Real Est.cred Regulatory News (RECI)

12 Feb 2009 11:12



Queen's Walk Investment Limited puts in place Close Period Share Repurchase Programme

Queen's Walk Investment Limited (the "Company") announces today that the Company has entered into an irrevocable, non-discretionary arrangement with Citigroup Global Markets Limited ("Citi") and JPMorgan Cazenove Limited ("JPM Caz"), to repurchase on its behalf and within the parameters set out below, ordinary shares in the Company for cancellation during the close period commencing on 16 February 2009 and ending on or around 18 March 2009 being the proposed date for the publication of the Company's 31 December 2008 quarter end results (the "share buy back"):

Pricing

The maximum price to be paid shall be not more than 105% of the average of the middle market quotations for the Company's shares for the five business days before the day on which purchase is made.

Volume

JPM Caz and Citi will have the authority to consider, on each trading day, repurchasing more than 50% of the average daily trading volume of the Company's shares traded over the 20 trading days preceding that date.

The sole purpose of the share buy back is to reduce the capital of the Company.

JPM Caz and Citi, as independent third parties, will make their trading decisions in relation to the Company's ordinary shares independently of, and uninfluenced by, the Company. 

The share buy back will be effected in accordance with Chapter 12 of the Listing Rules and with the Company's current authority granted to repurchase up to 14.99 per cent. of its issued share capital as of 4 September 2008.

The Company confirms that it currently has no unpublished price sensitive information.

For further information please contact:

Investor Relations:

Caroline Villiers +44 (0) 20 7153 1521

Citi:

Andrew Forrester +44 (0) 20 7 986 8729

JPM Caz:

Angus Gordon Lennox  +44 (0) 20 7 155 4605