AXA Property Trust Redemption Announcement

 
TIDMAPT 
 
AXA PROPERTY TRUST LIMITED 
 (a closed-ended company incorporated with limited liability under the laws of 
                    Guernsey with registered number 43007) 
 
                            REDEMPTION ANNOUNCEMENT 
 
Further to the passing of the Special Resolution by the requisite majority at 
the Extraordinary General Meeting held on 27 February 2014 and the powers 
therein granted to the Board, the Company will return approximately GBP11.0 
million to Shareholders, equivalent to approximately 14.48 pence per Share, on 
6 January 2016 (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 59.82 pence (by reference to the NAV 
per Share as at 30 September 2015) and the aggregate amount to be distributed 
to Shareholders pursuant to the Redemption will be approximately GBP11.0 million. 
The Redemption will be effected pro rata to holdings of Shares on the register 
at the close of business on the Redemption Date. Around 24.21% of the Company's 
issued share capital will be redeemed on the Redemption Date (that is 
approximately 24.21 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. 
 
As a result of the Company's disposal programme as described in the Circular, 
the Company currently has approximately GBP11.0 million in unallocated cash. The 
sales that have been recently achieved, and are in hand, position the Company 
to deal with the remainder of the portfolio in an orderly fashion, making this 
an appropriate time to distribute to Shareholders the unallocated cash. The 
costs and expenses of this Redemption are estimated not to exceed GBP7,500, 
equivalent to approximately 0.01 pence per Share being redeemed. 
 
The Company currently has 75,959,574 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. 
 
The Shares will be disabled in CREST on the Redemption Date and the existing 
ISIN, GG00BZ21Q295 (the "Old ISIN"), will expire. A new ISIN, GG00BD5J7902 , in 
respect of the remaining Shares which have not been redeemed (the "New ISIN") 
will be enabled and available for transactions from and including the first 
Business Day following the Redemption Date. Up to and including the Redemption 
Date, Shares will be traded under the Old ISIN and as such, a purchaser of such 
Shares will have a market claim for a proportion of the redemption proceeds. 
CREST will automatically transfer any open transactions as at the Redemption 
Date (which is the record date for the purposes of the Redemption) to the New 
ISIN. 
 
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. 
 
                              EXPECTED TIMETABLE 
 
Redemption Announcement date                                       18 December 2015 
 
Redemption Date, Redemption Record Date, expiry  6 January 2016 (close of business) 
of Old ISIN 
 
New ISIN enabled, CREST Accounts credited                            7 January 2016 
 
Payment of proceeds date                                            18 January 2016 
 
 
 
END 
 

(END) Dow Jones Newswires

December 18, 2015 07:49 ET (12:49 GMT)