Balanced Commercial Property Trust Regulatory News (BCPT)

23 Aug 2007 09:54

F&C Commercial Property Trust Ltd23 August 2007 F&C COMMERCIAL PROPERTY TRUST LIMITED FOR IMMEDIATE RELEASE Continuation vote 23 August 2007 The Board of F&C Commercial Property Trust Limited (the "Company") refers to theprospectus (the "Prospectus") published by the Company on launch in March 2005.The Prospectus stated that, if the market price of a Share in the Company wasmore than five per cent. below the published net asset value of a Share for acontinuous period of 90 dealing days or more, the Directors would convene anextraordinary general meeting to consider an ordinary resolution for thecontinuation of the Company. The Company announces that, as at close of businessyesterday, the Shares had traded at more than a five per cent. discount to theirnet asset value for 90 continuous dealing days. In accordance with the intentionstated in the Prospectus, the Directors therefore intend to convene anextraordinary general meeting to consider a resolution (the "Resolution") toapprove the continuation of the Company. The Company will publish in early September a circular convening anextraordinary general meeting to be held in late September 2007 (the "EGM") toconsider the Resolution. All Shareholders are entitled to attend and vote on theResolution to be proposed at the EGM, which will be proposed as an ordinaryresolution. If the Resolution is not passed then, as stated in the Prospectus, the Directorswill convene a further extraordinary general meeting of the Company to be heldwithin six months of the date of the EGM in late September to consider thewinding up of the Company or a reconstruction of the Company which offers allShareholders the opportunity to realise their investment. If the Resolution is passed then, as stated in the Prospectus, the Directorswould not intend to convene another extraordinary general meeting to considerthe continuation of the Company unless the Shares trade at a discount of morethan 5 per cent., for 90 continuous dealing days or more from the firstanniversary of the EGM. Contrary to recent press speculation, the Directors do not expect that thecontinuation vote will result in the winding up of the Company. All enquiriesDouglas Armstrong, Dickson Minto WS 0207 628 4455 Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited 0131 226 4411 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745001 This information is provided by RNS The company news service from the London Stock Exchange