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22 Jun 2018 13:17
AXA Property Trust Ltd - Proposed Voluntary LiquidationAXA Property Trust Ltd - Proposed Voluntary Liquidation
PR Newswire
London, June 22
AXA Property Trust – Draft RNS Announcement
Intended for Distribution 22nd June 2018
Proposed voluntary liquidation of AXA Property Trust Limited (the “Company”)
On 29th May 2018 the Company announced that the Board of Directors would shortly be providing shareholders with recommended proposals in respect of the orderly termination of the Company and a rationale which supports the Board’s recommendation.
On 21st June 2018 the Board unanimously agreed that it is in the best interests of the Company and its Shareholders to wind up the Company voluntarily in accordance with the Companies Law, appoint Linda Johnson and Ashley Paxton of KPMG Channel Islands Limited as Liquidators, and to cancel the admission of its shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange.
In reaching their decision the Directors have considered the Company’s operating cost structure having regard to the uncertain prospects of achieving a sale of the remaining Curno property and the discussions with the property’s tenant regarding the level of rent currently paid, which were last reported on as at 29th May 2018. As a result of this analysis the Board considers there are significant cost savings that will be achieved by placing the Company into voluntary liquidation. In view of the Net Asset Value of the Company reported as at 31st March 2018 as well as the future cashflow generation of the Curno property, these savings are considered to outweigh the benefits of retaining the existing operating structure of the Company and its listing.
The voluntary liquidation is conditional on the approval of not less than 75 per cent. of the votes cast by Shareholders (whether present in person or by proxy) at an Extraordinary General Meeting. If this Resolution is passed at the Extraordinary General Meeting, the cancellation of the listing and the appointment of the Liquidators shall become effective shortly thereafter.
In order to proceed to an Extraordinary General Meeting, to explain the consequences of the voluntary liquidation and why the Board considers these proposals to be in the best interests of the Company and its Shareholders as a whole, a Shareholder Circular is being drafted and is expected to be issued during July 2018.
It is not anticipated there will be a further redemption of capital until the Company’s remaining German corporate subsidiaries have been fully liquidated. This is expected after the Extraordinary General Meeting.
In the meantime, the local asset manager for the property, AXA Real Estate Investment Managers Italia Srl, an affiliate of the Investment Manager and the Real Estate Adviser continues to progress the terms of the lease negotiation with the tenant at Curno and further details will be provided within the Circular. It is expected that the local asset manager will continue to provide asset management and transaction services following the appointment of the Liquidators, on revised terms of appointment.
Company website:retail.axa-im.co.uk/axa-property-trustAll Enquiries:Investment Manager AXA Investment Managers UK LimitedBroker Services7 Newgate StreetLondon EC1A 7NXUnited KingdomBrokerStifel Nicolaus Europe Limited150 CheapsideLondon EC2V 6ETUnited KingdomTel: +44 (0)20 7710 7600Company SecretaryNorthern Trust International FundAdministration Services (Guernsey) LimitedPO Box 255Trafalgar CourtLes BanquesSt Peter PortGuernsey GY1 3QLChannel Islands