| Wed 31 Mar 2004, 13:07 | | Annual General Meeting |
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Liberty International Plc - Annual General Meeting
Release Date: 31/03/2004 12:46:54 Code(s): LBT
LIBERTY INTERNATIONAL PLC - ANNUAL GENERAL MEETING
LIBERTY INTERNATIONAL PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: LBT
Issuer Code: LILI I
Annual General Meeting
Directorate
Two non-executive directors, Mr R.A.M. Baillie and Mr D.R. Leslie, retired at
the close of Liberty International PLC"s Annual General Meeting held on 31 March
2004. In addition, Mr P.C. Badcock stepped down as an executive director of
Liberty International PLC with effect from the close of the Annual General
Meeting but remains as a Director of Capital Shopping Centres where he will
continue to provide his services on a part-time basis.
Following Mr Baillie"s retirement, Mr D.P.H. Burgess has become the Senior
Independent Director and Mr R.W.T. Buchanan has become the Chairman of the
Remuneration Committee.
The process of recruiting additional independent non-executive directors to the
Board of Liberty International PLC is now at an advanced stage and the company
expects to be in a position to make an announcement in the near future.
2. The following trading update was issued at the meeting:-
"General
Liberty International"s preliminary results were released seven weeks ago on 11
February 2004.
Since that date, investor interest in the UK property sector has remained
strong, both in the direct market and for listed property shares.
Capital Shopping Centres
Completed UK regional shopping centres constitute GBP3.8 billion of Liberty
International"s aggregate GBP5.0 billion of investment properties. Retailer
interest for these assets remains at good levels, with no significant change
from the negligible level of void units reported at the year end (10 out of
1,418 units).
In the case of the two shopping centre developments under construction, the
GBP85 million New Red Mall at MetroCentre, Gateshead, scheduled to open in
October this year, and the GBP275 million Chapelfield, Norwich, project
scheduled to open in Autumn 2005, letting progress has continued to be made from
the position reported at the year end, when 86 per cent and 75 per cent of
anticipated rents respectively were either committed or under offer.
In respect of the potential but as yet uncommitted GBP850 million UK regional
shopping centre development programme, progress continues to be made on the
joint venture projects at Cardiff and Oxford and on the major extensions to the
existing centres, Eldon Square, Newcastle, and The Harlequin, Watford.
At Cardiff, the recent announcement that terms have been agreed with the John
Lewis Partnership as anchor store for the 240,000 sq.ft. department store is
confirmation of the undoubted retail strength of the Welsh capital and the
quality of the proposed St David"s 2 development.
At Oxford, the master-planning exercise is proceeding positively and we remain
optimistic that the appropriate planning permission will be granted in due
course.
Capital & Counties
Liberty International"s Central London assets, primarily retail and office
properties in London"s West End and Mid-town, amounted to GBP327 million by
market value at 31 December 2003 and other retail assets amounted to GBP132
million. The level of retail vacancy remains minimal and, since the year end,
the office market in the West End has shown some signs of improvement with
active tenant interest for most of our limited amount of vacant office space.
Office market letting conditions remain dull outside London where we have GBP205
million of completed assets.
In the USA, where we have some GBP200 million of predominantly retail assets,
investment market conditions remain extremely strong, reflecting the low
interest rate environment. Our largest asset, the Serramonte Shopping Centre,
Daly City, San Francisco, continues to trade well with considerable scope for
value-adding initiatives.
Other
As expected, the UK Government has issued in March a consultation paper on the
possible introduction of a tax transparent UK property investment holding
vehicle, referred to in the paper as a "Property Investment Fund". Responses
are requested by 16 July 2004 and Liberty International anticipates submitting a
response once we have fully considered the document and all its implications."
3. Results of Proxy Voting at the Annual General Meeting
At the Annual General Meeting held on 31 March 2004, all proposed resolutions
were passed by vote on a show of hands. For information, the following proxy
votes were received prior to the meeting:
Resolution VotesFor Percenta Votes Votes
ge of Against Withheld
votes
cast
1. Receive Report & 172,251,083 99.99 14,628 1,831,501
Accounts
2. Declare a dividend 174,085,704 99.99 1,128 10,380
3. Re-elect Mr Abel 171,746,094 99.92 131,026 2,220,092
4. Re-elect Mr Smith 171,744,939 99.92 132,111 2,220,162
5. Re-elect Mr 168,779,947 98.39 2,757,121 2,560,125
Bramson
6. Re-elect Mr 171,394,469 99.72 483,121 2,219,622
Burgess
7. Re-elect Mr Rapp 150,766,530 87.89 20,770,626 2,560,056
8. Re-appoint
Auditors & 173,716,154 99.94 99,998 281,060
determine their
remuneration
9. Approve the
Directors" 147,051,064 85.86 24,207,517 2,838,631
Remuneration
Report
10 Section 80
. authority to allot 130,809,2 75.14 43,275,0 12,961
shares 45 06*
11 To disapply the
. pre-emption 158,141,3 91.75 14,219,9 1,735,96
provisions of 26 25 1
Section 89(1)
12 Authority to make
. market purchases 169,567,5 97.40 4,517,80 11,817
92 3
*Reflecting different regulations in South Africa from those prevailing in the
UK
Notes
1. Any proxy appointments which gave discretion to the Chairman have been
included in the `for" total.
ENQUIRIES:
Susan Folger Company Secretary Telephone +44 20 7887 7000
31 March 2004
Sponsor in South Africa
Merrill Lynch South Africa (Pty) Limited
