LXB Retail Properties Plc Court Dissolution Hearing and NAV update (6850W)
18 April 2019 - 5:00PM
UK Regulatory
TIDMLXB
RNS Number : 6850W
LXB Retail Properties Plc
18 April 2019
18 April 2019
LXB Retail Properties Plc
(the "Company" or the "Group")
Rescheduling of Court Dissolution Hearing and NAV update
The Board of the Company announces that:
(i) due to unexpected delays with matters connected to the
transfers by the Company of its four remaining subsidiary
undertakings (such transfers being undertaken in accordance with
the Scheme and on the basis set out in the circular dated 1 March
2019 (the "Circular")); and
(ii) in order to realise as much value as possible from its four
remaining subsidiary undertakings,
the Company has rescheduled the Court Dissolution Hearing, which
was previously announced to be held at 10.00 a.m. on 26 April 2019,
to 10:00 a.m. on 21 May 2019 at the Royal Court of Jersey.
In the Circular, the Board announced that its expectation was
that the Dissolution Return of Capital to Shareholders would be
approximately GBP3.4m (2 pence per share). However, in light of the
matters affecting the transfers of the four remaining subsidiary
undertakings, the Board has subsequently reconsidered its guidance
on the Group's final cash NAV and now anticipates that the final
amount will be lower than previously announced. The Company will
make an announcement with further details of the new guidance as
soon as possible next week.
The following timetable sets out the expected dates of principal
events, some of which are indicative and some of which have changed
since the date of the previous announcement:
2019
Transfer of LXB Kingsmead and LXB Holdings On or before 21 May
2 to the IW Group
Transfer of LXB Skew Bridge and LXB Rushden On or before 21 May
to Blizzard
Court Dissolution Hearing 10:00 a.m. on 21 May
Last day of dealings in, and for registration 22 May
of transfers of, and disablement in CREST
of, the Ordinary Shares
Record date for participation in Dissolution Close of business on 22 May
Return of Capital
Suspension of admission to trading on AIM, 7.30 a.m. on 23 May
listing on TISE and dealings in the Ordinary
Shares
CREST accounts credited and despatch of cheques As soon as possible on 30
in respect of Dissolution Return of Capital May
Expected time and date of AIM Cancellation 7.00 a.m. on 31 May
and TISE Delisting
Expected time and date of Company Dissolution After 9.00 a.m. on 31 May
Capitalised terms, unless otherwise defined shall have the
meaning given to them in the Circular, copies of which are
available on the Company's website (www.lxbproperties.com)
For further information please contact:
LXB3 Partners LLP Tel: 020 7432 7900
Tim Walton, CEO
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Henry Wilson
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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