Publication of Circular (717525)

Dow Jones received a payment from EQS/DGAP to publish this press release.
 
 
 AEW UK REIT plc (AEWU) 
Publication of Circular 
 
24-Aug-2018 / 17:21 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO 
U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR 
SOUTH AFRICA. 
 
      AEW UK REIT plc 
 
      (the "Company) 
 
24 August 2018 
 
      Publication of Circular 
 
AEW UK REIT plc has today posted a circular to Shareholders (the "Circular") 
    convening a General Meeting to be held at The Cavendish Hotel, 81 Jermyn 
   Street, St. James', London SW1Y 6JF at 12.15 p.m. on 12 September 2018 at 
  which resolutions will be put to Shareholders to approve: (i) the adoption 
of New Articles to permit the issuance of C Shares; and (ii) the issue of up 
          to 250 million Ordinary Shares and/or 250 million C Shares and the 
        disapplication of associated pre-emption rights in connection with a 
           potential new twelve month share issuance programme (together the 
  "Proposals"). Full details of the Proposals are set out in the Circular, a 
         copy of which will shortly be available on the Company's website at 
             www.aewukreit.com. 
 
             Background 
 
      The Company was launched in May 2015, raising gross proceeds of GBP100.5 
  million on IPO. Since then, a further 51,058,251 Ordinary Shares have been 
  issued at a premium to the NAV per Ordinary Share. As at 30 June 2018, the 
     fair value independent valuation of the Company's portfolio was GBP191.95 
  million, following the part sale of Pearl Assurance House, Nottingham. The 
 NAV was GBP149.14 million or 98.40 pence per Ordinary Share and EPRA earnings 
       per Ordinary Share for the quarter to 30 June 2018 was 2.04 pence per 
   Ordinary Share, in line with the Company's target annual dividend of 8.00 
             pence per Ordinary Share. 
 
 At 30 June 2018, the Company held GBP6.72 million cash for investment and has 
          declared dividends of 22.83 pence per Ordinary Share since launch. 
 
         AEW UK Investment Management LLP, the Company's investment manager, 
  continues to see a strong pipeline of potential opportunities generated by 
           its network of contacts across the UK commercial property market. 
 
Accordingly, the Directors believe it is now appropriate to seek Shareholder 
      approval such that on the occurrence of suitable market conditions the 
   Company will be in a position to raise capital. Any such fundraising will 
      only be carried out when the Directors consider that it is in the best 
   interests of Shareholders and the Company as a whole. Relevant factors in 
 making such a determination will include net asset performance, share price 
             rating, investment pipeline and perceived investor demand. 
 
 Adoption of New Articles, Disapplication of Pre-emption Rights and Approval 
             of the Issue of Shares 
 
In order to mitigate the risk of any cash drag to existing Shareholders, and 
  to ensure that the NAV attributable to the existing Ordinary Shares is not 
   diluted by the expenses associated with any new Share Issuance Programme, 
   the Directors believe it is prudent to have the ability to issue C Shares 
  under any potential Share Issuance Programme. Any new Ordinary Shares will 
 only be issued pursuant to the potential Share Issuance Programme at prices 
             greater than the latest published NAV per Ordinary Share. 
 
     In order to issue, on a non-pre-emptive basis, C Shares pursuant to the 
     potential Share Issuance Programme, the new articles are required to be 
    adopted (incorporating the rights of the new C Shares) and the Directors 
also require specific authority from Shareholders. Therefore, the Company is 
seeking Shareholder authority to: (i) adopt the new articles; and (ii) issue 
        and disapply associated statutory pre-emption rights for 250 million 
Ordinary Shares and/or 250 million C Shares in connection with any new Share 
Issuance Programme until the earlier of the close of such new Share Issuance 
             Programme and 30 June 2020. 
 
      Any issue of Shares using the above authorities will be subject to the 
        Company having a live Share Issuance Programme and, accordingly, the 
       Directors currently intend to publish a new prospectus in due course. 
 
             Expected Timetable of Principal Events 
 
    Latest time and date for the     12.15 p.m. on 10 September 
     return of the Form of Proxy                           2018 
                 General Meeting     12.15 p.m. on 12 September 
                                 2018 (or as soon thereafter as 
                                  the annual general meeting of 
                                   the Company convened for the 
                                       same date has concluded) 
 
      All references to times in this announcement are to London time unless 
 otherwise stated. Any changes to the expected timetable will be notified by 
             the Company through a Regulatory Information Service. 
 
Terms used and not defined in this announcement shall have the meaning given 
      in the Circular. A copy of the Circular has also been submitted to the 
  National Storage Mechanism and will shortly be available for inspection at 
             www.morningstar.co.uk/uk/nsm. 
 
Enquiries: 
 
AEW UK 
 
Mark Burton                  +44(0) 1392 477500 
 
Alex Short                   alex.short@eu.aew.com 
 
                             +44(0) 207 016 4880 
 
Laura Elkin                  laura.elkin@eu.aew.com 
 
                             +44(0) 20 7016 4869 
 
Liberum Capital 
Gillian Martin               +44(0) 20 3100 2000 
 
Christopher Britton          +44(0) 20 3100 2226 
 
Company Secretary 
Link Company Matters Limited aewu.cosec@linkgroup.co.uk 
 
                             +44(0) 1392 477500 
 
www.aewukreit.com [1] 
 
ISIN:           GB00BWD24154 
Category Code:  MSCH 
TIDM:           AEWU 
LEI Code:       21380073LDXHV2LP5K50 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   5922 
EQS News ID:    717525 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=c9b6404682d7efd026577394ecbedab5&application_id=717525&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
August 24, 2018 12:22 ET (16:22 GMT)
Aew Uk Reit (LSE:AEWU)
Historical Stock Chart
From May 2024 to Jun 2024