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
£11.0 million to Shareholders, equivalent to approximately
14.48 pence per Share, on
6 January 2016 (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 59.82 pence (by reference to the NAV per Share as
at 30 September 2015) and the
aggregate amount to be distributed to Shareholders pursuant to the
Redemption will be approximately £11.0 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 24.21% of the
Company's issued share capital will be redeemed on the Redemption
Date (that is approximately 24.21 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 £11.0 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 0.01
pence per Share being redeemed.
The Company currently has 75,959,574 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, GG00BZ21Q295 (the "Old ISIN"), will
expire. A new ISIN, GG00BD5J7902 , 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 |
18 December 2015 |
Redemption Date, Redemption Record
Date, expiry of Old ISIN |
6 January 2016 (close
of business) |
New ISIN enabled, CREST Accounts
credited |
7 January 2016 |
Payment of proceeds date |
18 January 2016 |