APT Axa Property Trust Limited

 
TIDMAPT 
 
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 GBP5.2 
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 GBP1.8 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 GBP5.2 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 GBP5.2 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 GBP7,500, 
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,   20 July 2015 (close of business) 
expiry of Old ISIN 
 
New ISIN enabled, CREST Accounts credited                      21 July 2015 
 
Payment of proceeds date                                       30 July 2015 
 
 
 
END 
 

Axa Property (LSE:APT)
Historical Stock Chart
From Mar 2024 to Apr 2024

Axa Property (LSE:APT)
Historical Stock Chart
From Apr 2023 to Apr 2024