LXB Retail Properties Plc Update on Return of Cash (9999Q)
11 June 2018 - 10:45PM
UK Regulatory
TIDMLXB
RNS Number : 9999Q
LXB Retail Properties Plc
11 June 2018
11 June 2018
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Update on Return of Cash
LXB Retail Properties Plc, the Jersey resident closed-ended real
estate investment company focused on edge of town and out of town
retail assets today provides an update on plans for a Return of
Cash to shareholders (a "Return of Cash").
The Chairman's letter in the circular to shareholders concerning
the proposed Scheme of Arrangement (approval of which by the Royal
Court of Jersey was announced on 16 March 2018) noted the intention
to make a Return of Cash once the Group had negotiated a reduction
in a performance bond related to Rushden lakes. The Group is
pleased to announce that all of the principal commercial terms to
allow for that performance bond to be cancelled have been agreed
with The Crown Estate. Both parties' lawyers are now engaged in
finalising the necessary documentation and the Company expects that
the bond will be formally released within the next seven days.
The Board is due to meet at the end of June to consider the
interim results for the six months to 31 March 2018. That meeting
will now also consider detailed proposals for a Return of Cash; an
announcement will be made as soon as possible thereafter.
For further information please contact:
LXB Partners LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Henry Wilson
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contact rns@lseg.com or visit www.rns.com.
END
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