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Hammerson secures shareholder vote for rights issue

Hammerson has gained approval from its shareholders for its emergency rights issue and sale of its 50% stake in VIA Outlets, to reduce its debts.

Net proceeds totalling some £794m from these transactions will be used to decrease its £3bn debt pile to £2.2bn.

The rights issue remains conditional on the admission of nil paid shares to become effective on 10 September, unless the landlord agrees another date. The disposal is subject to merger control approvals in Germany, Spain and Portugal.

The capital reorganisation will be effective from 8am tomorrow (2 September). The record date to participate in the rights issue is expected to be on 7 September.

Rob Noel has also formally taken up his role on the board today, and will succeed David Tyler as non-executive chairman on 7 September.

See also: Hammerson boss Atkins on handing over the business ‘in good shape’ 

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