PEPR EGM postponed to review alternative capital raising plans
(Thomson Reuters ONE) - NOT FOR RELEASE OR DISTRIBUTION INTO OR WITHIN THE UNITED STATESThis press release is not an offer of securities for sale, or thesolicitation of an offer to buy securities, in the United States orelsewhere. The securities mentioned in this press release have notbeen and will not be registered pursuant to the US Securities Act of1933, as amended. They cannot be offered or sold in the United Statesabsent registration or an exemption from registration. No publicoffer of the securities has been or will be made in the United Statesor elsewhere.This press release contains certain forward-looking statements. Theseforward-looking statements involve certain risks and uncertaintiesthat could cause actual results to differ materially from thoseindicated in such forward-looking statements. The company assumes noobligation to update any forward-looking statement contained in thispress release.News release ProLogis European Properties EGM postponed to review alternative capital raising plansLuxembourg - 28 September 2009 - ProLogis European Properties(Euronext: PEPR), one of Europe's largest owners of moderndistribution facilities, announces that it has postponed theExtraordinary General Meeting (EGM), called for 30 September 2009,and will instead spend more time with investors prior to reviewingalternative capital raising plans with the PEPR Board.The EGM was initially called by PEPR for the purpose of approving theconversion of its legal structure from a fonds commun de placement('FCP') into a société d'investissement à capital fixe ('SICAF') andto modify and modernise several elements of its corporate governance.While the overwhelming majority of proxies received to date were infavour of the conversion, PEPR and its advisors have elected topostpone the EGM in order to better understand objections raised by aminority of unitholders through follow up discussions.In light of the likely need for additional capital in the short termand following further input from unitholders, PEPR's managementcompany will present the PEPR Board with alternative capital raisingplans. These may include the offering of fully underwrittenconvertible preferred units to existing unitholders, with an offeringsize of approximately ?200 million to potentially be executed inmultiple tranches. Given improved capital market conditions, thisoption has become increasingly viable and is believed to be apotentially effective means of providing the business with theliquidity and financial flexibility that it requires. The terms ofany such alternative capital raising plans will be subject to theapproval of the Luxembourg financial supervisory authority.PEPR has not ruled out the option of seeking conversion to a SICAF,and subsequently issuing common equity. Regardless of whichalternatives are presented, in the interest of all its unitholders,the management company will propose the previously announcedcorporate governance enhancements at the next meeting of unitholders.Peter Cassells, chief executive officer of PEPR, commented:"PEPR will act swiftly, yet deliberately, to evaluate alternatives,meet with concerned unitholders and will then present the Board withalternative plans that will be most beneficial to our unitholders asa whole." -Ends-For further information, please contact:ProLogis European Properties+44 20 7518 8708Jennifer van der Eem, VP Investor Relationsjvandereem(at)prologis.comM:Communications+44 20 7920 2323 or 7920 2349Ed Orlebar/Charlotte McMullenorlebar(at)mcomgroup.com/mcmullen(at)mcomgroup.comAbout ProLogis European PropertiesProLogis European Properties, or PEPR, is one of the largestpan-European owners of high quality distribution and logisticsfacilities. PEPR was established in 1999 as a closed-end, real estateinvestment fund, externally managed by a subsidiary of ProLogis, aleading global provider of industrial distribution facilities. InSeptember 2006, PEPR was listed on Euronext Amsterdam.As at 30 June 2009, PEPR has a portfolio of 232 buildings, covering4.9 million square metres in 11 European countries, with a marketvalue of ?3.0 billion. The portfolio has an occupancy level of 96.9%and an average of 3.6 years to the next lease break or 5.8 years tolease expiry.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.09.2009 - 14:30 Uhr
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