UK COMMERCIAL PROPERTY TRUST LIMITED
(THE "COMPANY")
3 MAY
2018
REIT CONVERSION
As noted in the annual report and accounts for the year ended
31 December 2017, the Board is
proposing that the Company and its subsidiaries (the
"Group") take the necessary steps to enter into the UK REIT
regime (the "Proposals").
In order to facilitate the Group qualifying as a REIT, certain
changes are required to the Company's articles of incorporation
(the "Articles"). These changes take account of the REIT
regime, specifically the REIT rules regarding the payment of
dividends to Substantial Shareholders (being a shareholder who
holds 10 per cent. or more of the Company as more fully described
in the circular) and the requirement that the Company and its Group
is UK resident for tax purposes.
The Company has today published and sent to Shareholders a
circular setting out further details of the Proposals and proposing
a resolution to approve the necessary amendments to the Articles in
connection with the Proposals and the change of the Company's name
to UK Commercial Property REIT Limited with effect from the Group's
entry in to the REIT regime, which is expected to take effect on
1 July 2018.
The Group's entry into the REIT regime is conditional, inter
alia, on the approval of Shareholders of the resolution to be
proposed at the General Meeting to be held at 10:30 a.m. on 29 May
2018 at the offices of Intertrust Reads Private Clients
Limited, Martello Court, Admiral
Park, St. Peter Port, Guernsey GY1 3HB. The Company has received an
irrevocable undertaking from its largest shareholder, Phoenix Life
Limited, to support the Proposals.
An expected timetable of the principal events in relation to the
Proposals is set out below.
|
2018 |
| Latest time and date for receipt of
completed Form of Proxy |
10:30 a.m. on 24
May |
| General Meeting |
10:30 a.m. on 29
May |
| Admission to the REIT regime |
1 July |
A copy of the circular will shortly be available for inspection at
www.morningstar.co.uk/uk/NSM.
A copy of the circular will also be available in electronic form
on the Company's website at www.ukcpt.co.uk.
Definitions
Terms used and not defined in this announcement have the
meanings given in the circular.
For further information please contact:
Will
Fulton, Standard Life Investments
Tel: 0131 245 2799
Graeme
McDonald, Standard Life Investments
Tel: 0131 245 3151