| Tue 27 Mar 2001, 0:00 | | Liberty International Plc - Agm Statement |
|
LIBERTY INTERNATIONAL PLC
The following announcement is made to the London and JSE Securities Exchange
South Africa as required under the Listing Rules.
Shareholders are advised that at today's Annual General Meeting of Liberty
International PLC, all resolutions were passed. The following is a statement
made by the Chairman, Donald Gordon at the AGM:
"Corporate events of 2000
A complex reorganisation of Liberty International was embarked upon in 1999
with the unbundling of the major proportion of the interest of our former
parent group, Liberty Group Limited, to its shareholders. This process was
parent group, Liberty Group Limited, to its shareholders. This process was
largely completed in 2000 through the merger with our 75 per cent. owned
subsidiary, Capital Shopping Centres PLC, and substantial share repurchases by
Liberty International of our own shares; also the disposal of financial
services activities.
Liberty International has been fundamentally transformed into a truly
independent company listed on the London and Johannesburg Stock Exchanges with
an active share register and with over 20,000 shareholders. The company has
become one consolidated and focused property business, specialising in regional
shopping centres through Capital Shopping Centres and commercial and retail
property through Capital & Counties.
We have the market leading position in the UK regional shopping centre industry
with a high quality #4.0 billion portfolio of prime assets, including 7 of the
UK's top 20 shopping centres, which, in the current restrictive UK planning
environment, have considerable scarcity value. A significant proportion of our
#800 million commercial portfolio is in London's West End, currently a strongly
performing sector.
Current trading
With regard to the regional shopping centre business of CSC, our tenth major
centre, The Chimes, Uxbridge, west of London, opened on 6 March 2001. Visitor
centre, The Chimes, Uxbridge, west of London, opened on 6 March 2001. Visitor
numbers and trading have been well above expectations with every indication
that the centre will be a resounding success.
Our flagship shopping centre, Lakeside, Thurrock, continues to trade
encouragingly and overall sales growth in recent months is well ahead of the
Office of National Statistics figures for non-food retailing. The Braehead
Shopping Centre, Glasgow, which opened in September 1999, is performing
strongly. Further, in recent months, business in our centres elsewhere around
the country is in line with national trends.
Demand by retailers for new and increased space at Lakeside and at our other
centres continues at a most satisfactory level, confirming the underlying
strength of prime regional shopping centres in the UK retail industry.
The outline planning application for the expansion of The Westgate Centre,
Oxford, in partnership with LaSalle, has been called-in for a public inquiry by
the Secretary of State which will unfortunately lead to delay.
Capital & Counties has continued to see office rental values rise at its West
End, Mid-Town and M25/Thames Valley assets in the first quarter of this year.
The reversionary potential of that element of our UK portfolio is therefore
continuing to increase, though we expect some levelling off of rents in due
course. We remain cautious about development exposure and continue to maintain
only a limited and mainly pre-let programme, given the potential impact of
financial market instability on corporate leasing decisions.
Board composition
The year has seen a number of changes in the composition of the Board, subject
to the confirmation of shareholders at this meeting. We are delighted to
welcome two new non-executive directors. David Bramson is retiring as senior
partner of Nabarro Nathanson after a career largely spent as a legal
partner of Nabarro Nathanson after a career largely spent as a legal
practitioner in the UK property industry. Patrick Burgess is the senior
partner of Gouldens and a highly respected and experienced commercial lawyer
and adviser. Lord Newall, who has been a non-executive director of the group
since 1986, is retiring at this meeting and we thank him warmly for his years
of service.
On completion of the merger with CSC, Douglas Leslie, Peter Badcock and John
Abel, Executive Directors of CSC, joined the Liberty International Board.
Douglas Leslie has indicated a desire to step down from his executive position
as Managing Director of CSK at this Annual General Meeting. We are pleased
that he will be remaining as a non-executive director of Liberty International
where his knowledge and experience will be invaluable. John Abel, a long term
and seasoned Executive Director is assuming the role of Managing Director of
CSC and Peter Badcock, while continuing as Finance Director of CSC, is also
taking on group responsibilities for project financing and related activities.
With regard to my own position, I have indicated to the Board my intention,
while remaining as full time Chairman, to largely relinquish my executive
responsibilities which have been gradually reducing over the past few years.
Nonetheless I intend to continue to play a positive and constructive role
particularly in strategic decisions, group policy and Board leadership. David
particularly in strategic decisions, group policy and Board leadership. David
Fischel, Managing Director since 1992, has been appointed Chief Executive of
the group. I am sure that he will fulfil this demanding role with great
enthusiasm and ability.
Thus, contrary to newspaper headlines in certain of the national daily
newspapers, I am not stepping down as Chairman of Liberty International and
will continue to be fully engaged in my role as Chairman. This move accords
with modern corporate governance practice whereby the roles of Chairman and
Chief Executive are separated".
Enquiries
Donald Gordon Chairman +44 20 7960 1200
David Fischel Chief Executive +44 20 7960 1200
27th March 2001
