AXA Property Trust Redemption Announcement
18 December 2015 - 11:49PM
UK Regulatory
TIDMAPT
AXA PROPERTY TRUST LIMITED
(a closed-ended company incorporated with limited liability under the laws of
Guernsey with registered number 43007)
REDEMPTION ANNOUNCEMENT
Further to the passing of the Special Resolution by the requisite majority at
the Extraordinary General Meeting held on 27 February 2014 and the powers
therein granted to the Board, the Company will return approximately GBP11.0
million to Shareholders, equivalent to approximately 14.48 pence per Share, on
6 January 2016 (the "Redemption Date") by way of a redemption of a proportion
of all Shareholders' holdings of Shares (the "Redemption").
Words and expressions that were defined in the Circular posted to shareholders
on 4 February 2014 (the "Circular") shall have the same meaning where they are
used in this announcement, except where the context requires otherwise.
The Redemption Price per Share shall be 59.82 pence (by reference to the NAV
per Share as at 30 September 2015) and the aggregate amount to be distributed
to Shareholders pursuant to the Redemption will be approximately GBP11.0 million.
The Redemption will be effected pro rata to holdings of Shares on the register
at the close of business on the Redemption Date. Around 24.21% of the Company's
issued share capital will be redeemed on the Redemption Date (that is
approximately 24.21 Shares for every 100 Shares held (the "Relevant Percentage
")). Fractions of Shares will not be redeemed and so the number of Shares to be
redeemed for each Shareholder will be rounded down to the nearest whole number
of Shares.
As a result of the Company's disposal programme as described in the Circular,
the Company currently has approximately GBP11.0 million in unallocated cash. The
sales that have been recently achieved, and are in hand, position the Company
to deal with the remainder of the portfolio in an orderly fashion, making this
an appropriate time to distribute to Shareholders the unallocated cash. The
costs and expenses of this Redemption are estimated not to exceed GBP7,500,
equivalent to approximately 0.01 pence per Share being redeemed.
The Company currently has 75,959,574 Shares in issue of which none are held in
treasury. All of the Shares redeemed on the Redemption Date will be cancelled.
A further announcement will be released following the Redemption Date to
confirm the new number of Shares in issue.
The Shares will be disabled in CREST on the Redemption Date and the existing
ISIN, GG00BZ21Q295 (the "Old ISIN"), will expire. A new ISIN, GG00BD5J7902 , in
respect of the remaining Shares which have not been redeemed (the "New ISIN")
will be enabled and available for transactions from and including the first
Business Day following the Redemption Date. Up to and including the Redemption
Date, Shares will be traded under the Old ISIN and as such, a purchaser of such
Shares will have a market claim for a proportion of the redemption proceeds.
CREST will automatically transfer any open transactions as at the Redemption
Date (which is the record date for the purposes of the Redemption) to the New
ISIN.
Payments of redemption proceeds are expected to be effected either through
CREST (in the case of Shares held in uncertificated form) or by cheque (in the
case of Shares held in certificated form) within 8 Business Days of the
Redemption Date. Shareholders will be paid their redemption proceeds in
Sterling.
EXPECTED TIMETABLE
Redemption Announcement date 18 December 2015
Redemption Date, Redemption Record Date, expiry 6 January 2016 (close of business)
of Old ISIN
New ISIN enabled, CREST Accounts credited 7 January 2016
Payment of proceeds date 18 January 2016
END
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