AXA Property Trust Redemption Announcement

 
TIDMAPT 
 
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 GBP1.2 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 GBP5,000, 
equivalent to approximately 0.02 pence per Share being redeemed. 
 
                              EXPECTED TIMETABLE 
 
Redemption Announcement date                                15 January 2019 
 
Redemption Date, Redemption Record Date,          28 January 2019 (close of 
expiry of Old ISIN                                                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: [phone] 
 
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 
 
 
 
END 
 

(END) Dow Jones Newswires

January 15, 2019 09:53 ET (14:53 GMT)