LXB RETAIL PROPERTIES PLC
For Immediate Release | 29 May 2015 |
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Completion of Sutton Forward Funding and Confirmation of Return of Cash Arrangements
LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, today announces that the sale of the Group's foodstore investment at Sutton to The Lime Property Fund, which was first announced on 29 January 2015, has now completed and initial cash proceeds of £20m have been received.
Completion of this transaction, together with the approval of the Resolutions put to the Extraordinary General Meeting on 27 May 2015, means that the Company is able to confirm the timetable for the proposed Return of Cash. These dates supersede the dates which were contained in the provisional timetable included in the Company's Circular dated 12 May 2015 and are as follows:-
Declaration of Dividend | 29 May 2015 |
Allotment and issue of B Shares | 29 May 2015 |
Option 1: Cash Dividend | |
Dispatch of cheques, BACS payments issued to mandated sterling accounts or CREST accounts credited (as appropriate) in respect of the Cash Dividend | 9 June 2015 |
Option 2: B Share Redemption | |
B Share Redemption Date | 1 June 2015 |
Dispatch of cheques or CREST accounts credited (as appropriate) in respect of B Shares redeemed on the B Share Purchase Date | 9 June 2015 |
For further information please contact:
LXB Adviser 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/Sophie McNulty/Jason Day |
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