18 Apr 2019 16:00
18 April 2019
LXB Retail Properties Plc
(the "Company" or the "Group")
Rescheduling of Court Dissolution Hearing and NAV update
The Board of the Company announces that:
(i) due to unexpected delays with matters connected to the transfers by the Company of its four remaining subsidiary undertakings (such transfers being undertaken in accordance with the Scheme and on the basis set out in the circular dated 1 March 2019 (the "Circular")); and
(ii) in order to realise as much value as possible from its four remaining subsidiary undertakings,
the Company has rescheduled the Court Dissolution Hearing, which was previously announced to be held at 10.00 a.m. on 26 April 2019, to 10:00 a.m. on 21 May 2019 at the Royal Court of Jersey.
In the Circular, the Board announced that its expectation was that the Dissolution Return of Capital to Shareholders would be approximately £3.4m (2 pence per share). However, 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 NAV 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 following timetable sets out the expected dates of principal events, some of which are indicative and some of which have changed since the date of the previous announcement:
2019
Transfer of LXB Kingsmead and LXB Holdings 2 to the IW Group | On or before 21 May |
Transfer of LXB Skew Bridge and LXB Rushden to Blizzard | On or before 21 May |
Court Dissolution Hearing | 10:00 a.m. on 21 May |
Last day of dealings in, and for registration of transfers of, and disablement in CREST of, the Ordinary Shares | 22 May |
Record date for participation in Dissolution Return of Capital | Close of business on 22 May |
Suspension of admission to trading on AIM, listing on TISE and dealings in the Ordinary Shares | 7.30 a.m. on 23 May |
CREST accounts credited and despatch of cheques in respect of Dissolution Return of Capital | As soon as possible on 30 May |
Expected time and date of AIM Cancellation and TISE Delisting | 7.00 a.m. on 31 May |
Expected time and date of Company Dissolution | After 9.00 a.m. on 31 May |
Capitalised terms, unless otherwise defined shall have the meaning given to them in the Circular, copies of which are available on the Company's website (www.lxbproperties.com)
For further information please contact:
LXB3 Partners LLP Tel: 020 7432 7900
Tim Walton, CEO
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Henry Wilson