TIDMQED
RNS Number : 5524F
Quintain Estates & Development PLC
18 June 2012
18 June 2012
Quintain Estates and Development plc
New joint venture with Hong Kong investor to develop Greenwich
Peninsula
Summary
-- The Board of Quintain today announces that the Company has
agreed a new joint venture in respect of its interests in Greenwich
Peninsula with Knight Dragon, an investment vehicle ultimately
owned by Dr. Henry Cheng Kar-Shun. Dr. Cheng is Chairman of New
World Development, a Hong Kong listed conglomerate with a market
capitalisation of approximately GBP4.6 billion and which has
substantial interests in property and infrastructure in Hong Kong
and China. Dr. Cheng, and the wider Cheng family, control Chow Tai
Fook Enterprises Limited, which has a substantial interest in New
World Development. Chow Tai Fook Enterprises Limited is providing a
guarantee of the obligations of Knight Dragon in relation to the
Transaction.
-- The Board of Quintain believes the Transaction presents an attractive opportunity as it:
- introduces a new partner to take the development of Greenwich Peninsula forward;
- secures up to GBP300 million of new financing in relation to
viable development at Greenwich Peninsula at competitive rates;
- provides Quintain with new management income streams;
- provides substantial liquidity to the Company, anticipated to
be approximately GBP150 million over the next six years before
development profits; and
- paves the way for the transformation of Greenwich Peninsula,
including the development of up to 10,000 new homes, a 3.5 million
sqft commercial district, as well as new shops, hotels, schools and
public facilities along 1.4 miles of Thames river frontage and
space for a workforce of over 25,000.
-- The Transaction will result in Quintain owning a 40 per cent.
interest in Greenwich Peninsula Regeneration Limited, the existing
joint venture holding company, alongside Knight Dragon, which will
own the remaining 60 per cent. interest, each with proportionate
board representation. The GPRL Group has the benefit of development
rights granted for approximately 14 million sqft of residential-led
mixed use development land across more than 150 acres at Greenwich
Peninsula, including 18.6 acres of land within Peninsula Quays
(which is currently owned by the Group and will be transferred to
GPRL upon Completion).
-- Under the terms of the Transaction, Knight Dragon has agreed
to provide up to GBP300 million of revolving debt funding to GPRL
in relation to viable development at Greenwich Peninsula. This debt
funding will attract interest at five per cent. above the
applicable three month LIBOR rate (adjusted on a quarterly basis).
There are no obligations on Quintain to commit new funds for future
development at Greenwich Peninsula and Quintain's share of existing
infrastructure funding will be repaid to Quintain as a priority
before new infrastructure funding.
-- In connection with the Transaction, the Company will receive
cash of GBP78.8 million (subject to a post-Completion adjustment),
of which GBP28.8 million will be paid by Knight Dragon on
Completion and GBP50 million will be received on deferred terms
over a six year period. With infrastructure repayments, land
receipts and fees over the next six years, based on the current
business plan, Quintain anticipates receiving a further potential
GBP80 million of cash, which would bring total cash received in the
six years to approximately GBP150 million before development
profits (equivalent to approximately 29 pence per share), although
the actual amount of cash receipts will depend upon market
conditions and the pace of development activity.
-- Quintain will be appointed as the GPRL Group's development
and project manager for a six year term and will receive an annual
fee from GPRL for these services. Quintain will also provide site
wide development management services at Greenwich Peninsula and
administration services to the GPRL Group. Total fees for these
combined services are expected to be approximately GBP4 million per
year once construction achieves momentum. Investment monitoring and
advisory services will be provided to the GPRL Group by Pinnacle
Regeneration Group, the social housing and urban regeneration
specialists in which the Cheng family have a substantial interest.
It is also envisaged that Pinnacle Regeneration Group will provide
affordable housing and certain other services to the GPRL
Group.
-- The Transaction is subject to Quintain shareholder approval
and a general meeting will be held in July.
Commenting on the Transaction, Maxwell James, Chief Executive of
Quintain said:
"This is a transformational deal for Quintain and is the next
step in realising the inherent value in our key London projects by
attracting significant third party capital. It introduces a highly
respected and experienced partner who brings considerable financial
strength and a network of global relationships. Together, we are
well placed to turn our vision for this landmark project for London
into reality, creating thousands of homes and jobs in the
process."
Commenting on the Transaction, Sammy Lee, (a director of
Pinnacle Regeneration Group, who will be a new member of the GPRL
board on Completion) said:
"Dr. Henry Cheng is delighted to be partnering with Quintain to
play a part in such a large-scale mixed-use project. This is an
excellent opportunity for a strong financial partner, with
specialist social housing knowledge through his recent investment
in Pinnacle Regeneration Group, to help regenerate this landmark
area in central London and we are looking forward to engaging with
all the stakeholders to develop a comprehensive new plan for the
area. We are confident that this investment will provide excellent
returns over the coming years."
Commenting on the Transaction, Perry Lloyd, CEO of Pinnacle
Regeneration Group, said:
"In a year where the eyes of the world are on London, this
provides a great boost for the capital. This partnership creates a
unique opportunity to build a new, sustainable community - a
community where there is a blend of housing, and is a place where
people want to live. Pinnacle is delighted to be part of one of the
largest urban regeneration schemes in Europe, and help deliver for
Londoners the new housing they so desperately need."
Presentation to institutional investors and analysts
Institutional investors and analysts are invited to dial into a
conference call at 9am (UK time) on 18 June 2012 with a replay
facility available afterwards on demand for 7 days. The
presentation will be available on the Quintain website at
www.quintain-estates.com.
Participant Dial in: +44 (0) 20 3003 2666
Password: Quintain
Replay facility for 7 days - Dial +44 (0) 20 8196 1998
Access PIN: 4007437
Introduction
The Board of Quintain is pleased to announce that it has agreed
new joint venture arrangements in respect of its interests in
Greenwich Peninsula with Knight Dragon. The Transaction will result
in the Company owning a 40 per cent. joint venture interest in GPRL
alongside Knight Dragon, who will own the remaining 60 per cent.
interest. Quintain and Lend Lease (the current joint venture
partners), through the GPRL Group, have the benefit of development
rights granted for approximately 14 million sqft of residential-led
mixed use development across more than 150 acres of land at
Greenwich Peninsula, including 18.6 acres of land within Peninsula
Quays (which will be transferred by Quintain to GPRL upon
Completion). Following Completion, Lend Lease will no longer hold
any interests in the GPRL Group although it will retain certain
other interests at Greenwich Peninsula.
In connection with the Transaction, the Company will receive
cash of GBP78.8 million (subject to a post-Completion adjustment),
of which GBP28.8 million will be paid by Knight Dragon on
Completion and GBP50 million will be received on deferred terms
over a six year period. In addition, Knight Dragon has agreed to
provide up to GBP300 million of financing in relation to viable
development at Greenwich Peninsula.
As part of these arrangements, Quintain will be appointed as the
GPRL Group's development and project manager and will also provide
site wide development management services at Greenwich Peninsula
and administration services to the GPRL Group. In addition, an
agreement will be entered into on Completion for investment
monitoring and advisory services to be provided by Pinnacle
Regeneration Group to the GPRL Group and it is also envisaged that
Pinnacle Regeneration Group (or one of its affiliates) will provide
the GPRL Group with affordable housing and certain other services
pursuant to arrangements to be agreed following Completion.
Background to and reasons for the Transaction
Quintain focuses on two principal activities: (i) urban
regeneration within Greater London; and (ii) asset management of
specialist property funds. Through Quintain's urban regeneration
business, the Company aims to generate capital growth and profit
through master planning, development and long-term ownership of two
of London's significant new mixed-use regeneration schemes, at
Greenwich Peninsula and Wembley.
Quintain acquired its interests in the wider Greenwich Peninsula
scheme in 2002, having previously acquired interests in land at
Peninsula Quays. Quintain and its current joint venture partner,
Lend Lease, secured permission for a 14 million sqft master plan
(of which 12.6 million sqft remains to be developed) which provides
for the creation of over 10,000 homes, a 3.5 million sqft
commercial district and 350,000 sqft of retail space along
approximately 1.4 miles of Thames river frontage. Quintain and Lend
Lease have subsequently invested in excess of GBP127 million in
infrastructure. The first stages of development around the public
realm in front of The O2 entertainment complex have been completed.
These included more than 10 retail units along Peninsula Square,
over 420,000 sqft of offices at Pier Walk and Mitre Passage and
Ravensbourne College and, further down the Peninsula, the disposal
of land to Bellway for the development of 229 residential units,
now completed, and the new cable car over the Thames, a Transport
for London project linking Greenwich Peninsula with Royal Victoria
Docks and the ExCel Centre. The next stage of the project will
focus on delivering the residential development elements of the
scheme at Greenwich Peninsula.
Quintain and its current joint venture partner, Lend Lease,
agreed to consider arrangements whereby Lend Lease would exit the
GPRL joint venture. Subsequently, Quintain entered into discussions
with the ultimate owner of Knight Dragon in relation to a possible
joint venture investment pursuant to which Knight Dragon would
acquire a strategic stake in GPRL. An agreement has now been
reached for Knight Dragon to acquire a 60 per cent. interest in
GPRL pursuant to the Transaction. Quintain's interests (held
through QML) in Peninsula Quays (comprising the QML Land) will be
transferred to GPRL with the intention of aligning the interests of
Quintain and Knight Dragon in the joint venture. As a result of the
Transaction, Knight Dragon will replace Lend Lease as Quintain's
partner in relation to the development of the GPRL Group's land
interests at Greenwich Peninsula.
The Board of Quintain believes that Knight Dragon has a network
of strong relationships with key investors throughout Asia which
will be of assistance in the international marketing of the
developed scheme at Greenwich Peninsula.
In addition, under the terms of the joint venture, Knight Dragon
has agreed to provide up to GBP300 million of financing in relation
to viable development at Greenwich Peninsula. Chow Tai Fook
Enterprises Limited is providing a guarantee of the obligations of
Knight Dragon in relation to the Transaction.
For these reasons, the Directors believe that establishing the
joint venture with Knight Dragon will bring considerable benefits
to Quintain and will help accelerate future development of the
Greenwich Peninsula estate and thereby enhance the long term value
of Greenwich Peninsula to the Company.
Those directors with legal and / or beneficial interests in the
Company's share capital have provided irrevocable undertakings that
they will vote (or as far as they are able will procure that votes
are cast) in favour of the Transaction. These irrevocable
undertakings amount to 966,361 Ordinary Shares, in aggregate,
representing approximately 0.19 per cent. of the existing issued
share capital of the Company. The Company has also received an
irrevocable undertaking from Caledonia Investments Plc pursuant to
which it undertakes to vote in favour of the Transaction in respect
of its entire holding of 55,341,528 Ordinary Shares, representing
approximately 10.6 per cent. of the existing issued share capital
of the Company.
Principal terms of the Transaction
As described above, the Company will own a 40 per cent. joint
venture interest in GPRL following Completion with the remaining 60
per cent. joint venture interest owned by Knight Dragon. The
Transaction will be implemented through a number of steps all of
which are conditional on shareholder approval.
A summary of the steps required to effect the Transaction is set
out below.
Step 1: Lend Lease to transfer its interests in GPRL to the
Company
Lend Lease currently holds 50 per cent. of the issued share
capital of GPRL and 50 per cent. of the Existing Loan Notes issued
by GPRL. Quintain currently owns the other 50 per cent. interests.
Lend Lease has agreed to transfer its interests in the GPRL Group
to the Company. As described below in Step 3, Quintain will
subsequently (but simultaneously at Completion) transfer to Knight
Dragon the interests in GPRL it receives from Lend Lease. The
consideration for the transfer of these interests to the Company
will initially be paid by Knight Dragon to Quintain, and
immediately by the Company to Lend Lease, on Completion.
Step 2: Quintain to transfer its interests in QML to GPRL
Quintain will transfer to GPRL: (i) the entire issued share
capital of QML; and (ii) the benefit of a loan owing to it from QML
which, as at Completion, will amount to more than GBP50 million
(including accumulated interest). The consideration for these
transfers will be satisfied by: (a) GPRL issuing further shares in
GPRL to the Company; and (b) the creation of a new loan for an
equivalent amount owing from GPRL to the Company (GBP50 million of
which loan shall be deemed satisfied in full pursuant to the
arrangements described in Step 3 below with the balance of the loan
being capitalised).
Step 3: Quintain and Knight Dragon establish the joint venture
relating to GPRL
Knight Dragon will acquire a 60 per cent. interest in GPRL by
(i) paying to Quintain GBP28.8 million in cash at Completion
(subject to a post-Completion adjustment); (ii) paying to Quintain
the consideration payable to Lend Lease pursuant to Step 1
described above (and Quintain will immediately pay the same to Lend
Lease); and (iii) subscribing for GBP50 million of new shares in
GPRL. In connection with this share subscription, GBP50 million of
the loan owing from GPRL to the Company (as described in
sub-paragraph (b) of Step 2 above) shall be deemed to have been
satisfied in full on Completion, although Quintain will receive
GBP50 million from Knight Dragon on deferred terms over a six year
period, with GBP10 million to be paid on the second anniversary of
Completion and GBP20 million to be paid on each of the fourth and
sixth anniversaries of Completion.
The terms of the joint venture between the Company and Knight
Dragon include a commitment from Knight Dragon to provide up to
GBP300 million of revolving funding in relation to viable
development at Greenwich Peninsula, as well as for, inter alia,
GPRL's initial working capital requirements. This funding will
attract interest at a coupon of five per cent. above the applicable
three month LIBOR rate (adjusted on a quarterly basis). There are
no obligations on Quintain to commit new funds to the GPRL Group
with Quintain's commitment restricted to reinvesting certain
profits received from the joint venture principally within phases
of development and for contributing pro rata to GPRL's ongoing
working capital requirements.
Following Completion, Knight Dragon will hold 60 per cent. of
the issued share capital of GPRL and 60 per cent. of the Existing
Loan Notes and Quintain will hold 40 per cent. of the issued share
capital of GPRL and 40 per cent. of the Existing Loan Notes.
As part of the arrangements to establish this new joint venture,
Quintain will enter into a development management agreement on
Completion, pursuant to which it will provide the GPRL Group with
development management services in relation to the development of
land drawn down by the GPRL Group at Greenwich Peninsula for a six
year period. Quintain will receive annual fees calculated by
reference to the annual development costs incurred by the GPRL
Group at Greenwich Peninsula. Quintain will also provide site-wide
development management services and administration services to the
GPRL Group for six years from Completion in return for fees based
on personnel costs and authorised expenses. GPRL will, for a 12
year period from Completion, pay an annual fee of GBP2 million to
Pinnacle Regeneration Group for the provision of investment
monitoring and advisory services to the GPRL Group, and it is also
envisaged that Pinnacle Regeneration Group (or one of its
affiliates) will provide the GPRL Group with affordable housing and
certain other services pursuant to arrangements to be agreed
following Completion.
Conditions of the Transaction
The establishment of the new joint venture will be treated as a
disposal by Quintain, which is of a sufficient size, relative to
the Company, to constitute a Class 1 transaction for the Company
under the Listing Rules. As such, the approval of a simple majority
of the shareholders of Quintain is required before the Transaction
can be completed. A circular containing details of the Transaction
and including notice convening a general meeting of the Company, at
which approval will be sought for the Transaction, will be sent to
shareholders in due course. Completion of the Transaction is
expected to occur during July 2012.
Financial effects of the Transaction
As described above, Quintain will receive GBP78.8 million in
connection with the Transaction (subject to a post-Completion
adjustment), of which GBP28.8 million will be paid on Completion
and GBP50 million will be payable on deferred terms over a six-year
period. The Company intends to use the net proceeds (after
Transaction expenses) that it receives pursuant to the Transaction
to reduce the level of the Group's net debt by increasing the cash
balances held by the Company. Following Completion, the Directors
also expect that Quintain will benefit from the GPRL Group's access
to the additional development capital of up to GBP300 million at
any one time to be provided by Knight Dragon, in relation to viable
development at Greenwich Peninsula.
The Company is disposing of certain fully consolidated assets to
GPRL. As a consequence, the value of its properties will be reduced
by the previously fully consolidated value. Correspondingly, the
value of the Company's investment in joint ventures will increase
to reflect the net increase in the value of the Company's interest
in the shares of GPRL taking into account the effect of the
Transaction.
Given the nature of the assets, the subject of the Transaction
and the typical timeframe for development of land, it is not
anticipated that the Transaction will have a material impact on the
consolidated earnings of Quintain during the 12-month period
following Completion. Any future valuation surpluses will be
reflected as trading profits, as opposed to revaluation gains, as
the properties that are the subject of the Transaction are now
considered to be trading, rather than investment, properties. The
pre-tax profits (for the 12 months ended 31 March 2012)
attributable to the assets the subject of the Transaction were
GBP3.0 million. The value of the gross assets (as at 31 March 2012)
the subject of the Transaction was GBP180.6 million.
As a consequence of the Transaction, it is expected that the net
assets of the Company will be reduced at Completion from GBP572.0
million as at 31 March 2012 to GBP562.0 million on a pro forma
basis (which represents a reduction of some 2 pence per share and a
reduction of approximately two per cent. of the Company's net
assets). The Board expects that the Transaction will provide the
Company with greater longer-term value from its interests in the
GPRL Group due to the GPRL Group's access, following Completion, to
funding from Knight Dragon for the purpose of developing land at
Greenwich Peninsula.
Information on GPRL and QML
The principal activity of GPRL is investment in property
development companies and joint ventures for the purposes of
developing land holdings at Greenwich Peninsula. To date, the GPRL
Group has focused on investing in infrastructure at Greenwich
Peninsula to facilitate development on land owned by the GLA and
the QML Land. QML's principal activity is the holding of certain
land at Greenwich Peninsula, which is being held for the purposes
of development. Through agreements with QML (which on Completion
will be a wholly-owned subsidiary of GPRL) and the GLA, MDL (GPRL's
subsidiary) is entitled to draw down such land either for
development by entities established for this purpose, or for sale
to third party developers.
Information on Knight Dragon
Knight Dragon is a company incorporated in Hong Kong and is an
investment vehicle ultimately owned by Dr. Henry Cheng
Kar-Shun.
Information on Pinnacle Regeneration Group
Pinnacle Regeneration Group is an established private operator
in social housing and urban regeneration in the UK. It employs
approximately 2,200 people across the UK, directly manages over
20,000 social housing homes and provides complementary services to
over 400,000 homes. Pinnacle Regeneration Group is currently
involved in regeneration projects in Lambeth, Kirklees and Oldham,
and has a programme to build around 2,415 dwellings over the next
four years. The Cheng family holds a substantial interest in
Pinnacle Regeneration Group.
ENQUIRIES:
Quintain Estates and Development plc
Maxwell James, Chief Executive Tel: +44 (0) 20 7495 8968
Rebecca Worthington, Deputy Chief Executive
HSBC Bank Plc, Sole Financial Adviser to Quintain and Sole
Sponsor
Richard Choi Tel: +44 (0) 20 7991 8888
Oliver Smith
RLM Finsbury
James Bradley Tel: +44 (0) 20 7251 3801
Jenny Davey
Barclays Bank PLC, Joint Corporate Broker to Quintain
Tom Boardman Tel: +44 (0) 20 7623 2323
J.P. Morgan Cazenove, Joint Corporate Broker to Quintain
Robert Fowlds Tel: +44 (0) 20 7742 4000
Bronson Albery
For Knight Dragon
Brunswick Group
Kate Holgate Tel: + 44 (0) 20 7404 5959 Elizabeth Adams
For Pinnacle Regeneration Group
Quiller Consultants
George Bridges Tel: +44 (0) 207 233 9444
Importance Notices
The release, publication or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by
law and therefore any persons who are subject to the laws of any
jurisdiction other than the United Kingdom should inform themselves
about, and observe, any applicable requirements. This announcement
has been prepared for the purposes of complying with the Listing
Rules and the information disclosed may not be the same as that
which would have been disclosed if this announcement had been
prepared in accordance with the laws and regulations of any
jurisdiction outside of England.
Forward-looking statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will", or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These
forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
announcement and include, but are not limited to, statements
regarding Quintain's intentions, beliefs or current expectations
concerning, among other things, the Group's results of operations,
financial position, prospects, growth, strategies and the industry
in which it operates. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances. Forward-looking statements are not guarantees of
future performance and the actual results of the Group's
operations, financial position and liquidity, and the development
of the markets and the industry in which the Group operates, may
differ materially from those described in, or suggested by, the
forward-looking statements contained in this announcement. In
addition, even if the results of operations, financial position and
the development of the markets and the industry in which the Group
operates are consistent with the forward-looking statements
contained in this announcement, those results or developments may
not be indicative of results or developments in subsequent periods.
A number of factors could cause results and developments to differ
materially from those expressed or implied by the forward-looking
statements including, without limitation, general economic and
business conditions, industry trends, competition, changes in
regulation, currency fluctuations, changes in its business
strategy, political and economic uncertainty and other factors.
Forward-looking statements may, and often do, differ materially
from actual results. Any forward-looking statements in this
announcement speak only as of their respective dates, reflect the
Group's current view with respect to future events and are subject
to risks relating to future events and other risks, uncertainties
and assumptions relating to the Group's operations, results of
operations and growth strategy. Subject to the requirements of the
Financial Services Authority, the London Stock Exchange, the
Listing Rules and Disclosure and Transparency Rules (and/or any
regulatory requirements) or applicable law, the Group explicitly
disclaims any obligation or undertaking publicly to release the
result of any revisions to any forward-looking statements in this
announcement that may occur due to any change in the Company's
expectations or to reflect events or circumstances after the date
of this announcement.
Other
No statement in this announcement is intended as a profit
forecast or profit estimate and no statement in this announcement
should be interpreted to mean that the earnings per share of the
Group or GPRL for the current or future financial periods will
necessarily match or exceed the historical or published earnings
per share of the Group or GPRL.
Certain figures in this announcement have been subject to
rounding adjustments.
HSBC Bank Plc, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as sole
financial adviser and sole sponsor for Quintain and no-one else in
connection with the Transaction and the contents of this
announcement and will not be responsible to anyone other than
Quintain for providing the protections afforded to clients of HSBC
Bank Plc, or for providing advice in relation to any of the
Transaction, the contents of this announcement or any matters
referred to herein.
Barclays Bank PLC, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting as
joint corporate broker to Quintain and no-one else in connection
with the Transaction and the contents of this announcement and will
not be responsible to anyone other than Quintain for providing the
protections afforded to clients of Barclays Bank PLC, or for
providing advice in relation to any of the Transaction, the
contents of this announcement or any matters referred to
herein.
J.P. Morgan Cazenove, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting as
joint corporate broker to Quintain and no-one else in connection
with the Transaction and the contents of this announcement and will
not be responsible to anyone other than Quintain for providing the
protections afforded to clients of J.P. Morgan Cazenove, or for
providing advice in relation to any of the Transaction, the
contents of this announcement or any matters referred to
herein.
APPENDIX
DEFINITIONS
The following definitions apply through out this announcement,
unless the context otherwise requires:
"Board", "Board of the directors of the Company as at the date
Quintain" or "Directors" of this announcement
"Company" or "Quintain" Quintain Estates and Development plc
"Completion" completion of the Transaction, pursuant to
the sale and purchase agreements entered into
between the parties
"Disclosure and Transparency the disclosure rules and the transparency rules
Rules" made by the Financial Services Authority under
section 73A of the Financial Services and Market
Act 2000
"Existing Loan Notes" the loan notes issued by GPRL to each of Lend
Lease and the Company
"GLA" the Greater London Authority and its subsidiary
undertakings (including GLA Land and Property
Limited, to which the property rights, liabilities
and interests of the Homes and Communities
Agency in relation to Greenwich Peninsula have
been transferred)
"GPRL" Greenwich Peninsula Regeneration Limited
"GPRL Group" GPRL and its subsidiaries and subsidiary undertakings
"Group" the Company and its subsidiaries and subsidiary
undertakings
"J.P. Morgan Cazenove" J.P. Morgan Limited which conducts its UK investment
banking activities as J.P. Morgan Cazenove
"Knight Dragon" Knight Dragon Limited, a company incorporated
in Hong Kong and owned 100% (indirectly) by
Dr. Cheng
"Lend Lease" Lend Lease Europe Limited
"Listing Rules" the listing rules made by the UK Listing Authority
for the purposes of Part VI of Financial Services
and Market Act 2000
"MDL" Meridian Delta Limited, a subsidiary of GPRL
"Ordinary Shares" fully paid ordinary shares of 25 pence each
in the capital of the Company
"Peninsula Quays" that part of Greenwich Peninsula known as Peninsula
Quays
"Pinnacle Regeneration Pinnacle Regeneration Group Limited together
Group" with, where the context requires, its subsidiaries
and subsidiary undertakings
"QML" Quintain Meridian Limited, currently a wholly
owned subsidiary of the Company and which will
be a wholly owned subsidiary of GPRL on Completion
"QML Land" 18.6 acres of land within Peninsula Quays currently
owned by QML
"sqft" a square foot or square feet, as the context
requires
"Transaction" the transactions consummated at Completion
resulting in the 40/60 joint venture between
the Company and Knight Dragon
This information is provided by RNS
The company news service from the London Stock Exchange
END
JVEFPMATMBJBMFT
Quadrise (LSE:QED)
Historical Stock Chart
From Apr 2024 to May 2024
Quadrise (LSE:QED)
Historical Stock Chart
From May 2023 to May 2024