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Capital shareholders approve deal

Jan 27 2011 08:27 I-Net Bridge

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Johannesburg - Shareholders of Capital Shopping Centres [JSE:CSO]  on Wednesday approved the acquisition of Manchester retail mall The Trafford Centre.

At an adjourned extraordinary general meeting held on Wednesday, proxy appointments were validly made in respect of 495 805 296 CSC ordinary shares, representing 71.68% of shares in issue.

A total of 394 696 916 votes were received for the transaction, 84,365,407 voted against the deal and 16 742 973 votes were withheld.

Patrick Burgess, chairperson of the company, commented: "I am delighted by the overwhelming support from our shareholders for the acquisition of the Trafford Centre, which is value enhancing for CSC and will strengthen CSC's position as the leading operator of pre-eminent UK regional shopping centres."

The Trafford Centre, located near Manchester, is one of the UK's most successful retail and leisure destinations, attracting 35 million customer visits annually. It has 1.9 million square feet of retail, catering and leisure space. With more than 230 units, it has strong anchor clients, including Selfridges, Debenhams, John Lewis and Marks & Spencer.

The acquisition conforms with CSC's strategy of focusing on the UK's largest and most successful retail destinations and strengthens its position as the leading operator of pre-eminent UK centres. Should the acquisition be successful, CSC would own 14 UK shopping centres, including ten of the top 25 and four of the top six out- of-town shopping centres

CSC has applied for admission of 167,316,817 ordinary shares of 50 pence each to the Official List of the Financial Services Authority and to listing on the London Stock Exchange's main market for listed securities.

The Company has also applied to the JSE for the listing of the consideration shares on the main board of the JSE.

Completion of the Trafford Centre acquisition and admission of the shares on the LSE and the JSE is expected to take place on 28 January.
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