14 Aug 2018 15:30
LXB Retail Properties Plc
(the "Company" or the "Group")
Further Return of Cash
LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, is pleased to announce that it has now received the proceeds of the transactions which were announced on 7 August 2018, namely the sale of its remaining land interests at Rushden Lakes and variation of the arrangements in connection with Phase 4, the Garden Square scheme.
Following receipt of these proceeds the Board has approved a further Return of Cash amounting to 4 pence per share (approximately £6.7m). Within the next few days the Company will make an announcement and send a letter to Shareholders, together with an election form, setting out further details of the Return of cash and the process for making elections under it in line with the Return of Cash arrangements approved by Shareholders at the Annual General meeting on 27 February 2018.
The Chairman's Statement in the Interim Report for the six months to 31 March 2018 noted the Board's expectation that the final outcome for Shareholders will be between 26 and 28 pence per share. The Company returned 7.5 pence per share in August 2018 so, after payment of the 4 pence per share now proposed, Shareholders will have received a total of 11.5 pence of that expected final outcome. It is expected that further Returns of Cash will be announced as soon as is practicable following further realisations, consistent with the Group's reduced working capital requirements.
For further information please contact:
LXBᵌ Partners 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 |