Business
Proposed Rights Issue and Disposal
Proposed Rights Issue and Disposal.
About this update from Hammerson Plc
[{"type":"text","content":"\n \n \n RNS Number : 3402V\n Hammerson PLC\n 06 August 2020\n \n \n \n \n THIS ANNOUNCEMENT (AND THE INFORMATION CONTAINED HEREIN) IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n \n \n \n \n \n THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. IT IS NOT AN OFFER OF SECURITIES FOR SALE TO U.S. PERSONS OR IN ANY JURISDICTION, INCLUDING IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, NEW ZEALAND OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. \n \n \n FOR IMMEDIATE RELEASE. \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n 6 August 2020\n \n \n Hammerson plc \n \n \n (\"Hammerson\" or the \"Group\" or the \"Company\")\n \n \n ISIN: GB0004065016\n \n \n LSE share code: HMSO / JSE share code: HMN\n \n \n Proposed c.£552 million Rights Issue, and c.£274 million disposal of VIA Outlets, to raise total gross proceeds of c.£825 million\n \n \n Transactions to strengthen Hammerson's financial and strategic position \n \n \n Hammerson today announces a proposed rights issue to raise gross proceeds of approximately 552 million (the \"Rights Issue\") and the sale of substantially all of the Company's 50% interest in VIA Outlets (\"VIA\") to a mutual fund managed by APG Asset Management N.V. (\"APG\") for estimated cash proceeds of approximately €301 million (equivalent to approximately £274 million) (the \"Disposal\"), to raise a combined total gross proceeds of approximately £825 million (the \"Transactions\"). \n \n \n \n \n \n Key Highlights \n \n \n · \n The Transactions will significantly strengthen Hammerson's financial position, reducing absolute indebtedness and providing liquidity headroom and financial flexibility as it continues to refocus its portfolio towards flagship destinations in the UK and Ireland and, over the medium term, invests in its mixed-use City Quarters development opportunities.\n \n \n \n \n \n · \n Hammerson is pro-actively taking measures to deal with the substantial impact on its business driven by major structural changes to...