AXA PROPERTY TRUST
LIMITED
(a closed-ended
company incorporated with limited liability under the laws of
Guernsey with registered number 43007)
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
£18.4 million to Shareholders, equivalent to approximately
31.96 pence per Share, on
17 February 2017 (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 71.40 pence, by reference to the NAV per Share as
at 30 September 2016. The Redemption
will be effected pro rata to holdings of Shares on the register at
the close of business on the Redemption Date. Approximately 44.76%
of the Company's issued share capital will be redeemed on the
Redemption Date (that is approximately 44.76 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.
Following the completion of recent real estate sales as part of
the Company's disposal programme more fully described in the
Circular, the Company currently has approximately £18.4 million in
unallocated cash, making this an appropriate time to distribute to
Shareholders the unallocated cash. Further redemptions will be
issued as cash reserves are made available for distribution.
The costs and expenses of this Redemption are estimated not to
exceed £7,500, equivalent to approximately 0.01 pence per Share being redeemed.
The Company currently has 57,577,470 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, GG00BD5J7902 (the "Old ISIN"), will
expire. A new ISIN, GG00BDC40227, 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 |
02 February 2017 |
Redemption Date, Redemption Record
Date, expiry of Old ISIN |
17 February 2017
(close of business) |
New ISIN enabled, CREST Accounts
credited |
20 February 2017 |
Payment of proceeds date |
01 March 2017 |