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UKCM Uk Commercial Property Reit Limited

69.30
-0.10 (-0.14%)
Last Updated: 08:34:02
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Uk Commercial Property Reit Limited LSE:UKCM London Ordinary Share GB00B19Z2J52 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10 -0.14% 69.30 69.00 69.60 69.60 69.10 69.60 117,723 08:34:02
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 73.38M -222.33M -0.1711 -4.04 897.89M

UK Comm Prop Tst Ltd Continuation Vote

18/10/2016 7:00am

UK Regulatory


 
TIDMUKCM 
 
UK COMMERCIAL PROPERTY TRUST LIMITED 
 
18 OCTOBER 2016 
 
CONTINUATION VOTE 
 
The discount control policy of UK Commercial Property Trust Limited (the " 
Company") provides that if the market price of the ordinary shares of 25 pence 
each in the Company (the "Shares") is more than 5 per cent. below the published 
net asset value ("NAV") for a continuous period of 90 dealing days or more, 
following the second anniversary of the Company's most recent continuation vote 
in relation to the discount control policy, the Directors will convene an 
extraordinary general meeting ("EGM") to be held within three months to 
consider an ordinary resolution for the continuation of the Company. The most 
recent continuation vote in relation to the share buy back policy was held on 
15 June 2009. 
 
The Company announces that the closing market price of the Shares had been more 
than 5 per cent. below the published NAV for more than 90 continuous days up to 
11 October 2016. As at 14 October 2016 the discount was 5.7 per cent. In 
accordance with the discount control policy, the Board therefore intends to 
convene an extraordinary general meeting to consider a resolution (the " 
Continuation Resolution") to approve the continuation of the Company. 
 
The Company will publish a circular shortly convening the extraordinary general 
meeting to be held 9 November 2016 (the "EGM") to consider the Continuation 
Resolution. 
 
Shareholders will also be sent a form of proxy for use at the EGM. Whether or 
not shareholders propose to attend the EGM, they should complete the form of 
proxy and return it in accordance with the instructions printed thereon. 
Completion and return of the form of proxy will not prevent Shareholders from 
attending and voting in person at the EGM, should they so wish. The 
Continuation Resolution will be proposed as an ordinary resolution, as such the 
Continuation Resolution will require the approval of over 50 per cent. of 
shareholders entitled to vote to be passed. 
 
The Board considers that the continuation of the Company is in the best 
interests of Shareholders as a whole. Accordingly, the Board unanimously 
recommends all shareholders vote in favour of the Continuation Resolution. The 
Directors, who in aggregate have an interest in 125,000 Shares (being 0.01 per 
cent. of the issued share capital), intend to vote their entire beneficial 
holdings in favour of the Continuation Resolution. 
 
Phoenix Life Limited and Phoenix Life Assurance Limited, the Company's largest 
shareholders, have irrevocably undertaken to vote in favour of the Continuation 
Resolution. Phoenix Life Limited and Phoenix Life Assurance Limited hold in 
aggregate 47.87 per cent. of the issued Shares. 
 
If the Continuation Resolution is not passed then, in accordance with the 
discount control policy, the Directors will convene a further extraordinary 
general meeting of the Company to be held within six months of the date of the 
EGM to consider the winding up of the Company or a reconstruction of the 
Company which offers all shareholders the opportunity to realise their 
investment. 
 
For further information please contact: 
 
Will Fulton, Standard Life Investments 
Tel: 0131 245 2799 
 
Graeme McDonald, Standard Life Investments 
Tel: 0131 245 3151 
 
Douglas Armstrong, Dickson Minto W.S. 
Tel: 020 7649 6823 
 
 
 
END 
 

(END) Dow Jones Newswires

October 18, 2016 02:00 ET (06:00 GMT)

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