Redemption Price and Total Voting Rights

Bellevue Healthcare Trust PLC

29 November 2024

 

BELLEVUE HEALTHCARE TRUST PLC (the "Company")

LEGAL ENTITY IDENTIFIER ('LEI'): 213800HQ3J3H9YF2UI82

29 November 2024

REDEMPTION PRICE AND TOTAL VOTING RIGHTS

The Company operates a voluntary redemption facility through which shareholders may request the redemption of all or part of their holding of ordinary redeemable shares ("Ordinary Shares") on an annual basis (the "Redemption Facility"). The operation of the Redemption Facility is entirely at the discretion of the board of directors of the Company (the "Board").

The Company announced on 14 October 2024 that valid redemption requests in respect of 163,834,887 Ordinary Shares had been received for the Redemption Point of 22 November 2024. The deadline for the receipt of redemption Requests was 3:00pm on 11 October 2024. 

The Redemption Price of the shares to be redeemed was calculated by reference to the amount generated upon the realisation of a Redemption Pool, created for the purpose of funding the redemption using the Redemption Pool method set out in the Company's articles of association (the "Articles"), pursuant to which the Company divided its assets and liabilities into two pools:

(i)            the redemption pool, consisting of cash, assets and liabilities attributable to the 163,834,887 Ordinary Shares in respect of which valid redemption requests were made; and

(ii)           all the other cash, assets and liabilities remained attributable to the continuing shareholders and have continued to be managed in accordance with the current investment policy.

The assets of the Redemption Pool have now been realised in full.

The calculated Redemption Price per Ordinary Share equals the aggregate cash received by the Company upon the realisation of the Redemption Pool, after deducting the costs of the redemption, and a pro-rata share of the costs and expenses of the Company not attributable to a particular pool, divided by the number of Redemption Shares. The calculated Redemption Price is 154.76 pence per share including dividends and bank interest received.

As such, 163,834,887 Ordinary Shares will be redeemed and cancelled by the Company.

Shareholders who validly applied to have their Ordinary Shares redeemed will receive the Redemption Price per share. It is expected that despatch of payments in respect of the valid redemption requests will be made on or around 20 December 2024.

As previously announced, the Board engaged a third party to undertake sanctions checking in order to satisfy itself that no beneficial owner appears on the UK Sanctions Register or other prohibited register as they are required to do in accordance with UK legislation. A small percentage of shareholders that have applied to participate in the redemption process have not responded to multiple contact attempts and will not receive payment. The Company will continue to withhold payment until such time as this confirmation is received. 

Following this redemption and with effect from today, the issued share capital of the Company consists of 315,152,309 Ordinary Shares, of which 31,732,318 Ordinary Shares are held in Treasury. Therefore, the total number of voting rights in the Company is 283,419,991.

This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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:

J.P. Morgan Cazenove

William Simmonds, Rupert Budge

Telephone: [phone]

NSM Funds (UK) Limited

Brian Smith, Ciara McKillop

Telephone: [phone]

H/Advisors Maitland

William Clutterbuck

Telephone: [phone]

Bellevue Asset Management (UK) Ltd.

Mark Ghahramani

Telephone: [phone]

 

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