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Court sanction of scheme of arrangement

16 Mar 2018 14:00

RNS Number : 0230I
LXB Retail Properties Plc
16 March 2018
 

Not for release, publication or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction

 

 

16 March 2018

 

 

LXB RETAIL PROPERTIES PLC

("LXB")

 

Court sanction of scheme of arrangement

 

LXB, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, announces that the Royal Court of Jersey (the "Court") has today sanctioned the reorganisation (the "Reorganisation") of the LXB group by way of a scheme of arrangement under Article 125 of the Companies (Jersey) Law 1991 (the "Scheme").

 

The Court order sanctioning the Scheme has today been delivered to the Registrar of Companies for Jersey and, accordingly, the Scheme has become fully unconditional and the effective date of the Scheme (the "Effective Date") is 16 March 2018.

 

In order to facilitate its implementation, certain minor modifications have been made to the timetable of principal events of the Scheme as follows:

 

(i) the date on which certain preparatory steps to the Reorganisation are to occur (being those set out in paragraphs 1.1(A) to (F) (inclusive) of the Scheme) have been brought forward from 30 March 2018 to the Effective Date; and

 

(ii) the time at which certain subsequent steps to the Reorganisation are to occur (being those set out in paragraphs 1.1(G) and (H) of the Scheme) have, for accounting purposes, been deferred from 9.00 a.m. on 30 March 2018 until 11:59 p.m. on 31 March 2018 (being the Effective Time of the Scheme). 

In accordance with the Scheme, each of LXB, IW Topco Limited and IW Midco Limited has, on behalf of all concerned, consented to these changes which have also been approved by the Court. All other times and dates for implementation of the Scheme remain as set out in the expected timetable of principal events on page 4 of the the circular to shareholders dated 3 February 2018 containing details of the Reorganisation (the "Scheme Circular"). 

 

Further details of the Reorganisation and the Returns of Cash (as such term is defined in the Scheme Circular) are set out in, respectively, the Scheme Circular and the circular to LXB shareholders dated 3 February 2018 containing details of the Returns of Cash. 

 

For further information please contact:

 

LXB Adviser LLP

Tim Walton, CEOBrendan O'Grady, FD

 

Tel: 020 7432 7900

J.P. Morgan Cazenove (NOMAD)

Bronson Albery/Paul Hewlett

 

Tel: 020 7742 4000

Buchanan

Charles Ryland/Henry Wilson

 

Tel: 020 7466 5000

Overseas jurisdictions

The release, publication or distribution of this announcement in, into or from jurisdictions other than the UK and Jersey may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the UK and Jersey should inform themselves about, and observe, any applicable legal or regulatory requirements. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction.

Publication on website

A copy of this announcement is available on LXB's website (www.lxbproperties.com).

Time

All times shown in this announcement are London times, unless otherwise stated.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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