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
