AXA Property Trust
– Draft RNS Announcement
Intended for
Distribution 22nd June
2018
Proposed voluntary
liquidation of AXA Property Trust Limited (the “Company”)
On 29th May 2018 the Company
announced that the Board of Directors would shortly be providing
shareholders with recommended proposals in respect of the orderly
termination of the Company and a rationale which supports the
Board’s recommendation.
On 21st June 2018 the Board
unanimously agreed that it is in the best interests of the Company
and its Shareholders to wind up the Company voluntarily in
accordance with the Companies Law, appoint Linda Johnson and Ashley
Paxton of KPMG Channel Islands Limited as Liquidators, and
to cancel the admission of its shares to the Official List of the
UK Listing Authority and to trading on the London Stock
Exchange.
In reaching their decision the Directors have considered the
Company’s operating cost structure having regard to the uncertain
prospects of achieving a sale of the remaining Curno property and
the discussions with the property’s tenant regarding the level of
rent currently paid, which were last reported on as at 29th May 2018. As a result of this analysis the
Board considers there are significant cost savings that will be
achieved by placing the Company into voluntary liquidation. In view
of the Net Asset Value of the Company reported as at 31st March 2018 as well as the future cashflow
generation of the Curno property, these savings are considered to
outweigh the benefits of retaining the existing operating structure
of the Company and its listing.
The voluntary liquidation is conditional on the approval of not
less than 75 per cent. of the votes cast by Shareholders (whether
present in person or by proxy) at an Extraordinary General Meeting.
If this Resolution is passed at the Extraordinary General Meeting,
the cancellation of the listing and the appointment of the
Liquidators shall become effective shortly thereafter.
In order to proceed to an Extraordinary General Meeting, to
explain the consequences of the voluntary liquidation and why
the Board considers these proposals to be in the best
interests of the Company and its Shareholders as a whole, a
Shareholder Circular is being drafted and is expected to be issued
during July 2018.
It is not anticipated there will be a further redemption of
capital until the Company’s remaining German corporate subsidiaries
have been fully liquidated. This is expected after the
Extraordinary General Meeting.
In the meantime, the local asset manager for the property, AXA
Real Estate Investment Managers Italia Srl, an affiliate of the
Investment Manager and the Real Estate Adviser continues to
progress the terms of the lease negotiation with the tenant at
Curno and further details will be provided within the Circular. It
is expected that the local asset manager will continue to provide
asset management and transaction services following the appointment
of the Liquidators, on revised terms of
appointment.
Company website:
retail.axa-im.co.uk/axa-property-trust
All Enquiries:
Investment Manager
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
United Kingdom
Broker
Stifel Nicolaus Europe Limited
150 Cheapside
London EC2V 6ET
United Kingdom
Tel: +44 (0)20 7710 7600
Company Secretary
Northern Trust International Fund
Administration Services (Guernsey)
Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Channel Islands