For immediate release
22 September 2016
LXB Retail Properties Plc
(the "Company" or the "Group")
Further Return of Cash
LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail investments, today announces proposals for a £30.3m Return of Cash (18p per share). The announcement explaining the procedure and timetable for the Return of Cash will be posted on the Company's website (www.lxbproperties.com) later today, as will a copy of the Return of Cash letter and associated documents (which will be posted to shareholders today).
This Return of Cash is enabled by receipts from previously announced transactions concerning the Group's Ayr, Kingsmead Stafford and B&Q Greenwich investments and follows previous returns of cash of £64.0m earlier on this year in June and £82.6m in June 2015. Together with the current proposal, this means the Company will have returned virtually the whole of the capital raised by its IPO and subsequent share issues (net of issue costs and shares bought back for cancellation). The net equity raised was equivalent to 101.3p per share in issue and the aggregate capital returns (including the proposed return of cash) amount to 101.0p per share.
Commenting on this proposal, Tim Walton, CEO of LXB Adviser LLP, said;
"These latest realisations demonstrate that we are making good progress with implementation of the revised mandate given to us by the Board following the AGM six months ago. Given the turbulence in the wider market I am pleased with what has been achieved, but much remains to be done. We are currently undertaking a number of initiatives to complete the task of achieving an orderly run off of the investment portfolio in a way that offers best value to shareholders. I would hope that the Company will be able to update the market on further progress in the near future."
For further information please contact:
LXB Adviser LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery / Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland / Vicky Hayns / Patrick Hanrahan
This information is provided by RNS