UK Comm Prop Tst Ltd Continuation Vote
18 October 2016 - 5:00PM
UK Regulatory
TIDMUKCM
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
END
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