LONDON (dpa-AFX) - Capital & Counties Properties Plc or Capco (CAPC.L) announced that it has agreed to acquire a 26.3 percent shareholding in Shaftesbury PLC (SHB.L).
The acquisition will be across two tranches for total consideration of 436 million pounds, at a price of 540 pence per Shaftesbury share. The per share price represents a discount of 13.9 percent to the closing Shaftesbury share price on May 29.
Capco is buying the shares from Veloqx (Jersey) Limited, as trustee of the Veloqx settlement, a discretionary trust established by Samuel Tak Lee for the benefit of himself and his immediate family.
Responding to Capco's deal to buy its stake, Shaftesbury said its Board looks forward to engaging with Capco as it would with any other shareholder in the company.
Further, Shaftesbury Board also announces that the legal proceedings issued by companies whose former beneficial owner was Samuel Tak Lee have now been withdrawn. There is no further financial impact on the company as a result of this.
In its statement, Capco noted that the acquisition of 64.4 million shares for 348 million pounds in cash, representing 20.9 percent of Shaftesbury's shares, would be completed on June 3.
A subsequent tranche of 16.3 million shares for 88 million pounds in cash, representing 5.3 percent of Shaftesbury's shares, constitutes a Class 1 transaction for the purposes of the FCA Listing Rules. Completion of the second tranche is therefore conditional on Capco shareholder approval.
Copyright RTT News/dpa-AFX
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