AXA Property Trust Redemption

 
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 GBP5.6 
million to Shareholders, equivalent to approximately 17.61 pence per Share, on 
23 June 2017 (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 70.26 pence, by reference to the NAV 
per Share as at 31 March 2017. The Redemption will be effected pro rata to 
holdings of Shares on the register at the close of business on the Redemption 
Date. Approximately 25.07% of the Company's issued share capital will be 
redeemed on the Redemption Date (that is approximately 25.07 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 ongoing, managed wind-down of the Company through asset 
disposals, there is approximately GBP5.6 million in unallocated cash now 
available for distribution to Shareholders. Further redemptions will be issued 
as additional cash reserves are made available for distribution, or when the 
Company's final asset is sold. 
 
The costs and expenses of this Redemption are estimated not to exceed GBP7,500, 
equivalent to approximately 0.02 pence per Share being redeemed. 
 
The Company currently has 31,805,897 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, GG00BDC40227 (the "Old ISIN"), will expire. A new ISIN, GG00BYW5PW74, 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                                           12 June 2017 
 
Redemption Date, Redemption Record Date, expiry    23 June 2017 (close of business) 
of Old ISIN 
 
New ISIN enabled, CREST Accounts credited                              26 June 2017 
 
Payment of proceeds date                                               05 July 2017 
 
 
 
END 
 

(END) Dow Jones Newswires

June 12, 2017 02:00 ET (06:00 GMT)