UK COMMERCIAL PROPERTY TRUST LIMITED
18 OCTOBER 2016
CONTINUATION VOTE
The discount control policy of UK Commercial Property Trust
Limited (the "Company") provides that if the market price of
the ordinary shares of 25 pence each
in the Company (the "Shares") is more than 5 per cent. below
the published net asset value ("NAV") for a continuous
period of 90 dealing days or more, following the second anniversary
of the Company's most recent continuation vote in relation to the
discount control policy, the Directors will convene an
extraordinary general meeting ("EGM") to be held within
three months to consider an ordinary resolution for the
continuation of the Company. The most recent continuation vote in
relation to the share buy back policy was held on 15 June 2009.
The Company announces that the closing market price of the
Shares had been more than 5 per cent. below the published NAV for
more than 90 continuous days up to 11
October 2016. As at 14 October
2016 the discount was 5.7 per cent. In accordance with the
discount control policy, the Board therefore intends to convene an
extraordinary general meeting to consider a resolution (the
"Continuation Resolution") to approve the continuation of
the Company.
The Company will publish a circular shortly convening the
extraordinary general meeting to be held 9
November 2016 (the "EGM") to consider the
Continuation Resolution.
Shareholders will also be sent a form of proxy for use at the
EGM. Whether or not shareholders propose to attend the EGM, they
should complete the form of proxy and return it in accordance with
the instructions printed thereon. Completion and return of the form
of proxy will not prevent Shareholders from attending and voting in
person at the EGM, should they so wish. The Continuation Resolution
will be proposed as an ordinary resolution, as such the
Continuation Resolution will require the approval of over 50 per
cent. of shareholders entitled to vote to be passed.
The Board considers that the continuation of the Company is in
the best interests of Shareholders as a whole. Accordingly, the
Board unanimously recommends all shareholders vote in favour of the
Continuation Resolution. The Directors, who in aggregate have an
interest in 125,000 Shares (being 0.01 per cent. of the issued
share capital), intend to vote their entire beneficial holdings in
favour of the Continuation Resolution.
Phoenix Life Limited and Phoenix Life Assurance Limited, the
Company's largest shareholders, have irrevocably undertaken to vote
in favour of the Continuation Resolution. Phoenix Life Limited and
Phoenix Life Assurance Limited hold in aggregate 47.87 per cent. of
the issued Shares.
If the Continuation Resolution is not passed then, in accordance
with the discount control policy, the Directors will convene a
further extraordinary general meeting of the Company to be held
within six months of the date of the EGM to consider the winding up
of the Company or a reconstruction of the Company which offers all
shareholders the opportunity to realise their investment.
For further information please contact:
Will
Fulton, Standard Life Investments
Tel: 0131 245 2799
Graeme
McDonald, Standard Life Investments
Tel: 0131 245 3151
Douglas
Armstrong, Dickson Minto
W.S.
Tel: 020 7649 6823