Capital & Counties adjusts exchange ratio of 2% Shaftesbury bonds

By Mary-Katherine Stinson

Lexington, Ky., Dec. 14 – Capital & Counties Properties plc announced an adjustment to the exchange ratio for its £275 million 2% secured bonds due 2026 exchangeable into ordinary shares of Shaftesbury plc (ISIN: XS2262952679).

Effective Jan. 6, holders exercising their exchange right will be entitled to receive a certain number of Shaftesbury shares for each £100,000 principal amount of bonds equivalent. The exact adjustment will be announced on Jan. 6.

The adjustment was triggered by Shaftesbury’s declaration of a final dividend of £0.051 per share scheduled to be paid on Dec. 21, which will result in a capital distribution occurrence amounting to £704.56704 and is therefore above the reference amount of £695.265 for the relevant period.

As a result, such cash amount would have been included as part of the exchange property.

Capital & Counties Properties is a London-based investment and development property company. Shaftesbury is a real estate investment trust also based in London.

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