11 Apr 2013 17:15
IRP PRoperty INVESTMENTS LIMITED (the "Company" )
(To be renamed F&C UK Real Estate Investments limited)
11 APRIL 2013
RESULTS OF GENERAL MEETING AND ISSUE OF NEW SHARES
The Board is pleased to announce that the resolutions relating to the recommended proposals in relation to the acquisition of the business and assets of ISIS Property Trust Limited ("IPT") and the change of name of the Company to "F&C UK Real Estate Investments Limited" were passed at a General Meeting of the Company held earlier today.
The Board is therefore pleased to confirm that, following the passing of the resolutions at the general meeting of IPT earlier today, the Company will acquire the business and assets of IPT in consideration for the issue of New Shares to IPT Shareholders.
As announced on 9 April 2013, based on the adjusted net asset value of an IPT Share and the adjusted net asset value of an IRP Share as calculated as at close of business on 31 March 2013, an IPT Shareholder will receive 1.2895 New Shares in respect of each IPT Share held. Therefore a total of 97,550,491 New Shares will be issued by the Company in accordance with the Scheme.
Applications have been made for the New Shares to be issued pursuant to the Scheme to be admitted to the Official List and to the London Stock Exchange for the New Shares to be admitted to trading on the Main Market. It is expected that Admission will occur and dealings will commence in the New Shares at 8.00 a.m. on 12 April 2013. The Company's new ticker code will be FCRE.
It is expected that CREST accounts will be credited in respect of the New Shares on 12 April 2013. Share certificates in respect of New Shares will be issued by 26 April 2013.
A copy of the resolutions passed at the General Meeting will shortly be available for inspection via the National Storage Mechanism.
Following completion of the merger Graham Harrison, Vikram Lall and Michael Soames were appointed as directors of the Company and Christopher Spencer and Giles Weaver have resigned from the Board. These changes to the Board have effect from today. The Board now comprises six directors and Quentin Spicer will remain as Chairman.
The Chairman of the Company commented as follows:
"The Board of the Company believes that this merger is a very positive development for the Company. It results in a larger, more diversified and more liquid investment company that will provide greater flexibility in managing the portfolio in the future to continue delivering attractive returns to shareholders. The Board also believes that the Company is now well positioned and is more attractive to investors." Quentin Spicer, Chairman of the Company
Total voting rights
Each Ordinary Share has one voting right. Following the issue of the New Shares pursuant to the Scheme, the Company will have 208,050,491 Ordinary Shares in issue. No Ordinary Shares are held by the Company in treasury. The total number of voting rights in the Company will therefore be 208,050,491 and this figure may be used by all of the shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
All enquiries
Simon Cordery (F&C Asset Management plc)
Tel: +44(0) 20 7628 8000
Charlie Ricketts (Cenkos Securities plc)
Tel: +44(0) 207 397 1910
Terms defined in the prospectus published by the Company on 12 March 2013 have the same meanings in this announcement unless the context requires otherwise.