AXA PROPERTY TRUST
LIMITED
(a closed-ended investment company
incorporated with limited liability under the laws of Guernsey with registered number 43007)
LEI Number: 213800AF85VEZMDMF931
(The “Company”)
REDEMPTION
ANNOUNCEMENT
Further to the powers granted to the Board by:
1)
the passing of the Special Resolution to change the Investment
Objective by the requisite majority at the Extraordinary General
Meeting held on 26 April 2013,
and
2)
the passing of the Special Resolution to amend the Articles of
Association of the Company by the requisite majority at the
Extraordinary General Meeting held on 27
February 2014,
there is approximately £1.2 million in unallocated cash now
available for distribution to Shareholders as a result of the
ongoing, managed wind-down of the Company through asset disposals
and corporate re-structuring. The Company will return this amount,
equivalent to approximately 5.13
pence per Share, to Shareholders on 28 January 2019 (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 45.39 pence, by reference to the NAV per Share as
at 30 September 2018. The Redemption
will be effected pro rata to holdings of Shares on the register at
the close of business on the Redemption Date. Approximately 11.3%
of the Company's issued share capital will be redeemed on the
Redemption Date (that is approximately 11.3 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.
The Company currently has 23,402,881 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.
Up to and including the Redemption Date shares will be
referenced under the existing ISIN, GG00BYW5PW74 (the "Old
ISIN"). The Old ISIN will expire on the Redemption Date and a
new ISIN, GG00BHXH0C87, in respect of the remaining Shares which
have not been redeemed (the "New ISIN") will be enabled from
and including the first Business Day following the Redemption
Date.
The current temporary suspension of
the Company’s shares from the London Stock Exchange remains
unaffected by the Redemption. The Board of Directors remains
committed to removing the suspension as soon as possible and once
the annual audit of the Company’s annual financial statements is
completed and submitted to the listing authority.
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.
The costs and expenses of this Redemption are estimated not to
exceed £5,000, equivalent to approximately 0.02 pence per Share being redeemed.
EXPECTED TIMETABLE
Redemption Announcement date |
15 January 2019 |
Redemption Date, Redemption Record
Date, expiry of Old ISIN |
28 January 2019 (close
of business) |
New ISIN enabled, CREST Accounts
credited |
29 January 2019 |
Payment of proceeds date |
7 February 2019 |
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
Company website:retail.axa-im.co.uk/axa-property-trust