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Shaftesbury and Capital & Counties merger scheme implemented

2nd Mar 2023 17:57

(Alliance News) - Shaftesbury PLC on Thursday announced the scheme for its all-share merger with Capital & Counties Properties PLC is being implemented.

It will be effective when the court order is delivered to the registrar of companies, which is expected on Monday, the company added.

In June last year, the two companies agreed terms for an all-share merger to create a London-focused property investor with a combined portfolio value of GBP5.0 billion. The combined company will be called Shaftesbury Capital PLC.

The last day of dealings in Shaftesbury shares will be Friday. Following the scheme becoming effective, Shaftesbury shareholders will receive 3.356 CapCo shares for each Shaftesbury share held.

It is expected that trading in Shaftesbury shares on the Main Market of the London Stock Exchange will be suspended before markets open on Monday.

On Wednesday, FTSE Russell said Shaftesbury will be removed from the FTSE 250 following the implementation of the scheme. SThree PLC will be added to the FTSE 250 index, replacing the firm.

Shares in Shaftesbury closed 3.4% higher at 415.80 pence on Thursday in London. CapCo shares closed 1.6% higher at 124.17 pence. SThree closed up 4.2% at 484.50 pence.

By Heather Rydings, Alliance News senior economics reporter

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