Worsley Inv Ltd Regulatory News (WINV)

AXA Property Trust Ltd - Redemption Announcement

PR Newswire

London, January 15

AXA PROPERTY TRUST LIMITED

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 43007)LEI Number: 213800AF85VEZMDMF931(The “Company”)

REDEMPTION ANNOUNCEMENT

Further to the powers granted to the Board by:

1) the passing of the Special Resolution to change the Investment Objective by the requisite majority at the Extraordinary General Meeting held on 26 April 2013, and

2) the passing of the Special Resolution to amend the Articles of Association of the Company by the requisite majority at the Extraordinary General Meeting held on 27 February 2014,

there is approximately £1.2 million in unallocated cash now available for distribution to Shareholders as a result of the ongoing, managed wind-down of the Company through asset disposals and corporate re-structuring. The Company will return this amount, equivalent to approximately 5.13 pence per Share, to Shareholders on 28 January 2019 (the "Redemption Date") by way of a redemption of a proportion of all Shareholders’ holdings of Shares (the "Redemption").

Words and expressions that were defined in the Circular posted to shareholders on 4 February 2014 (the “Circular”) shall have the same meaning where they are used in this announcement, except where the context requires otherwise.

The Redemption Price per Share shall be 45.39 pence, by reference to the NAV per Share as at 30 September 2018. The Redemption will be effected pro rata to holdings of Shares on the register at the close of business on the Redemption Date. Approximately 11.3% of the Company's issued share capital will be redeemed on the Redemption Date (that is approximately 11.3 Shares for every 100 Shares held (the "Relevant Percentage")). Fractions of Shares will not be redeemed and so the number of Shares to be redeemed for each Shareholder will be rounded down to the nearest whole number of Shares.

The Company currently has 23,402,881 Shares in issue of which none are held in treasury. All of the Shares redeemed on the Redemption Date will be cancelled. A further announcement will be released following the Redemption Date to confirm the new number of Shares in issue.

Up to and including the Redemption Date shares will be referenced under the existing ISIN, GG00BYW5PW74 (the "Old ISIN"). The Old ISIN will expire on the Redemption Date and a new ISIN, GG00BHXH0C87, in respect of the remaining Shares which have not been redeemed (the "New ISIN") will be enabled from and including the first Business Day following the Redemption Date.

The current temporary suspension of the Company’s shares from the London Stock Exchange remains unaffected by the Redemption. The Board of Directors remains committed to removing the suspension as soon as possible and once the annual audit of the Company’s annual financial statements is completed and submitted to the listing authority. 

Payments of redemption proceeds are expected to be effected either through CREST (in the case of Shares held in uncertificated form) or by cheque (in the case of Shares held in certificated form) within 8 Business Days of the Redemption Date. Shareholders will be paid their redemption proceeds in Sterling.

The costs and expenses of this Redemption are estimated not to exceed £5,000, equivalent to approximately 0.02 pence per Share being redeemed.

EXPECTED TIMETABLE

All 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 7600 Company SecretaryNorthern Trust International FundAdministration Services (Guernsey) LimitedPO Box 255Trafalgar CourtLes BanquesSt Peter PortGuernsey GY1 3QLChannel Islands

Company website:retail.axa-im.co.uk/axa-property-trust