Completion: disposal of X-Leisure Business
Capital & Regional plc (the "Company") announces that the disposal of its 11.9% stake in the X-Leisure Fund and its 50% interest in X-Leisure Limited to a subsidiary of Land Securities Group plc has now completed.
As detailed in the shareholder circular on the disposal of the X-Leisure business, published on 21 December 2012, the Company intends to use part of the disposal proceeds to buy back its own shares. In line with this the Company has issued an irrevocable instruction, binding for the duration of the close period prior to announcing its 2012 results on 13 March 2013, to purchase shares in the market subject to certain parameters. Any shares purchased will be cancelled.
The Company is not planning to purchase more than 50 per cent. of the average daily volume traded in the 20 trading days preceding the date of purchases. Any shares purchased under the buy-back programme will count towards the Company's general buy-back authority as approved at the Company's AGM on 6 June 2012.
Hugh Scott-Barrett commented:
"The completion of the disposal of our interest in the X-Leisure Fund is a further key milestone in executing our strategy of selling non-core assets to concentrate on our core UK shopping centre activities."