LXB Retail Properties Plc Update on Return of Cash (9999Q)

TIDMLXB

RNS Number : 9999Q

LXB Retail Properties Plc

11 June 2018

11 June 2018

LXB RETAIL PROPERTIES PLC

(the "Company" or the "Group")

Update on Return of Cash

LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets today provides an update on plans for a Return of Cash to shareholders (a "Return of Cash").

The Chairman's letter in the circular to shareholders concerning the proposed Scheme of Arrangement (approval of which by the Royal Court of Jersey was announced on 16 March 2018) noted the intention to make a Return of Cash once the Group had negotiated a reduction in a performance bond related to Rushden lakes. The Group is pleased to announce that all of the principal commercial terms to allow for that performance bond to be cancelled have been agreed with The Crown Estate. Both parties' lawyers are now engaged in finalising the necessary documentation and the Company expects that the bond will be formally released within the next seven days.

The Board is due to meet at the end of June to consider the interim results for the six months to 31 March 2018. That meeting will now also consider detailed proposals for a Return of Cash; an announcement will be made as soon as possible thereafter.

For further information please contact:

 
LXB Partners LLP              Tel: [phone] 
 Tim Walton, CEO 
 Brendan O'Grady, FD 
J.P. Morgan Cazenove (NOMAD)  Tel: [phone] 
 Bronson Albery/Paul Hewlett 
Buchanan                      Tel: [phone] 
 Charles Ryland/Henry Wilson 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCLLFFFRFILLIT

(END) Dow Jones Newswires

June 11, 2018 08:45 ET (12:45 GMT)