LONDON - NewRiver REIT Plc is set to acquire Capital & Regional Plc through a combination of cash and shares, as announced on Friday. The transaction will be structured as a Scheme of Arrangement under Part 26 of the Companies Act 2006.
Capital & Regional shareholders on the South African Register are to receive the cash component of the consideration in South African Rand, with an indicative exchange rate of 1 GBP to 22.9865 Rand based on the spot rate obtained on December 5, 2024. The final exchange rate will be published on December 10, 2024, along with an updated timetable of principal events for shareholders.
The court hearing to sanction the scheme took place today, and an announcement on the court's decision will be released promptly through a Regulatory Information Service. If the sanction occurs after trading closes on the Johannesburg Stock Exchange (JSE) in South Africa, the announcement will be made prior to the opening of trading on the JSE on December 9, 2024.
Capital & Regional is listed on the main market of the London Stock Exchange (LON:LSEG) and has a secondary listing on the JSE. The acquisition is subject to regulatory approvals and customary closing conditions. Legal advisers to the deal are CMS Cameron McKenna Nabarro Olswang LLP for Capital & Regional and Eversheds Sutherland (International) LLP for NewRiver.
The acquisition is part of NewRiver's strategic growth and expansion plans and is expected to create a more robust entity capable of navigating the competitive real estate market. Stakeholders are advised to seek independent financial advice to fully understand the implications of the transaction.
This article is based on a press release statement and aims to provide shareholders and the investment community with essential information regarding the acquisition.
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