LXB Retail Properties Expects Lower Return From Dissolution

LONDON (Alliance News) - LXB Retail Properties PLC said Thursday afternoon its dissolution hearing has been rescheduled due to "unexpected delays with matters connected" with its four remaining subsidiaries.

The real estate investor also warned the expected return to shareholders will be lower than the GBP3.4 million previously announced.

Shares in LXB Retail Properties closed down 18% Thursday at 1.50 pence each.

LXB said: "In light of the matters affecting the transfers of the four remaining subsidiary undertakings, the board has subsequently reconsidered its guidance on the group's final cash net asset value and now anticipates that the final amount will be lower than previously announced. The company will make an announcement with further details of the new guidance as soon as possible next week."

The dissolution hearing is now expected May 21 instead of the planned April 26.