AXA Property Trust Limited
(a closed-ended investment company incorporated with limited
liability under the laws of Guernsey with registered number 43007)
LEI Number: 213800AF85VEZMDMF931
(The “Company”)
Further
Announcement RELATING TO THE
ADJOURNED EXTRAORDINARY GENERAL MEETING
21 September
2018
The Company’s EGM held on 7 September
2018 was adjourned following the physical attendance that
day of representatives of shareholders accounting for approximately
30% of the voting rights of the Company who expressed their
intention to vote against the recommended proposals within the
Circular to wind up the Company voluntarily in accordance with the
Companies Law, appoint Linda
Johnson and Ashley Paxton of
KPMG Channel Islands Limited as Liquidators, and to cancel the
admission of its shares to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange (“the
Proposals”), in order to give themselves further time to consider
their options in respect of their shareholdings. Since that
time, the Company has been notified that a major shareholder
disposed of substantially all of its 28.4% interest in the Company
on 19 September 2018.
The Company has also been notified that a new shareholder came
to hold a 29.8% interest in the Company on that same date,
19 September 2018, in time for their
vote to be counted at the adjourned EGM today. At the
adjourned EGM today, the recommended liquidation proposals were
supported by shareholders representing 38.3% of the Company,
amounting to 56.2% of those voting. However, shareholders
holding shares representing 29.8% of the Company voted against the
Special Resolution that the Company be wound up voluntarily
pursuant to Section 391(1)(b) of The Companies (Guernsey) Law, 2008, as amended and the
resolution was not passed. The Ordinary Resolutions
regarding appointment of the Liquidators, which were conditional on
that Special Resolution, were therefore not passed either.
The Company therefore continues to be bound by its current
Investment Policy as determined by shareholders in 2013, will
therefore be managed with the intention or realising all remaining
assets in the portfolio, and will continue to make distributions as
and when appropriate.
The Directors will be consulting with the shareholder(s) who
voted against the recommended Proposals to ascertain what
alternative course of action such shareholder(s) foresee, or wish
to put forward, for consideration by all shareholders. The
Directors note that any proposal to amend the Investment Policy of
the Company would require shareholder approval. A further
announcement will be made in due course.
The plans to dispose of the Curno asset remain in place, in
accordance with the Company’s Investment Policy. As set out
in the Circular dated 10 August 2018,
discussions with the tenant at the Curno property have continued
and the Company is anticipating that detailed terms will be agreed
soon. On the basis of the terms that are expected to be
agreed there has been interest expressed to acquire the property
and the Manager will continue to progress both the new lease
negotiations and the sales interest. Notwithstanding this,
prospects for a sale should be considered as uncertain until the
terms are finalised with the tenant.
Company website:
retail.axa-im.co.uk/axa-property-trust
All Enquiries:
Investment Manager
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
United Kingdom
Broker
Stifel Nicolaus Europe Limited
150 Cheapside
London EC2V 6ET
United Kingdom
Tel: +44 (0)20 7710 7600
Company Secretary
Northern Trust International Fund
Administration Services (Guernsey)
Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Channel Islands