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Disseminated via PRN on 21 October 2025
21 October 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
London & Associated Properties PLC
("LAP" or the "Company")
Intention to delist from London Stock Exchange
London & Associated Properties PLC (LSE: LAS), which invests in and manages UK industrial and retail property, announces its intention to cancel the listing of the Company's ordinary shares ("Shares") on the Equity Shares (Transition) category of the Official List of the Financial Conduct Authority ("FCA") and to cancel the trading of its Shares on the Main Market of the London Stock Exchange (the "Delisting").
Background to and reasons for the Delisting
In light of the persistent and sustained low liquidity in the Company's tightly held Shares, as well as the material costs involved in maintaining the admission to trading on the Main Market relative to the size of the Company, the Board has carefully considered and evaluated the benefits and drawbacks to the Company of retaining its listing.
The Board has concluded that the drawbacks outweigh the benefits such that the Delisting is in the best interests of the Company and its shareholders as a whole. In reaching this conclusion, the Board has considered the following key factors:
The Directors remain committed to delivering value for all of LAP's shareholders, with whom the Board are substantially aligned, given their respective shareholdings. The Directors believe that Delisting is the most appropriate action to take at this time.
Delisting process
As a company listed on the Equity Shares (Transition) category, the Company is not required to obtain the approval of its shareholders for the Delisting but is required under UK Listing Rule 21.2.17 to give at least 20 business days' notice of the intended cancellation.
Accordingly, the Company has requested that: (i) the FCA cancel the listing of the Shares on the Official List of the FCA; and (ii) the London Stock Exchange cancels the admission to trading of the Shares on the Main Market for listed securities of the London Stock Exchange. It is anticipated that the Delisting will become effective from 8:00 a.m. (London time) on 19 November 2025. Therefore, the last day of dealings in the Ordinary Shares on the Main Market will be 18 November 2025. Investors holding Shares following the Delisting will continue to be entitled to exercise all the rights attaching to the Shares.
The principal effects of the Delisting will be that:
remain transferable, they will at that point cease to be transferable through CREST. In this instance, Shareholders who hold Shares in CREST will receive share certificates. Should the CREST facility be cancelled, the Company will notify shareholders in advance and provide guidance on the process for receiving share certificates;
who are in any doubt about their individual tax position should consult their own professional independent tax adviser without delay. For those shareholders that hold Shares through an ISA, see further details below.
Shareholders are encouraged to review their holding arrangements and consult their stockbroker or financial adviser if they have any questions regarding the impact of the Delisting.
For the time being, the Company will remain a public limited company (and so, for example, will be required to hold an AGM in each year).
Matched bargain facility
The Shares will be admitted onto the J P Jenkins Ltd liquidity venue for private securities, under the ticker: LAS . JP Jenkins is a platform for unquoted companies that enables shareholders and prospective investors to buy and sell shares through a UK stockbroker.
The indicative price and transaction history of the company will be available on the J P Jenkins website at: www.jpjenkins.com.
To buy and sell Shares via JP Jenkins, participants will need to use a regulated UK stockbroker. Over 40 UK brokers regularly trade and are set up to electronically deal on JP Jenkins.
When buying or selling Shares, there is a 1.5% trading fee (with a minimum charge of £25) (additional fees may also apply). When purchasing Shares, Stamp Duty Reserve Tax ("SDRT") may be applicable.
For more information, please call +44 (0) 20 7469 0937. If you are based overseas and are interested in participating then you can also contact JP Jenkins directly by emailing [email protected]
Takeover Code
The Takeover Code ("Code") applies to any company which has its registered office in the U.K., the Channel Islands or the Isle of Man if any of its equity share capital (whether voting or non-voting) or other transferable securities carrying voting rights are admitted to trading on a UK regulated market, a UK Multilateral Trading Facility ("MTF"), or a stock exchange in the Channel Islands or the Isle of Man. The Code therefore currently applies to the Company as its Ordinary Shares are admitted to trading on the LSE, which is a UK regulated market. The Code also applies to any company which has its registered office in the U.K., the Channel Islands or the Isle of Man if any of its securities were admitted to trading on a UK regulated market, a UK MTF, or a stock exchange in the Channel Islands or the Isle of Man at any time during the preceding two years.
Accordingly, if the Delisting becomes effective, the Code will continue to apply to the Company for a period of two years after the Delisting, following which the Code will cease to apply to the Company.
While the Code continues to apply to the Company, a mandatory offer in cash, or accompanied by a cash alternative, will be required to be made if either: (a) any person acquires an interest in Ordinary Shares which (taken together with the Ordinary Shares in which the person or any person acting in concert with that person is interested) carry 30% or more of the voting rights of the Company; or (b) any person, together with persons acting in concert with that person, is interested in Ordinary Shares which in the aggregate carry not less than 30% of the voting rights of a Company but does not hold Ordinary Shares carrying more than 50% of such voting rights and such person, or any person acting in concert with that person, acquires an interest in any other Ordinary Shares which increases the percentage of Ordinary Shares carrying voting rights in which that person is interested.
Shares held through an ISA account
The Shares will cease to be eligible to be held within an ISA upon the Delisting taking effect. An ISA manager will therefore have to either sell Shares held in a shareholder's ISA or transfer them to the shareholder to be held outside an ISA, within 30 calendar days of the Delisting. When the title of an investment in an ISA is transferred from an ISA manager to an investor, the investor is deemed to have sold the investment for a market value sum and immediately reacquired it for the same amount. Any notional gain on the deemed sale is exempt from charge. Any future capital gains or losses are calculated by reference to the value of the shares when they left the ISA. This is the combined effect of regulation 22 and 34 of the Individual Savings Account Regulations 1998. It is not, however, clear how this general tax treatment applies when shares are transferred out of an ISA after a delisting.
This summary is for general information purposes only. It is not intended to constitute tax or other advice and should not be relied on or treated as a substitute for specific advice relevant to a shareholder's specific circumstances. Shareholders should consult their own professional advisers as soon as possible.
John Heller, Chairman & Chief Executive, said:
"The Board has been reviewing the Company's position as a fully listed business on the Official List for some time. We have now concluded that the best interests of LAP, and all its shareholders, would be served through the cancellation of the Company's listing.
For a company the size of LAP the savings to be made through delisting are considerable. We believe the elimination of regulatory costs associated with our listing will amount to £350,000 in a full year."
Enquiries:
John Heller
London & Associated Properties PLC
12 Little Portland Street
London
W1W 8BJ
020 7415 5000
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