UK Comm Prop Tst Ltd Notice of EGM
03 May 2018 - 4:01PM
UK Regulatory
TIDMUKCM
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 10:30 a.m. on 24 May
of Proxy
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
END
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