Lon.&Assoc.Props PLC AGM Resolution Proposal

 
TIDMLAS 
 
FOR IMMEDIATE RELEASE 
 
                                                                  23 April 2018 
 
         LONDON & ASSOCIATED PROPERTIES PLC ("LAP", or the "Company") 
 
            SHAREHOLDER CALLS FOR ANNUAL GENERAL MEETING RESOLUTION 
 
The Board of LAP today announces it has received a request for an ordinary 
resolution to be included in the business to be considered by shareholders at 
the Company's forthcoming annual general meeting (the "Resolution"). 
 
The request has been made on behalf of shareholders holding a total of 
4,569,031 ordinary shares in LAP, equivalent to approximately 5.3% of the 
Company's issued share capital (excluding shares held in treasury), under cover 
of a letter from Maland Pension Fund ("MPF"), of which Mr Andrew Perloff is a 
trustee. 
 
MPF's Resolution calls for proposals from the Board to enable shareholders 
outside the Heller family to realise their investment in LAP at a value of no 
more than a 7.5% discount to the Company's net asset value. 
 
In accordance with its obligations under company law, the Board will include 
the Resolution in the notice of the Company's forthcoming annual general 
meeting to be held in June. 
 
However, the Board has dismissed the Resolution and its aims as pure 
opportunism in the wake of LAP's recently announced sale of its Brixton Markets 
for a cash consideration of GBP37.25m, thereby generating a substantial profit 
for the Company. 
 
Mr John Heller, LAP's Chief Executive, said: "We have always, and continue to, 
maximise shareholder value through active portfolio management and a strategic 
acquisition and disposals programme. 
 
"Despite the challenging conditions being experienced in UK retailing, our 
investment portfolio continues to perform well and the recent sale of our 
Brixton Markets will enable us to invest in new and exciting opportunities. 
This in turn will create growth and secure further shareholder value. 
 
"We regard this proposal as ill-conceived and opportunistic and do not believe 
it will benefit shareholders in the long term." 
 
The Directors do not believe the Resolution is in shareholders' best interests 
and recommend shareholders vote against it as they intend to do in respect of 
the shares which they own or control, representing 56.35% of the Company's 
issued share capital (excluding shares held in treasury). 
 
The Company will be publishing its annual results for 2017 shortly which the 
Board believes will demonstrate the Company's ability to generate excellent 
shareholder value. 
 
The Company is making this announcement pursuant to its obligations relating to 
the disclosure of inside information under article 17 (1) of the Market Abuse 
Regulation (596/2014). 
 
Ends. 
 
Contact: 
 
London & Associated Properties 
PLC                                                      Tel: [phone] 
John Heller, Chief Executive 
 
Baron Phillips Associates 
                 Tel: [phone] 
 Baron Phillips 
 
 
 
END 
 

(END) Dow Jones Newswires

April 23, 2018 07:03 ET (11:03 GMT)