| Wed 25 Jan 2012, 9:15 | | CSO - Capital Shopping Centres Group Plc - Proposed Transactions with the |
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CSO
CSO
CSO - Capital Shopping Centres Group Plc - Proposed Transactions with the
Peel Group and publication of Notice of General Meeting
CAPITAL SHOPPING CENTRES GROUP PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: CSO
Issuer Code: CSCSCG
CAPITAL SHOPPING CENTRES GROUP PLC
Proposed Transactions with the Peel Group and publication of Notice of
General Meeting
Capital Shopping Centres Group PLC (the "Company" or "CSC") announces that
it has agreed terms on two proposed transactions (the "Transactions") with
the Peel Group:
* Acquisition for GBP4.7 million from Clydeport Properties Limited
of a 30.96 acre site known as King George V Docks (West) adjacent
to CSC`s shopping centre at Braehead, Glasgow, which offers
significant opportunities for future development in relation to
the shopping centre and leisure activities at Braehead ("the KGV
Acquisition"); and
* Acquisition for Euro2.5 million from Peel Holdings Limited of a
three year option ("the Option") alongside a refundable deposit of
Euro7.5 million to purchase two parcels of land in the province of
Malaga, Spain; an approximately 60 acre site which has initial
planning consents for the construction of a high-class regional
shopping centre and leisure development, and an adjacent
approximately 14 acre site which is earmarked for possible future
development.
The Option gives CSC continuing access to a considerable
opportunity to secure a prominent site at a relatively low cost
and with minimal risk. CSC will have a three year period to
assess the opportunity and monitor market conditions. In the
event that CSC decides to exercise the Option, further
consideration will become payable as described in a circular to
shareholders (the "Circular") to be published today. Should CSC
wish to exercise the Option, CSC would expect, subject to
applicable law and regulation in force at the time, to be required
to seek further approval from shareholders at that time. The
Option is pursuant to a provision in the original documentation
relating to the acquisition of The Trafford Centre.
As John Whittaker, Deputy Chairman and Non-Executive Director of CSC, is
connected with the Peel Group, the Transactions are conditional upon the
approval of shareholders. Accompanying the Circular is a notice of general
meeting to be held on Friday 17 February 2012 at 11 a.m. (the "General
Meeting"). The Board recommends that shareholders vote in favour of the
Transactions.
This announcement and the Circular will be available later today for
download, free of charge, on CSC`s website http://capital-shopping-
centres.co.uk/investors/shareholder_info. The Circular, and a Form of Proxy
for use at the General Meeting, will shortly be posted or otherwise
communicated to shareholders. To be valid, the Forms of Proxy should be
completed, signed and returned following the procedures described in Note 1
of the Notice of General Meeting so as to be received by the Company`s
registrars as soon as possible but, in any event, so as to arrive no later
than 11am on 15 February 2012. Completion and return of a Form of Proxy will
not prevent members from attending and voting in person should they wish to
do so.
A copy of the Circular will shortly be submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.hemscott.com/nsm.do. A copy of the Circular will also be available for
inspection by shareholders at the Company`s registered office, 40 Broadway,
London SW1H 0BT, from the time of its publication until the date of the
General Meeting and at the General Meeting itself.
25 January 2012
ENQUIRIES:
Capital Shopping Centres Group PLC:
David Fischel Chief Executive +44 (0)20 7960 1207
Matthew Roberts Finance Director +44 (0)20 7960 1353
Kate Bowyer Investor Relations Manager +44 (0)20 7960 1250
Public relations:
UK: Michael Sandler, Hudson Sandler +44 (0)20 7796 4133
Wendy Baker, Hudson Sandler +44 (0)20 7710 8917
SA: Nicholas Williams, College Hill +27 (0)11 447 3030
Sponsor:
Merrill Lynch SA (Pty) Limited
Date: 25/01/2012 09:15:00 Produced by the JSE SENS Department.
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