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Essential IR Insights Newsletter - February 2023

Growthpoint closes partial offer for Capital & Regional, scales back acceptances

Following South Africa-listed Growthpoint Properties Ltd.'s decision to take over Capital & Regional PLC through a partial cash offer for 219,786,924 shares, the offer became wholly unconditional Dec. 9.

The offer officially closed at 1 p.m. London time on Dec. 13 and is no longer open for acceptances.

As at the final closing date, Growthpoint received a total of 458,377,271 valid acceptances, representing approximately 63% of Capital & Regional's ordinary shares.

Growthpoint over-accepted entries for the partial offer and is now scaling back, therefore only Capital & Regional shareholders who were on register at the record date and who validly accepted the partial offer in the relevant percentage or less of their registered holding will have their acceptances satisfied in full.

Those who accepted the partial offer for more than the relevant percentage of their registered shareholding will have their acceptances satisfied in full to the extent of the relevant percentage applied to their registered holding, and for their acceptances exceeding the relevant percentage, up to 7.9406524%.

The cash consideration under the partial offer is expected to be paid Dec. 20, and no later than Dec. 23, via checks or crediting of broker accounts.

For Capital & Regional Shareholders registered on the South African Register, the offer price will be paid in South African rand based on the applicable exchange rate, which will be announced by Growthpoint by 12 p.m. South African time, on Dec. 17.

Goldman Sachs is the financial adviser to Growthpoint. Numis and J.P. Morgan Cazenove are the joint financial advisers to Capital & Regional.

FTI Consulting is the public relations adviser to Capital & Regional, while Java Capital Trustees and Sponsors is the company's Johannesburg Stock Exchange, or JSE, sponsor.

Investec Bank Ltd. is JSE sponsor to Growthpoint.