Proposed Conversion of Sigma Shares to Ord Shares

RNS Number : 1456N

TR Property Investment Trust PLC

26 September 2012

 



26 September 2012

TR PROPERTY INVESTMENT TRUST PLC - PROPOSED CONVERSION OF SIGMA SHARES INTO ORDINARY SHARES

Following a strategic review the Board announces that, subject to tax and regulatory approval, their intention is to propose a conversion of the entire share capital of the Sigma shares into Ordinary shares and a merger of the underlying portfolios. Any such conversion will be subject to the approval of both sets of shareholders.

A further announcement will be made in due course and the Board intend to put the proposals to Shareholders in December 2012.

It is currently envisaged that under the proposals Sigma shares will convert to Ordinary shares based on the relative NAVs of the two share classes. For these purposes Sigma shares shall be valued at 98% of Sigma share NAV after deduction of costs. Ordinary shares shall be valued at 100% of Ordinary share NAV. Costs are currently expected to be c. 0.50% of the Sigma share class NAV and shall be borne by the Sigma shareholders.

The Board believe that such a conversion will be of benefit to both classes of shareholder, resulting in an enlarged single share class with anticipated deeper liquidity.

The Board also announces that James Wilkinson has tendered his resignation to the Manager, Thames River Capital. James will continue to support the lead Manager at Thames River Capital, Marcus Phayre-Mudge, until the end of November.

Contact:

Chris Lunn, Cenkos Securities                                                  0207 397 1912

Dion Di Miceli, Cenkos Securities                                             0207 397 1921

Marcus Phayre-Mudge, Thames River Capital                          0207 360 1331

 

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