LXB Retail Confirms Dissolution Returns Below Previous Guidance

LONDON (Alliance News) - LXB Retail Properties PLC said Monday its return of capital to shareholders following its dissolution is expected to be about GBP2.0 million, about 1.2 pence per share.

In April, the company warned the expected return to shareholders would be lower than the GBP3.4 million previously announced.

LXB Retail said it has sold or transferred its remaining subsidiaries, resulting in a "fundamental change of business", according to AIM rules. As a result, the investment company's shares will be suspended.

LXB Retail transferred its Kingsmead investment to IW Group and sold its Rushden and Skew Bridge investments to Blizzard Estates Ltd for GBP697,619.

Shares in LXB Retail Properties were down 7.5% Monday at 1.02 pence each.

The company will now seek dissolution from a Jersey court and expects its shares to be cancelled on May 31.