Result of EGM

RNS Number : 6197B

UK Commercial Property Trust Ltd

29 October 2009

 



UK COMMERCIAL PROPERTY TRUST LIMITED

UK Commercial Property Trust Limited (the "Company") announces that the ordinary resolution (to approve the acquisition of a portfolio of commercial properties and the issue of up to 163,794,000 ordinary shares of 25p each in connection with the acquisition) and the special resolution (to adopt new articles of incorporation) considered at the Extraordinary General Meeting (the "EGM"), convened by the circular sent to shareholders on 6 October 2009 (the "Circular") and held today, were duly passed by show of hands. Proxy votes received in relation to the ordinary resolution were 145,690,444 for, 320,031 against, 0 withheld and 32,000 discretionary.  Proxy votes received in relation to the special resolution were 709,374,821 for, 0 against, 0 withheld and 0 discretionary.

The acquisition of the New Property Portfolio (as defined in the Circular) other than the heritable property at 122/132 Argyle Street, Glasgow (the "Glasgow Property") will complete on 30 October 2009 and 151,544,000 new Ordinary Shares will be issued to the vendor and admitted to listing.  The proposed acquisition of the Glasgow Property is also conditional upon the entering into of a lease in relation to that property in accordance with heads of terms entered into with a proposed tenant and upon the satisfaction of the conditions precedent to such lease. Although negotiations with the prospective tenant are ongoing, no lease has been entered into and the Company will not acquire the Glasgow Property on 30 October 2009 but hopes to do so at a later date. The agreement to acquire the Glasgow Property can be rescinded by the parties in the event that the conditions thereto are not satisfied by 31 March 2010. If the conditions in relation to the acquisition of the Glasgow Property are satisfied and that property is acquired, the Company will make a separate application for admission to the Official List and to trading on the London Stock Exchange made in respect of 12,250,000 Ordinary Shares to be issued in consideration for the acquisition of the Glasgow Property.

A print of the resolutions passed at the EGM have been forwarded to, and will shortly be available for inspection at, the Financial Services Authority's Document Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

All Enquiries:

Douglas Armstrong, Dickson Minto W.S.

Tel: [phone]

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

Tel: [phone]

Robert Boag/Gerry Brady, Ignis Investment Services Limited

Tel: [phone]

 

END

 

 

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