LONDON (dpa-AFX) - Capital & Counties Properties plc (CAPC.L) and Shaftesbury plc, on Thursday, announced an agreement on the terms of a recommended all-share merger to form the 'Combined Group'.
Under the terms of the Merger, the Scheme Shareholders shall be entitled to receive 3.356 New Capco Shares for each Shaftesbury Share held.
As a result of the Merger, Shaftesbury shareholders will own 53% of the Combined Group and Capco Shareholders will own 47% of the Combined Group. Further, the company noted that the Combined Group will be called Shaftesbury Capital PLC on Completion.
Jonathan Nicholls, Chairman of Shaftesbury, said, 'The merger of Shaftesbury and Capco unites two complementary and adjacent real estate portfolios under single ownership. Shaftesbury Capital will own a first-class portfolio in some of the most iconic destinations across London's vibrant West End...'
The Combined Group has an estimated EPRA NTA of about £3.8 billion and EPRA NTA per share of about 207 pence as at 31 March 2022.
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