European Real Estate Inv Tst Ltd Strategy Update and Return of Capital (7188J)

TIDMERET

RNS Number : 7188J

European Real Estate Inv Tst Ltd

30 June 2017

European Real Estate Investment Trust Limited

30 June 2017

Strategy update and Return of Capital

The Board have concluded the consultation in relation to the potential change in investment strategy announced on 6 June 2017, regarding the proposal received from Quidnet Capital Partners LLP (the "Proposal"). In light of the current market backdrop and the feedback received from Shareholders and potential new investors, the Board has concluded that the interests of shareholders are best served through the Company continuing its orderly realisation, rather than changing its investment objective and strategy in line with the Proposal.

Following receipt of the sale proceeds from the disposal of La Gaude, France, the Board intends to make a capital redemption in July, followed by a second redemption in August. Further details of the timing, process and mechanics of this will be notified to Shareholders in due course.

Furthermore, the Board intends to apply to both the Financial Conduct Authority for the cancellation of the standard listing of the Company on the Official List and to the London Stock Exchange to cancel the admission to trading of its shares on the Main Market, such cancellation expected to occur by October. Thereafter, the Company expects to appoint a liquidator by the end of the year. The outstanding tax claim in France will continue to be pursued, however the results of this and any potential proceeds therefrom are at this time uncertain.

For further information, please contact:

Praxis Fund Services Limited

   Shona Darling                                          Phone: [phone] 

Cenkos Securities plc

   Will Rogers                                                Phone: [phone] 
   Alex Collins                                                Phone: [phone] 

Schroder Property 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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June 30, 2017 04:00 ET (08:00 GMT)