Real Est.cred Regulatory News (RECI)

21 Aug 2008 13:47



RNS Announcement

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 23 August 2008 and ending on or around 23 September 2008 being the proposed date for the publication of the Company's results for the first quarter ended 30 June 2008 (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, prior to the Company's Annual General Meeting to be held on 4 September 2008 (the "2008 AGM"), with the Company's current authority granted to repurchase up to 14.99 per cent. of its issued share capital as of 3 September 2007. Following the 2008 AGM, and conditional on shareholders conferring a new authority on the Company at that meeting, purchases will be made in accordance with such new authority. 

The Company confirms that it currently has no unpublished price sensitive information.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