AXA PROPERTY TRUST
LIMITED
(a closed-ended
company incorporated with limited liability under the laws of
Guernsey with registered number 43007)
6 July 2015
REDEMPTION
ANNOUNCEMENT
Further to the passing of the Special Resolution by the
requisite majority at the Extraordinary General Meeting held on
27 February 2014 and the powers
therein granted to the Board, the Company will return approximately
£5.2 million to Shareholders, equivalent to approximately
6.06 pence per Share, on 20 July 2015 (the "Redemption Date") by
way of a redemption of a proportion of all Shareholders’ holdings
of Shares (the "Redemption").
Words and expressions that were defined in the Circular posted
to shareholders on 4 February 2014
(the “Circular”) shall have the same meaning where they are
used in this announcement, except where the context requires
otherwise.
The Redemption Price per Share shall be 53.44 pence (by reference to the NAV per Share as
at 31 March 2015 and after deducting
the £1.8 million of distributed proceeds following the partial
redemption dated 14 May 2015 as well
as deferred tax as recognised under IFRS and the Group's accounting
policies and costs and expenses in relation to this partial
redemption) and the aggregate amount to be distributed to
Shareholders pursuant to the Redemption will be approximately £5.2
million. The Redemption will be effected pro rata to holdings of
Shares on the register at the close of business on the Redemption
Date. Around 11.36% of the Company's issued share capital will be
redeemed on the Redemption Date (that is approximately 11.36 Shares
for every 100 Shares held (the "Relevant Percentage")).
Fractions of Shares will not be redeemed and so the number of
Shares to be redeemed for each Shareholder will be rounded down to
the nearest whole number of Shares.
As a result of the Company's disposal programme as described in
the Circular, the Company currently has approximately £5.2 million
in unallocated cash. The sales that have been recently achieved,
and are in hand, position the Company to deal with the remainder of
the portfolio in an orderly fashion, making this an appropriate
time to distribute to Shareholders the unallocated cash. The costs
and expenses of this Redemption are estimated not to exceed £7,500,
equivalent to approximately 0.08
pence per Share being redeemed.
The Company currently has 85,684,658 Shares in issue of which
none are held in treasury. All of the Shares redeemed on the
Redemption Date will be cancelled. A further announcement will be
released following the Redemption Date to confirm the new number of
Shares in issue.
The Shares will be disabled in CREST on the Redemption Date and
the existing ISIN, GG00BX8ZSL46 (the "Old ISIN"), will
expire. A new ISIN, GG00BZ21Q295, in respect of the remaining
Shares which have not been redeemed (the "New ISIN") will be
enabled and available for transactions from and including the first
Business Day following the Redemption Date. Up to and including the
Redemption Date, Shares will be traded under the Old ISIN and as
such, a purchaser of such Shares will have a market claim for a
proportion of the redemption proceeds. CREST will automatically
transfer any open transactions as at the Redemption Date (which is
the record date for the purposes of the Redemption) to the New
ISIN.
Payments of redemption proceeds are expected to be effected
either through CREST (in the case of Shares held in uncertificated
form) or by cheque (in the case of Shares held in certificated
form) within 8 Business Days of the Redemption Date. Shareholders
will be paid their redemption proceeds in Sterling.
EXPECTED TIMETABLE
| Redemption Announcement date |
3 July 2015 |
| Redemption Date, Redemption
Record Date, expiry of Old ISIN |
20 July 2015 (close
of business) |
| New ISIN enabled, CREST Accounts
credited |
21 July 2015 |
| Payment of proceeds date |
30 July 2015 |