Annual Voluntary Redemption of Ordinary Shares

Bellevue Healthcare Trust PLC

20 July 2023

 

BELLEVUE HEALTHCARE TRUST PLC (the "Company")

LEGAL ENTITY IDENTIFIER ('LEI'): 213800HQ3J3H9YF2UI82

20 July 2023

ANNUAL VOLUNTARY REDEMPTION OF ORDINARY SHARES

The Company operates an annual voluntary redemption facility through which shareholders may request the redemption of all or part of their holding of redeemable ordinary shares of 1p each ("Ordinary Shares") for cash on the last business day in November each year.

There is no requirement for shareholders to take any action should they wish to retain their Ordinary Shares.

As at close of business on 18 July 2023, the Ordinary Share price was 149.00p and the net asset value (including current period revenue) was 159.69p per Ordinary Share. Therefore, the Ordinary Shares were trading at a 6.7% discount to their net asset value.

Given current market conditions and that the Ordinary Shares continue to trade at a discount to net asset value, it seems prudent to assume that there may be material redemptions this year. In view of this, the Company is making an important change to the redemption process this year. In line with prior years, the latest date for redemptions requests will be 2 November 2023. However, a record date of 2 September 2023 is being introduced.

This should have no practical impact on the Company's long-standing investors. However, it should allow the Company to perform the appropriate checks (including section 793 notices, if required) of shareholders where it cannot identify the ultimate beneficial owner (this can particularly be the case for offshore nominee accounts). Additional information surrounding this change can be found in the Company's Interim Report: https://www.bellevuehealthcaretrust.com/uk-en/private/investor-relations/legal-documents

A redemption of Ordinary Shares may be subject to income tax and capital gains tax.  In particular, private shareholders that sell their shares via the redemption mechanism could find that they are subject to income tax on the gains made on the redeemed shares rather than capital gains tax on the sale of their shares in the market.  However, individual circumstances do vary, therefore shareholders who are in any doubt about the redemption or the action that should be taken should seek independent professional advice.

None of the Directors of the Company will be redeeming any of their shares under the redemption facility.

Shareholders submitting valid requests for the redemption of Ordinary Shares will have their shares redeemed at the Redemption Price.

The Directors may elect, at their absolute discretion, to calculate the Redemption Price on either of the following bases:

1.    The Redemption Price shall be equal to the Dealing Value per Ordinary Share calculated as at the appropriate Valuation Point on the appropriate Redemption Point; or

2.    The Directors may elect to calculate the Redemption Price by reference to the amount generated upon the realisation of a Redemption Pool created for the purpose of funding the redemption.

The Directors are minded to approve all valid redemption requests unless there are exceptional reasons why this would be contrary to the interests of shareholders.

Shareholders wishing to request the redemption of all or any of their certificated Ordinary Shares at the proposed Redemption Point should deliver to the Company's Registrar a duly completed Redemption Request form together with their share certificate or for uncertificated Ordinary Shares a Transfer to Escrow ("TTE") instruction in accordance with the timetable set out below.  

Redemption Request forms are available from the Company's website:

https://www.bellevuehealthcaretrust.com/uk-en/private/investor-relations/legal-documents

or from the Company's Registrar, Link Group (details below).

The relevant dates for the November 2023 Redemption Point are outlined below:

2 September 2023 2 November 2023	Date of record. The date on which shareholders are required to be present on the Company's register to be entitled to submit valid Redemption Requests.  Latest date for receipt of Redemption Requests and certificates for certificated shares.
3.00 pm on 2 November 2023	Latest date and time for TTE instructions for uncertificated shares via CREST.
5.00 pm on 30 November 2023	The Redemption Point.
On or before 14 December 2023	Company to notify Redemption Price and dispatch redemption monies; or If the redemption is to be funded by way of a Redemption Pool, Company to notify the number of shares being redeemed. Notification of Redemption Price and dispatch of redemption monies to take place as soon as practicable thereafter.
On or before 4 January 2024	Balance certificates to be sent to shareholders.

Further details of the redemption facility are set out in the Company's Articles of Association and are also available from the Company Secretary.                                                                                                                                                           

The Directors of the Company have discretion over the operation of the redemption facility and the calculation of the Redemption Price.

Defined terms in the announcement have the same meaning as set out in the Articles of Association, a copy of which may be obtained from the Company Secretary.

Enquiries:

Apex Listed Companies Services (UK) Limited	020 3327 9720
Link Group (Registrar) Central Square, 29 Wellington Street, Leeds LS1 4DL	0371 664 0300

If you have any questions, please call Link Group on [phone]. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 am - 5.30 pm, Monday to Friday excluding public holidays in England and Wales.  Please note that Link Group cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

 

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