AXA Property Trust Redemption
12 June 2017 - 4:00PM
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 GBP5.6
million to Shareholders, equivalent to approximately 17.61 pence per Share, on
23 June 2017 (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 70.26 pence, by reference to the NAV
per Share as at 31 March 2017. The Redemption will be effected pro rata to
holdings of Shares on the register at the close of business on the Redemption
Date. Approximately 25.07% of the Company's issued share capital will be
redeemed on the Redemption Date (that is approximately 25.07 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 ongoing, managed wind-down of the Company through asset
disposals, there is approximately GBP5.6 million in unallocated cash now
available for distribution to Shareholders. Further redemptions will be issued
as additional cash reserves are made available for distribution, or when the
Company's final asset is sold.
The costs and expenses of this Redemption are estimated not to exceed GBP7,500,
equivalent to approximately 0.02 pence per Share being redeemed.
The Company currently has 31,805,897 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, GG00BDC40227 (the "Old ISIN"), will expire. A new ISIN, GG00BYW5PW74, 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 12 June 2017
Redemption Date, Redemption Record Date, expiry 23 June 2017 (close of business)
of Old ISIN
New ISIN enabled, CREST Accounts credited 26 June 2017
Payment of proceeds date 05 July 2017
END
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