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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Axa Property Trust Limited | LSE:APT | London | Ordinary Share | GG00BHXH0C87 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.75 | 31.00 | 32.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAPT 30 May 2018 AXA Property Trust Limited Net Asset Value 31 March 2018 (Unaudited) and Update on the Ongoing Managed Wind-down of the Company The Directors are pleased to give the following update on the status of the Company: 1) Net Asset Value as at 31st March 2018 FUND NAME NAV PER NET ASSET VALUE NAV DATE SHARE (GBP000s) AXA Property Trust 54.99 pence 12,870 31 March 2018 Limited This compares to a NAV of GBP14.906 million (63.69 pence per share) as at 31st December 2017. 2) Update on Asset Disposal and Tenant Discussions As a result of the ongoing discussions with the tenant at the Curno property, the Manager is proposing to agree a lease restructuring in order to reduce the rent to a level considered to be more sustainable for the tenant and prospective purchasers, in view of the change in local cinema operating conditions. At the same time, the lease negotiations will target an extension to the existing unexpired term of 6.5 years in order to widen the appeal of the property to potential purchasers. As a consequence of the likelihood of these negotiations concluding, the valuation of the property as at 31st March 2018 has been adjusted downwards by the valuer, Knight Frank, by approximately 14% from the previous valuation as at 31 December 2017. It is the intention of the Manager that the principal terms of the lease restructuring will be agreed with the tenant with a lease commencement date on the new terms to be finalised during 2018. Depending on the final nature of these terms, it is possible that there will be further downward movement in the valuation. An announcement will be issued once the lease terms are agreed and signed. 3) The Chairman has previously referred to ongoing analysis by the Board of Directors, in conjunction with the Manager, to review all options to minimise the cost structure and operating expenses of the Company. As a result of this review, and in view of the ongoing uncertainty of timing for the Curno disposal, the Board intends to provide shareholders with recommended proposals, and an overview of the options it considered, with regards to the orderly termination of the Company and a rationale which supports the Board's recommendation. It is intended that full details of these proposals will be circulated before the end of June 2018 within a Shareholder Circular and notice of an early Annual General Meeting. Company website: retail.axa-im.co.uk/axa-property-trust 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 END
(END) Dow Jones Newswires
May 30, 2018 10:54 ET (14:54 GMT)
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