UK: Freeport sales down as offer tabled by Carlyle
Freeport, an operator and developer of European designer outlet centres, said that revenue from continuing operations fell to GBP7.3m (US$14.3m), from GBP8.5m in the same period last year, for the interim period ended 30 December 2006.
The company said that the reduction in revenue and gross profit was mainly due to reductions in rental income at Alcochete and Excalibur sites resulting from short-term management actions to improve long-term offer.
Gross profit at the group was GBP2.0m for the half year period, down from GBP3.4m last year.
As announced on 19 March 2007, terms have been agreed for a recommended offer at a price of 410 pence per share from CEREP Investment I Sarl, a company managed and controlled by TC Group, LLC (The Carlyle Group). The group's bid valued the Freeport at GBP155.3m.
CEREP has received irrevocable undertakings from the board and three of the company's largest shareholders to accept the offer in respect of an aggregate of 18.6m Freeport shares, representing approximately 49.2% of Freeport's existing issued share capital.
Freeport chairman Robin Binks said: "Tough decisions have been taken by the management team during the course of the year which we believe are vital in achieving better performance at our existing centres and in securing long-term revenue streams for the group.
"We are pleased with the results of these actions and lead indicators are already beginning to demonstrate more successful trading levels by our tenants. This, and the steps taken to deliver an improved development pipeline means the board continues to view the group's prospects with confidence."
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