11 Jun 2018 13:45
11 June 2018
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Update on 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 today provides an update on plans for a Return of Cash to shareholders (a "Return of Cash").
The Chairman's letter in the circular to shareholders concerning the proposed Scheme of Arrangement (approval of which by the Royal Court of Jersey was announced on 16 March 2018) noted the intention to make a Return of Cash once the Group had negotiated a reduction in a performance bond related to Rushden lakes. The Group is pleased to announce that all of the principal commercial terms to allow for that performance bond to be cancelled have been agreed with The Crown Estate. Both parties' lawyers are now engaged in finalising the necessary documentation and the Company expects that the bond will be formally released within the next seven days.
The Board is due to meet at the end of June to consider the interim results for the six months to 31 March 2018. That meeting will now also consider detailed proposals for a Return of Cash; an announcement will be made as soon as possible thereafter.
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 |