Picton Prop Regulatory News (PCTN)

IRET Securities Limited

Payment of Final Capital Entitlement, Publication of Circular and Cancellation of Listing

The zero dividend preference shares ("ZDP Shares") of IRET Securities Limited (the "Issuer") mature on 31 October 2012 at which time the holders of the ZDP Shares will be entitled to a capital sum of 76.6 pence per ZDP Share (the "Final Capital Entitlement").

The payment of the Final Capital Entitlement by way of a return of capital requires the formal voluntary winding-up of the Issuer. A circular will shortly be sent to shareholders of the Issuer ("Shareholders") giving notice of a general meeting of the Issuer at which proposals will be put to Shareholders to wind-up the Issuer.

The EGM will be held at Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 4BZ at 11.00 a.m. on 31 October 2012.

The Issuer has requested the UK Listing Authority ("UKLA") suspend the listing of the ZDP Shares on the Official List and requested the London Stock Exchange (the "LSE") suspend trading of the ZDP Shares on the main market of the LSE, effective at 7:30 a.m. on 31 October 2012.

In addition, the Issuer has applied to the UKLA to cancel the listing of the ZDP Shares on the Official List and applied to the LSE for the cancellation of admission to trading on the main market of the LSE. Listing Rule 5.2.8 provides for an issuer with a standard listing to cancel its listing on at least 20 business days prior notice. It is therefore anticipated that cancellation will take effect on 13 November 2012 with the final capital entitlement expected to be paid to holders of the ZDP Shares shortly thereafter.

Copies of the Circular will shortly be available for inspection at the registered office of the Issuer at Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 4BZ.

A copy of the Circular has also been submitted to the National Storage Mechanism (which has replaced the UK Listing Authority's Document Viewing Facility) and will shortly be available for inspection at www.hemscott.com/nsm.do.

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