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Update on Disposal Discussions

6 Jul 2016 11:00

RNS Number : 4086D
LXB Retail Properties Plc
06 July 2016
 

 

For Immediate Release

06 July 2016

 

LXB Retail Properties Plc

(the "Company" or the "Group")

 

Update on Disposal Discussions

 

LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets today updates the market on previously announced disposal discussions.

 

The Chairman's Statement accompanying the Interim Results for the period ended 31 March 2016 (issued on 1 June 2016) reported that certain disposal discussions were in solicitors' hands and, if concluded satisfactorily, would secure a surplus of approximately £4m over the 31 March 2016 balance sheet value. Discussions have continued since that time, however the Group has concluded that these will not lead to a satisfactory outcome and therefore disposal discussions have terminated.

 

The Group continues to look to realise the value of its investment in a timely way under the mandate provided by shareholders on 29 February 2016. 

 

For further information please contact:

 

LXB Adviser LLP Tel: 020 7432 7900

Tim Walton, CEO

Brendan O'Grady, FD

 

J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000

Bronson Albery / Paul Hewlett

 

Buchanan Tel: 020 7466 5000

Charles Ryland/Vicky Hayns/Patrick Hanrahan

 

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