TIDMALPH
RNS Number : 3759J
Alpha Pyrenees Trust Limited
02 April 2015
2 April 2015
ALPHA PYRENEES TRUST LIMITED (THE "COMPANY" OR THE "TRUST")
ANNUAL REPORT AND FINANCIAL STATEMENTS
NOTICE OF ANNUAL GENERAL MEETING ('AGM')
PROPOSED AMENDMENTS TO THE COMPANY'S INVESTMENT POLICY
1. Introduction
Further to the Company's results announcement, dated 13 March
2015, the Directors of the Trust confirm that the annual report and
financial statements of the Company for the year ended 31 December
2014 have been published today on the Company's website.
The Company also announces that it has today posted a circular
to shareholders (the "Circular") including a notice of the Annual
General Meeting ("AGM") of the Company, to be held at 9.00 a.m. on
24 April 2015 ("Notice of AGM").
The Circular includes a proposal to make certain changes to the
Company's existing investment policy and to explain why your Board
considers such proposals to be in the best interests of the Company
and Shareholders as a whole and to recommend that you vote in
favour of the Resolutions.
A copy of the Annual Report has been submitted to the National
Storage Mechanism and will shortly be available for inspection at:
www.Hemscott.com/nsm.do. Copies of the Annual Report and Circular
can be downloaded from Alpha Pyrenees Trust's website at
www.alphapyreneestrust.com.
2. Ordinary Business at the Annual General Meeting
The ordinary business of the AGM includes resolutions to adopt
the financial statements of the Company for the year ended 31
December 2014, to re-elect certain directors who are retiring by
rotation or otherwise, to approve the reappointment of BDO Limited
as auditors of the Company and to authorise the Directors to fix
their remuneration.
3. Special Business at the Annual General Meeting - Amendment to
the Company's Investment Policy
Current Investment Policy of the Company
The investment policy of the Company is to invest in
higher-yielding properties in France and Spain, focusing on
commercial property in the office, industrial, logistics and retail
sectors let to tenants with strong covenants (the "Investment
Policy").
Previous changes to the Investment Policy
On 13 February 2007 the Company's listing was reclassified from
that of a property investment company listed under Chapter 15 of
the Listing Rules to that of an overseas company listed under
Chapter 14 (standard listing) of the Listing Rules (the
"Reclassification") in order to provide the Company with maximum
flexibility to operate within its investment policy. Simultaneously
with the Reclassification, the Company amended its investment
principles to reflect its revised classification and to align the
Company's investment principles more closely with those introduced
by legislation relating to REITs. A circular explaining the
background to the Reclassification was published by the Company on
15 January 2007 (the "2007 Circular"). Subsequently, on 26 April
2013, certain restrictions which were adopted by the Company on
Reclassification were removed from the Company's investment
principles in order to allow the Company greater flexibility to
achieve the Investment Policy in an efficient manner without the
cost and delay associated with needing to seek Shareholder approval
for investment transactions.
Proposed Investment Policy of the Company
The investment policy of the Company is to invest in
higher-yielding properties in France and Spain, focusing on
commercial property in the office, industrial, logistics and retail
sectors let to tenants with strong covenants. The Company may make
disposals of investments to reduce its level of indebtedness.
Your Board believes that the above change (the "Policy
Amendment") reflects the fact that the Company may make disposals
in order to repay amounts due under its credit facilities during
the forthcoming year.
There is no requirement in the Articles to make the Policy
Amendment conditional on a vote of the Shareholders. However, the
Board would like to give Shareholders the opportunity to approve
the Policy Amendment by an ordinary resolution.
4. Annual General Meeting
A notice convening the AGM, which is to be held at the offices
of Morgan Sharpe Administration Limited, Old Bank Chambers, La
Grande Rue, St Martin's, Guernsey GY4 6RT on 24 April 2015 from 9
a.m., is set out at the end of the Circular. The Board implementing
the proposal set out in the Circular is conditional upon the
Resolutions being passed at the AGM. In order to become effective,
the Fifth Resolution will require the affirmative approval of over
one half of the voting rights cast at the AGM, whether voted by
Shareholders in person or by proxy.
5. Action to be taken
You will find enclosed with the Circular a form of proxy for use
at the AGM. Whether or not you propose to attend the AGM in person,
you are requested to complete and sign the form of proxy in
accordance with the instructions printed thereon and return it to
the Company's registrar, Morgan Sharpe Administration Limited, at
Old Bank Chambers, La Grande Rue, St Martin's, Guernsey GY4 6RT or
by fax to +44 (0)1481 233319 or by email to apt@morgansharpe.com,
as soon as possible but, in any event, so as to arrive no later
than 9 a.m. on 22 April 2015.
The completion and return of a form of proxy will not preclude
you from attending the AGM and voting in person if you wish to do
so.
6. Recommendation
Your Board considers that the proposals set out in the Circular
are in the best interests of the Company and Shareholders as a
whole. Accordingly, the Board unanimously recommends that
Shareholders vote in favour of the Resolutions to be proposed at
the AGM.
For further information contact:
Dick Kingston
Chairman, Alpha Pyrenees Trust Limited 01481 231100
Paul Cable
Fund Manager, Alpha Real Capital LLP 020 7391 4700
For more information on the Trust please visit
www.alphapyreneestrust.com.
For more information on the Trust's Investment Manager please
visit www.alpharealcapital.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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