Continuation Vote

RNS Number : 6266R

UK Commercial Property Trust Ltd

01 May 2009

 



RIS ANNOUNCEMENT

UK COMMERCIAL PROPERTY TRUST LIMITED

FOR IMMEDIATE RELEASE

CONTINUATION VOTE

1 May 2009

The Board of UK Commercial Property Trust Limited (the 'Company') refers to the prospectus (the 'Prospectus') published by the Company on launch in September 2006 and to the extraordinary general meeting (the 'First Continuation EGM') held by the Company on 19 December 2007 at which a resolution was passed to continue the Company.

The Prospectus and the circular (the 'Circular') published by the Company to convene the First Continuation EGM stated that, in the event that that continuation resolution was passed, the Directors would next put a continuation vote to shareholders if the Company's shares traded at a discount of over 5 per cent. for 90 dealing days or more following the first anniversary of the First Continuation EGM.

The Company announces that from 1 February 2009 to 30 April 2009 the average discount of the Company's shares was 16.4 per cent. and that, as of close of business on 30 April 2009, the Shares had traded at a discount of more than 5 per cent. to their net asset value for 90 continuous dealing days following the first anniversary of the First Continuation EGM.  In accordance with the intention stated in the Circular, the Board therefore intends to convene another extraordinary general meeting to consider a resolution (the 'Continuation Resolution') to approve the continuation of the Company.  

The Company will publish a circular shortly convening the extraordinary general meeting to be held in June or July 2009 (the 'EGM') to consider the Continuation Resolution.

All shareholders will be entitled to attend and vote on the Continuation Resolution to be proposed at the EGM, which will be proposed as an ordinary resolution.

If the Continuation Resolution is not passed then, as stated in the Prospectus, the Directors will convene a further extraordinary general meeting of the Company to be held within six months of the date of the EGM to consider the winding up of the Company or a reconstruction of the Company which offers all shareholders the opportunity to realise their investment.

All enquiries

Douglas Armstrong, Dickson Minto W.S.

0207 628 4455

Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited

0131 226 4411

The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited

01481 745 001

Gerry Brady/Gary Hutcheson, Ignis Investment Services Limited

0141 222 8000

 

END

 

 

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