European Real Estate Inv Tst Ltd Return of Capital (1197K)

TIDMERET

RNS Number : 1197K

European Real Estate Inv Tst Ltd

05 July 2017

5 July 2017

European Real Estate Investment Trust Limited ("the Company")

Return of capital

Further to the announcement made on 30 June 2017, and in line with the approval given by the Company's shareholders of the winding down proposals (as described in the Circular to shareholders on 12 July 2011), the Company today announces that it will return GBP6.0 million (equivalent to 77.6 pence per share) on 21 July 2017 (the "Redemption Date") by way of a compulsory partial redemption of shares (the "Eighth Redemption").

The Eighth Redemption will be effected at the estimated unaudited liquidation Net Asset Value per share as at 30 June 2017 of 165 pence per share, which is an unaudited estimate and will vary in part contingent on the sterling euro exchange rate. Any liquidation and running costs associated with the structure are estimated and included in the estimated, unaudited liquidation NAV. The Eighth Redemption will be effected pro rata to holdings of shares on the register at the close of business on the Redemption Record Date, being 21 July 2017. On this basis 47.15 per cent. of the Company's issued share capital will be redeemed on the Redemption Date.

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 amount to be applied to the partial redemption of shares comprises monies from the Company's existing cash balances. As at today's date, the Company has 7,735,321 shares in issue, of which none are held in treasury.

All shares that are redeemed will be cancelled with effect from the Redemption Date. Accordingly, once redeemed, shares will be incapable of transfer.

The shares that are redeemed will be disabled in CREST after close of business on the Redemption Date and the existing ISIN number GG00BDCSC847 (the "Old ISIN") will expire.

The new ISIN number GG00BF7LFN84 (the "New ISIN") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions from and including 24 July 2017.

Up to and including the Redemption Date, shares will be traded under the Old ISIN and as such, a purchaser of such shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.

For the avoidance of doubt, any shares purchased up to and including on the Redemption Date will be entitled to a proportion of the redemption proceeds, regardless of whether the transaction has settled in CREST by the Redemption Date.

The Board is currently resolving a number of foreign exchange issues, and certain administrative matters, then expects to make a further redemption announcement within the next 4-6 weeks.

Expected timetable for the Eighth Redemption:

   Redemption Record Date, Redemption Date and expiry of old ISIN number       21 July 2017 

New ISIN number enabled 24 July 2017

Redemption monies paid (expected) uncertificated and 27 July 2017

certificated holdings:

Enquiries:

Computershare Investor Services PLC

Shareholder Helpline Phone: [phone]

Praxis Fund Services Limited

Shona Darling Phone: [phone]

Cenkos Securities plc

Will Rogers Phone: [phone]

Alex Collins Phone: [phone]

Schroder Real Estate Investment Management Ltd

Tony Smedley Phone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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July 05, 2017 02:00 ET (06:00 GMT)