Tritax Big Box REIT plc Notice of EGM (3279I)
March 24 2015 - 8:54AM
UK Regulatory
TIDMBBOX
RNS Number : 3279I
Tritax Big Box REIT plc
24 March 2015
24 March 2015
TRITAX BIG BOX REIT PLC
(the "Company")
NOTICE OF EXTRAORDINARY GENERAL MEETING
RECOMMENDED PROPOSALS TO AMEND THE COMPANY'S EXISTING INVESTMENT
POLICY AND CANCEL ITS SHARE PREMIUM ACCOUNT
The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX)
announces the publication today of a notice convening an
extraordinary general meeting (the "Notice of Extraordinary General
Meeting") to consider recommended proposals to amend the Company's
Existing Investment Policy and cancel its share premium
account.
As set out in the Company's Securities Note and Summary dated 6
March 2015, in response to the way in which the UK Big Box
logistics warehouse market has evolved since IPO, the Company has
consulted with Shareholders and the UK Listing Authority on certain
proposed amendments to its Existing Investment Policy so that:
(a) the number of FTSE 350 tenants to which the Company may have
a maximum 30 per cent. exposure is increased from one to two;
(b) the aggregate maximum exposure to forward funded assets of
25 per cent. of gross assets is deleted; and
(c) the restriction on any use of hedging to a single asset is deleted.
The Notice of Extraordinary General Meeting sets out full
details of the background to and rationale for the proposed changes
to the Company's Existing Investment Policy.
In addition, the Company is also proposing to cancel its share
premium account and thereby create, subject to confirmation of the
Court, distributable reserves to support the Company's ability to
declare and pay dividends and make other returns of capital to
Shareholders. Further details, including the rationale for the
cancellation, are set out in the Notice of Extraordinary General
Meeting.
The proposals to amend the Existing Investment Policy and cancel
the share premium account require the approval of Shareholders. The
Extraordinary General Meeting will be held on Wednesday, 15 April
2015 at 10:30 a.m. at the offices of Taylor Wessing LLP, 5 New
Street Square, London EC4A 3TW.
A copy of the Notice of Extraordinary General Meeting will be
posted to Shareholders today and will be available on the Company's
website at www.tritaxbigbox.co.uk/investors. A copy will also be
submitted to the National Storage Mechanism and will be available
for inspection at www.morningstar.co.uk/uk/NSM.
Any capitalised terms not defined in this announcement have the
meaning set out in the Notice of Extraordinary General Meeting.
For further information, please contact:
Tritax Group via Newgate (below)
Colin Godfrey (Partner,
Fund Manager)
Newgate (Financial PR) Tel: 020 7680 6550
James Benjamin Email: tritax@newgatecomms.com
Andre Hamlyn
Jefferies International Tel: 020 7029 8000
Limited
Gary Gould
Stuart Klein
Alex Collins
Akur Limited Tel: 020 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
NOTES:
Tritax Big Box REIT plc is a real estate investment trust to
which Part 12 of the UK Corporation Tax Act 2010 applies ("REIT").
The Company invests in and asset manages a portfolio of
well-located, modern "Big Box" assets, typically targeting
buildings greater than 500,000 sq. ft., let to institutional-grade
tenants on long-term leases (typically between 12 and 25 years in
length) with upward-only rent reviews (providing the potential for
inflation linked earnings growth), and with geographic and tenant
diversification throughout the UK. The Company seeks to exploit the
significant opportunity in this sub-sector of the UK logistics
market owing to strong tenant demand in high growth areas of the
economy and limited stock supply. The Company is the first listed
vehicle to give pure exposure to the "Big Box" asset class in the
UK.
Further information on Tritax Big Box REIT is available at
www.tritaxbigbox.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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