LXB Retail Properties Plc Further Return of Cash (7900X)
August 14 2018 - 10:30AM
UK Regulatory
TIDMLXB
RNS Number : 7900X
LXB Retail Properties Plc
14 August 2018
LXB Retail Properties Plc
(the "Company" or the "Group")
Further Return of Cash
LXB Retail Properties Plc, the Jersey resident closed-ended real
estate investment company focused on edge of town and out of town
retail assets, is pleased to announce that it has now received the
proceeds of the transactions which were announced on 7 August 2018,
namely the sale of its remaining land interests at Rushden Lakes
and variation of the arrangements in connection with Phase 4, the
Garden Square scheme.
Following receipt of these proceeds the Board has approved a
further Return of Cash amounting to 4 pence per share
(approximately GBP6.7m). Within the next few days the Company will
make an announcement and send a letter to Shareholders, together
with an election form, setting out further details of the Return of
cash and the process for making elections under it in line with the
Return of Cash arrangements approved by Shareholders at the Annual
General meeting on 27 February 2018.
The Chairman's Statement in the Interim Report for the six
months to 31 March 2018 noted the Board's expectation that the
final outcome for Shareholders will be between 26 and 28 pence per
share. The Company returned 7.5 pence per share in August 2018 so,
after payment of the 4 pence per share now proposed, Shareholders
will have received a total of 11.5 pence of that expected final
outcome. It is expected that further Returns of Cash will be
announced as soon as is practicable following further realisations,
consistent with the Group's reduced working capital
requirements.
For further information please contact:
LXB Partners LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Henry Wilson
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END
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