, Capital & Counties to be a
non-REIT property
company.
· Patrick Burgess MBE, the current Chairman of Liberty International, to be
Chairman of Capital Shopping Centres and David Fischel, the current Chief
Executive of Liberty International, to be Chief Executive of Capital Shopping
Centres.
· Ian Durant, the current Finance Director of Liberty International, to be
Chairman of Capital & Counties and Ian Hawksworth, the current Managing Director
of Capital & Counties, to be Chief Executive of Capital & Counties. A search for
a new Finance Director of Capital Shopping Centres Group PLC is underway to
replace Ian Durant, who will stand down from this role after a transitionary
period.
· Documentation relating to the proposed Demerger, which will include the
timetable for the
Demerger process, will be posted following the formal
approval of the South African authorities.
Patrick Burgess, Chairman of Liberty International, commented:
"The proposed Demerger announced today responds to what the Liberty
International Board considers to be a changing approach to investment in real
estate, both in the equity markets and in the property market, requiring greater
focus and more active management. It will create two distinct listed businesses
with different characteristics and attractions for shareholders. Capital
Shopping Centres and Capital & Counties will be positioned to execute their own
significant strategic plans, fully engaging with investors who will be able to
select their individual weightings to each of the businesses over time. Coupled
with the current experience and strength of the respective management teams,
augmented as strategic growth opportunities arise, the Demerger will best
position both businesses to deliver strong shareholder returns."
A presentation to analysts and investors will take place at 100 Liverpool
Street, London EC2 at 09.30 GMT on 9 March 2010. The presentation will also be
available to international analysts and investors through a live audio call and
webcast.
The presentation will be available on the group's website
www.liberty-international.co.uk
Enquiries
Liberty International PLC
Tel: +44 (0) 20 7960 1200
David Fischel
Ian Durant
Rothschild
Joint Financial adviser and sole Sponsor in the UK and South Africa
Tel: +44 (0) 20 7280 5000
Alex Midgen
Duncan Wilmer
David Lake
BofA Merrill Lynch
Joint Financial adviser and joint Broker
Tel: +44 (0) 20 7628 1000
Simon Mackenzie-Smith
Simon Fraser
UBS Investment Bank
Joint Broker
Tel: +44 (0) 20 7567 8000
Hew Glyn
Davies
Jonathan Bewes
Public relations
UK - Hudson Sandler
Tel: +44 (0) 20 7796 4133
Michael Sandler
SA - College Hill
Tel: +27 (0) 11 447 3030
Nicholas Williams
Further information on the proposed Demerger
Background to and reasons for the proposed separation
· Capital Shopping Centres and Capital & Counties are distinct businesses
with different risk and reward profiles and capital requirements.
· The Demerger will create distinct entities with separate strategic,
capital and economic
characteristics and management teams:
- Capital Shopping Centres, a prime regional shopping centre focused UK REIT,
aiming to deliver strong long-term returns through income and capital growth;
and
- Capital & Counties, a central London focused, non-REIT, property company
focusing on total return opportunities in London's real estate market.
· The Demerger will enable existing shareholders of Liberty International to
continue to participate in both of the businesses with the same initial economic
weighting whilst providing flexibility for investors to select their own
weighting to each of Capital Shopping Centres and Capital & Counties over time.
· Each business will be able to attract the most appropriate shareholder
base to provide optimal support to continue its own strategic development.
· The Liberty International Board believes that the Demerger will enable
Capital Shopping Centres and Capital & Counties to achieve greater value for
shareholders over time than the current Liberty International would as one
combined business.
Capital Shopping Centres
Upon Demerger, Capital Shopping Centres will be the only UK REIT focused on
prime regional shopping centres and one of a small number of prime regional
shopping centre REITs globally. Capital Shopping Centres has interests in 13 UK
shopping centres (excluding Westgate, Oxford), which include nine of the UK's
top 30 regional shopping centres.
As at 31 December 2009 on a pro forma basis, Capital Shopping Centres had
investment and development properties of GBP5.0 billion and adjusted, diluted
net assets of GBP2.1 billion giving an adjusted, diluted net asset value per
share of 339 pence. For the year ended 31 December 2009, on a pro forma basis,
Capital Shopping Centres had net rental income of GBP292 million and adjusted
earnings of GBP75 million giving an adjusted earnings per share of 15.1 pence.
The table below provides selected information on Capital Shopping Centres' UK
assets.
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| | Gross | | Ownership | | | Market |
| | retail | | | | | value of |
| | area of | | | | | CSC |
| | centre | | | | | interests |
| | | | | | | as at 31 |
| | | | | | | Dec 2009 |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| | '000 | | | | | GBPm |
| | sq. ft. | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Out-of-town shopping | | | | | | |
| centres | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Lakeside, Thurrock | 1,434 | | 100% | | | 890 |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| MetroCentre, | 2,089 | | 90% | 1 | | 775 |
| Gateshead | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Braehead, Glasgow | 1,060 | | 100% | | | 505 |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| The Mall at Cribbs | 1,025 | | 33% | 2 | | 205 |
| Causeway, Bristol | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Total out-of-town | 5,608 | | | | | 2,375 |
| centres | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| In-town shopping | | | | | | |
| centres | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| The Harlequin, | 726 | | 93% | | | 335 |
| Watford | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Victoria Centre, | 981 | | 100% | | | 315 |
| Nottingham | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| The Arndale, | 1,600 | | 48% | 3 | | 289 |
| Manchester | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Chapelfield, Norwich | 530 | | 100% | | | 220 |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Eldon Square, | 1,020 | 4 | 60% | | | 218 |
| Newcastle | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| St David's, Cardiff | 1,395 | | 50% | | | 211 |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Other 5 | 1,929 | | | | | 614 |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Total in-town centres | 8,181 | | | | | 2,202 |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
| Total UK regional | 13,789 | | | | | 4,577 |
| shopping centres | | | | | | |
+-----------------------+---------+----------+-----------+----------+----------+-----------+
Notes
1. Interest shown is that of the MetroCentre Partnership in the MetroCentre
(90 per cent.) and the Metro Retail Park (100 per cent.). Capital Shopping
Centres has a 60 per cent. interest in the MetroCentre Partnership which is
consolidated as a subsidiary of the group.
2. The group's interest is through a joint venture ownership of a 66 per
cent. interest in the Mall at Cribbs Causeway and a 100 per cent. interest in
The Retail Park, Cribbs Causeway.
3. The group's interest is through a joint venture ownership of a 95 per
cent. interest in The Arndale, Manchester, and 90 per cent. interest in New
Cathedral Street, Manchester.
4. Lettable area increased to 1,332,000 sq. ft. on completion of St.
Andrew's Way in February 2010.
5. Includes the group's interests in The Chimes, Uxbridge, The Potteries,
Stoke-on Trent, The Glades, Bromley and Xscape, Braehead
Liberty International exchanged contracts in January 2010 for the conditional
sale of Westgate, Oxford for gross proceeds of GBP56 million. The sale is
expected to complete in the first half of 2010. Figures relating to this asset
are excluded from the above table.
In addition to its UK shopping centre assets, Capital Shopping Centres will own
Liberty International's US assets (which are predominantly retail and currently
reported as Capco USA in Liberty International's accounts), and investments in
Indian shopping centre developments. The US and Indian property related assets
were valued at GBP348 million and GBP32 million respectively as at 31 December
2009 representing in aggregate approximately 8 per cent. of Capital Shopping
Centres' property assets on a pro forma basis. Liberty International continues
to actively explore a tax efficient solution to reduce exposure to the United
States over time.
Capital Shopping Centres' strategy is to maintain a market leading position as
an active owner, manager and developer of prime UK regional shopping centres.
Capital Shopping Centres undertakes asset and centre management initiatives
across its existing centres, combined with selective asset acquisitions and
disposals, with the aim of delivering strong long-term returns for its
shareholders through income and capital growth.
Key strengths
The Liberty International Directors believe the key strengths of Capital
Shopping Centres are:
· Leading UK shopping centre business with focus on prime assets. High
quality regional shopping centres continue to outperform secondary locations
given the long-term trend for retail trade to gravitate towards the strongest
destinations.
· Defensive and resilient rental income with recovery prospects. Despite a
period of relatively high tenant failure levels at the end of 2008 and early
2009, like-for-like net rental income only fell by 3.4 per cent. in 2009 and
Capital Shopping Centres has successfully restored occupancy levels to 97.8 per
cent. as at 31 December 2009. Like-for-like footfall increased by 3 per cent. in
2009.
· Significant growth prospects, from a number of factors: (i) the re-letting
of temporary leases,
which were a feature of 2009, as they expire in 2010
and 2011; (ii) yield compression driving capital appreciation - Capital Shopping
Centres' centres were valued defensively as at 31 December 2009 on an average
7.1 per cent. nominal equivalent yield; (iii) active management projects at many
of Capital Shopping Centres' centres; and (iv) in the medium term, expansion
projects at a number of centres.
· Robust financial position. Capital Shopping Centres had a pro forma
loan-to-value of 55 per cent. as at 31 December 2009. Following the Lakeside
refinancing in January 2010, Capital Shopping Centres has no UK asset-specific
debt refinancing requirement until 2014, cash of GBP319 million as at 31
December 2009 and available undrawn facilities of GBP248 million.
· Experienced management team. The team has complementary skills across
managing,
developing and investing in retail assets and a demonstrable
track record in managing Capital Shopping Centres' assets as part of the Liberty
International Group throughout the economic cycle.
Financial structure
On a pro forma basis, adjusting for the Demerger, as at 31 December 2009 Capital
Shopping Centres had gross external debt of GBP3.0 billion, cash balances of
GBP0.3 billion and net external debt of GBP2.7 billion, giving a loan-to-value
ratio of 55 per cent.
As announced on 22 January 2010, a new seven year, GBP525 million loan facility
secured against Lakeside, Thurrock has been agreed with a syndicate of seven
banks. The proceeds of the loan, together with existing Liberty International
cash resources, have been used to redeem in full the existing loans of GBP546
million which would otherwise have been repayable in July 2011.
Liberty International has agreed an extension of the maturity of its existing
and currently undrawn revolving credit facility by two years to June 2013. This
facility, which has been reduced in size from GBP360 million to GBP248 million,
will remain with Capital Shopping Centres following the Demerger.
Capital & Counties
Upon Demerger, Capital & Counties will be one of the largest listed central
London focused investment and development property companies, with 81 investment
properties held directly or through joint ventures, located predominantly in
west London and the West End and with limited exposure to the City and Midtown.
As at 31 December 2009 on a pro forma basis, Capital & Counties had investment
and development properties of GBP1,240 million and adjusted, diluted net assets
of GBP791 million giving an adjusted, diluted net asset value per share of 127
pence. For the year ended 31 December 2009, on a pro forma basis, Capital &
Counties had net rental income of GBP79 million and adjusted earnings of GBP12
million giving an adjusted earnings per share of 2.0 pence. The net rental
income of GBP79 million included GBP1.4 million of income from assets that have
since been sold and GBP4.0 million of income attributable to Capital & Counties'
joint venture partner in respect of the Empress State Building, which was fully
consolidated in Capital & Counties' accounts until an accounting treatment
change in August 2009.
Capital & Counties has a concentration of assets in three landmark estates in
the central London real estate market, with the potential for substantial active
asset management to drive superior total returns for Capital & Counties'
shareholders.
Capital & Counties' assets principally comprise:
· Covent Garden London, which has property assets of GBP548 million (as at
31 December 2009);
· Earls Court & Olympia, an exhibition business with property assets of
GBP340 million (as at 31
December 2009), which is wholly-owned by Capital &
Counties following the recent buyout of its partners' shares;
· a 50 per cent. interest in the Empress State Building, an office building
adjacent to Earls Court, which is held in a joint venture with Land Securities
Group plc, with a value of GBP94 million (as at 31 December 2009) for Capital &
Counties' interest; and
· a 50 per cent. interest in the Great Capital Partnership, a joint venture
with Great Portland
Estates plc focused predominantly on the West End,
particularly Regent Street and Piccadilly, with Capital & Counties' share of
property assets valued at GBP247 million (as at 31 December 2009).
As at 31 December 2009, these assets relate to, in aggregate, 3.5 million sq.
ft., of which retail space accounted for 20 per cent., office space accounted
for 41 per cent., exhibition space accounted for 35 per cent. and residential
space accounted for 4 per cent.
Capital & Counties also has investments in two real estate investment funds
focused on China valued at GBP46 million as at 31 December 2009.
Key strengths
The Liberty International Directors believe the key strengths of Capital &
Counties are:
· Focus on central London is expected to deliver rental resilience and
capital value appreciation. London is the most active real estate investment
market in the UK and is well positioned as an economic hub.
· High concentration of assets in landmark estates within London. This
critical mass in the three core locations creates economies of scale and enables
Capital & Counties to capture the wider benefit of its active management
initiatives. For example, the strategy for Covent Garden London is to extend
prime rents within the estate and to reposition this internationally known
landmark as a world class destination.
· Substantial opportunity to actively manage its estate. The Earls Court &
Olympia investment provides a land management opportunity to secure planning
permission for Earls Court whilst investing in Olympia as a leading exhibitions
business and optimising the value of the peripheral assets. The Great Capital
Partnership provides the opportunity to capture rental reversion and potential
yield compression from a well-positioned portfolio of 34 predominantly West End
properties.
· Prudent capital structure. Capital & Counties had a pro forma
loan-to-value of 37 per cent. and cash balances of GBP263 million as at 31
December 2009.
· Experienced management team. The business has been largely created in the
last five years with the active involvement of its current management team
through much of that period.
Financial structure
On a pro forma basis, adjusting for the Demerger, as at 31 December 2009,
Capital & Counties had borrowings of GBP726 million in the form of debt
facilities secured against specific property assets, cash balances of GBP263
million, amounting to net debt of GBP463 million, giving a group loan-to-value
ratio of 37 per cent.
Capital & Counties has no major debt refinancing requirement until the maturity
of the loan secured on Earls Court & Olympia in February 2012.
Capital & Counties will not initially be a REIT. Given the initial composition
of assets and plans for active management, the Liberty International Directors
believe that the business will have greater operating flexibility as a listed
non-REIT property company.
Summary of Demerger structure and listing status
The Demerger will be effected through a reduction of Liberty International's
capital, which requires the approval of shareholders and confirmation by the
court in the UK. If the Demerger proceeds, Liberty International's shareholders
will receive one share in Capital & Counties Properties PLC for each share in
Liberty International that they own immediately prior to the Demerger and will
continue to own their existing Liberty International shares. Liberty
International will be renamed Capital Shopping Centres Group PLC.
Save for the formal approval from the South African authorities, all other
material third-party consents necessary to effect the Demerger, including from
lenders where appropriate, have been obtained.
The approval and posting of documentation relating to the proposed Demerger
remains subject to the Liberty International Board being satisfied with the
South African listing requirements for the Demerger, in particular the listing
status granted to Capital & Counties Properties PLC, and that the existing
domestic listing status of Liberty International is not prejudiced as a result
of the Demerger, both of which require formal approval from the South African
authorities. The nature of the secondary listing on the JSE being sought for
Capital & Counties Properties PLC is an inward listing, with South African
institutional shareholders given a period of time to realign their portfolio if
their foreign portfolio allowance is exceeded as a result of the Demerger. The
requisite applications in this regard have been submitted to the relevant
authorities.
If Capital Shopping Centres Group PLC retains Liberty International's secondary
listing with domestic listing status then its shares will have the same exchange
control status as the shares of a South African registered company on the JSE.
Therefore all South African resident investors, including South African
institutional investors, will be able to hold shares in Capital Shopping Centres
Group PLC on its South African branch register free of any South African
exchange control restrictions, save for those restrictions imposed by the South
African Reserve Bank on all foreign companies that have been granted domestic
listing status.
If for South African exchange control purposes, Capital & Counties Properties
PLC is granted an inward listing, the listing of its shares on the JSE will be
treated as foreign assets in the hands of South African resident shareholders
with the following consequences:
· South African resident investors who are individuals, corporate entities
or trusts may continue to hold, sell or buy Capital & Counties shares on Capital
& Counties' South African branch register without restriction; and
· South African resident institutional shareholders may only hold Capital &
Counties shares as part of their foreign portfolio allowances.
Convertible Bonds
In relation to the 3.95 per cent. convertible bonds issued by Liberty
International and due in September 2010 (the "Convertible Bonds"), of which
GBP79.2 million are currently outstanding, the conversion price will be adjusted
following completion of the Demerger in accordance with the terms and conditions
of the Convertible Bonds to reflect the Demerger. Liberty International has also
agreed with the trustee of the Convertible Bonds (the "Trustee") to grant to
bondholders a put option in respect of the Convertible Bonds, to be exercisable
at any time until shortly before maturity, at par plus accrued interest, and
will deposit in a trust account with the Trustee an amount equal to the
outstanding principal amount due on maturity plus the interest payment due on
the final interest payment date. This amount will be used to meet any
redemptions of Convertible Bonds on exercise of the put option, or on maturity.
The put option will come into effect on deposit of the amount. Liberty
International has agreed with the Trustee to make such deposit at least five
business days before the effective date of the Demerger.
The boards of Capital Shopping Centres and Capital & Counties
Following the Demerger, Patrick Burgess MBE, the current chairman of Liberty
International, will be chairman of Capital Shopping Centres, with David Fischel,
the current chief executive of Liberty International, as chief executive, and
Kay Chaldecott, the current managing director of the Capital Shopping Centres
business, as executive director of property. The non-executive directors will be
Rob Rowley (senior independent director), Ian Henderson CBE, Andrew Huntley,
Neil Sachdev and Andrew Strang (all of whom are existing directors of Liberty
International), Richard Gordon (who is replacing Graeme Gordon) and John Abel
(formerly a director of Liberty International, who will rejoin the Liberty
International Board at the next annual general meeting of Liberty
International).
The recruitment of a new finance director of Capital Shopping Centres is
underway to replace Ian Durant, who is to become chairman of Capital & Counties,
and who will stand down from his role at Liberty International after a
transitionary period. As previously announced, Michael Rapp will retire from the
Liberty International Board at this year's annual general meeting, and upon
Demerger Ian Hawksworth will stand down from the Liberty International Board.
Following the Demerger, Ian Durant, the current finance director of Liberty
International, will be chairman of Capital & Counties, with Ian Hawksworth, the
current managing director of Capital & Counties, as chief executive, Soumen Das
as finance director and Gary Yardley as investment director. The non-executive
directors will be Ian Henderson CBE (deputy chairman and senior independent
director), David Fischel, Graeme Gordon, Andrew Huntley and Andrew Strang. A
search for an additional independent non-executive director of Capital &
Counties is underway.
The Gordon family, whose combined interest in Liberty International is 14.8 per
cent., intends to vote in favour of the Demerger and to remain invested in, and
will be represented on the boards of, both companies.
The existing Liberty International incentive plans will remain in place for
Capital Shopping Centres. Details of certain adjustments, together with the new
incentive arrangements for Capital & Counties, will be contained within the
documentation to be posted in connection with the Demerger.
Dividends
As stated in the audited preliminary results released today, the Liberty
International Board intends to pay a final dividend of 11.5 pence per share for
the full year ended 31 December 2009, bringing the full year dividend to 16.5
pence per share in aggregate, which is the same level as for 2008.
With respect to the year ending 31 December 2010, if the Demerger proceeds, it
is currently intended that Capital Shopping Centres will pay a total dividend of
not less than 15 pence per share and Capital & Counties will pay a total
dividend of not less than 1.5 pence per share.
Subject to performance and available resources, Capital Shopping Centres will in
future years seek to grow its dividend from the level of 15 pence per ordinary
share.
Any growth in the Capital & Counties dividend in future years will depend on the
level of net operating income (before exceptional items) while taking into
account asset realisations and its active management plans and commitments
within the central London market.
Taxation
For the purposes of UK taxation of chargeable gains, the Demerger should be
treated as a reorganisation of share capital, so there should be no chargeable
gain for UK tax purposes. In South Africa there is no demerger structure
available to Liberty International that would provide rollover relief on capital
gains in South Africa but the Demerger will be structured to minimise the
capital gains tax consequences, which will be limited by reference to the share
price of Capital & Counties following the Demerger.
Capital & Counties will not be a REIT immediately following the Demerger, so
will need to recognise current tax on rental profits and deferred tax on
revaluation surpluses accrued in respect of those assets currently within the
Liberty International REIT business (Covent Garden London, and its interests in
the Empress State Building and Great Capital Partnership joint ventures)
following the Demerger. Earls Court & Olympia and the China investments are not
currently part of the Liberty International REIT business.
Timetable
Documentation relating to the proposed Demerger, which will include the
timetable for the Demerger process, will be posted following the formal approval
of the South African authorities. The Demerger is currently expected to complete
in May.
Chairman and Executive Directors of Capital Shopping Centres Group PLC
Patrick Burgess MBE - Chairman
Patrick Burgess MBE was appointed a non-executive director of Liberty
International in 2001 and chairman in August 2008. He was a partner of the law
firm, Gouldens, from 1974, serving as senior partner for six years, culminating
with the merger of Gouldens with Jones Day in 2003 from whom he retired in 2007.
He is also a non-executive director of Standard Bank PLC.
David Fischel - Chief Executive
David Fischel joined Liberty International in 1985. He was appointed finance
director in 1988, managing director in 1992 and chief executive in March 2001.
Throughout his career at Liberty International, he has been closely involved
with its corporate development, including its shopping centre business.
Kay Chaldecott - Executive Director, Property
Kay Chaldecott joined the group in 1984. She was appointed a director of the
Capital Shopping Centres business in 2000 and was appointed to the Liberty
International Board in February 2005. In October 2005, she was appointed
managing director of the Capital Shopping Centres business. Before her
appointment as managing director and during her twenty-six year career with the
group, Kay worked on all of the shopping centres now in the Capital Shopping
Centres business. Her experience comprises investment, leasing and retailer
relationships, development, asset management and property management.
Chairman and Executive Directors of Capital & Counties Properties PLC
Ian Durant - Chairman
Ian Durant will be chairman of Capital & Counties Properties PLC following the
completion of the Demerger. Ian Durant is currently finance director of Liberty
International, having joined in March 2008. He has wide experience in
international finance and commercial management. A former finance director of
Hongkong Land Holdings and Dairy Farm International he was based in Hong Kong
until 2001. He was finance director of Thistle Hotels PLC and from 2005 to 2007
was chief financial officer of Sea Containers. He is a non-executive Director of
Greene King Plc.
Ian Hawksworth - Chief Executive
Ian Hawksworth will be chief executive of Capital & Counties Properties PLC
following the completion of the Demerger. He joined Liberty International in
2006. After 14 years in Hong Kong, the last 10 years of which were as a director
of Hongkong Land Limited responsible for commercial property, he was appointed
as managing director of the Capital & Counties business and as a director of
Liberty International in September 2006. He is also a non-executive director of
AIM-listed Japan Residential Investment Company.
Soumen Das - Finance Director
Soumen Das will be finance director of Capital & Counties Properties PLC
following the completion of the Demerger. He is currently corporate finance
manager of Liberty International, having joined in July 2009. He was previously
a partner of Mountgrange Investment Management LLP responsible for corporate
finance and acquisitions. Prior to that he was an executive director of UBS
Investment Bank based in London, where he spent nine years in the real estate
investment banking and real estate finance groups.
Gary Yardley - Investment Director
Gary Yardley will be investment director of Capital & Counties Properties PLC
following completion of the Demerger. He was appointed chief investment officer
and director of the Capital & Counties business in June 2007. He was previously
a senior equity partner of King Sturge LLP and managing director of its
financial services company. He is experienced in large-scale mixed-use
developments and complex joint ventures with the public sector.
This announcement is not a prospectus but an advertisement and investors should
not acquire any new ordinary shares in Capital & Counties referred to in this
announcement except on the basis of the information contained in the prospectus
to be published by Capital & Counties and any supplement or amendment thereto
(the "Prospectus").
A copy of the Prospectus, when published, will be available from the registered
office of Capital & Counties at 40 Broadway, London SWlH 0BT and on the Liberty
International website at www.liberty-international.co.uk. The Prospectus, when
published, will also be available for inspection during normal business hours on
any weekday (Saturdays, Sundays and public holidays excepted) at the offices of
Linklaters LLP, One Silk Street, London EC2Y 8HQ and at the offices of Edward
Nathan Sonnenbergs, 50 West Street, Sandton, 2196 South Africa, South Africa, up
to and including 17 May 2010.
This announcement is for information purposes only and does not constitute an
offer to sell or the solicitation of an offer to buy any securities or
investment advice in any jurisdiction.
The securities to which this announcement relate have not been and are not
required to be registered under the US Securities Act. These securities have not
been approved or disapproved by the US Securities and Exchange Commission, any
state securities commission in the United States or any US regulatory authority,
nor have any of the foregoing authorities passed upon or endorsed the merits of
the offering of these securities or the accuracy or adequacy of this document.
Any representation to the contrary is a criminal offence in the United States
Rothschild is acting as sole sponsor and joint financial adviser in the UK and
South Africa to Liberty International and Capital & Counties in respect of the
Demerger. Rothschild is acting for Liberty International and Capital & Counties,
and in the case of Rothschild South Africa, the JSE, and no one else in
connection with the Demerger, and will not regard any other person as a client
in relation to the Demerger and will not be responsible to anyone other than
Liberty International and Capital & Counties, and in the case of Rothschild
South Africa, the JSE, for providing the protections afforded to their
respective clients or for providing advice in relation to the Demerger or any
matters referred to in this announcement.
Merrill Lynch International (a subsidiary of Bank of America Corporation) ("BofA
Merrill Lynch") is acting exclusively for Liberty International and no one else
in connection with the Demerger and will not regard any other person as a client
in relation to the Demerger, nor will they be responsible to anyone other than
Liberty International for providing the protections afforded to clients of
Merrill Lynch International or for providing advice in connection with the
Demerger, any transaction or arrangement referred to in this announcement or the
contents of this announcement. Merrill Lynch International will also act as
joint broker to Capital & Counties upon the listing of its shares.
UBS Limited ("UBS Investment Bank") is acting as joint broker to Liberty
International and Capital & Counties in respect of the Demerger. UBS Limited is
acting for Liberty International and Capital & Counties and no one else in
connection with the Demerger, and will not regard any other person as a client
in relation to the Demerger and will not be responsible to anyone other than
Liberty International and Capital & Counties for providing the protections
afforded to their respective clients or for providing advice in relation to the
Demerger or any matters referred to in this announcement.
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 Liberty International's or Capital & Counties' 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 Liberty International's
and/or Capital & Counties' 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 Liberty International or
Capital & Counties' operations, results of operations, financial condition,
growth, strategy, liquidity and the industry in which Liberty International or
Capital & Counties operate. No assurances can be given that the forward-looking
statements in this announcement will be realised. Liberty International and
Capital & Counties undertake no obligation and do not intend to revise or update
any forward-looking statements in this announcement to reflect events or
circumstances after the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRDGGDXCXGBGGI
Liberty International (LSE:LII)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Liberty International (LSE:LII)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
