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Intu interrupts raising capital, doubts its future




The Intu mall owner has curtailed his appeal for funds, a move that casts doubt on the company's future just weeks after the plans were released.

"Following discussions with its shareholders and potential new investors regarding a possible capital increase from £ 1 billion to £ 1.5 billion, it concluded that it was unable to proceed to a capital increase at this point, "Intu said in a trade update on Tuesday.

Intu, which has been dragged down by a compound amount of debt, will consider alternative arrangements, including "alternative capital structures and asset disposals," he said.

"As a result, Intu will continue and expand its conversations with its stakeholders to discuss the range of options available to the business in order to demonstrate the value of the company's equity and 39; use its assets to provide more liquidity, "he added.

The plans for a cash call were first revealed in January, the company said last month that it would need at least £ 1.3 billion, but some difficulties quickly appeared. Last month, Hong Kong-based Link Real Estate Investment Trust flip-flopped on its plans to participate in the capital increase, sending third-party shares.

The shares are trading at an all-time low of around 10.64p per share.

On Tuesday, in the same trade update, Intu said attendance at UK centers was stable, surpassing the industry benchmark. Net rental income on a like-for-like basis was down 9.1%, in line with forecasts.

The retail sector in general has been faced with declining rents, declining attendance and the rise of electronic commerce.

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