Annual Financial Report

RNS Number : 3759J

Alpha Pyrenees Trust Limited

02 April 2015

 



2 April 2015

ALPHA PYRENEES TRUST LIMITED (THE "COMPANY" OR THE "TRUST")

ANNUAL REPORT AND FINANCIAL STATEMENTS

NOTICE OF ANNUAL GENERAL MEETING ('AGM')

PROPOSED AMENDMENTS TO THE COMPANY'S INVESTMENT POLICY

1.         Introduction

Further to the Company's results announcement, dated 13 March 2015, the Directors of the Trust confirm that the annual report and financial statements of the Company for the year ended 31 December 2014 have been published today on the Company's website.

The Company also announces that it has today posted a circular to shareholders (the "Circular") including a notice of the Annual General Meeting ("AGM") of the Company, to be held at 9.00 a.m. on 24 April 2015 ("Notice of AGM").

The Circular includes a proposal to make certain changes to the Company's existing investment policy and to explain why your Board considers such proposals to be in the best interests of the Company and Shareholders as a whole and to recommend that you vote in favour of the Resolutions.

A copy of the Annual Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do. Copies of the Annual Report and Circular can be downloaded from Alpha Pyrenees Trust's website at www.alphapyreneestrust.com.

2.         Ordinary Business at the Annual General Meeting

The ordinary business of the AGM includes resolutions to adopt the financial statements of the Company for the year ended 31 December 2014, to re-elect certain directors who are retiring by rotation or otherwise, to approve the reappointment of BDO Limited as auditors of the Company and to authorise the Directors to fix their remuneration.

3.         Special Business at the Annual General Meeting - Amendment to the Company's Investment Policy

Current Investment Policy of the Company

The investment policy of the Company is to invest in higher-yielding properties in France and Spain, focusing on commercial property in the office, industrial, logistics and retail sectors let to tenants with strong covenants (the "Investment Policy").

Previous changes to the Investment Policy

On 13 February 2007 the Company's listing was reclassified from that of a property investment company listed under Chapter 15 of the Listing Rules to that of an overseas company listed under Chapter 14 (standard listing) of the Listing Rules (the "Reclassification") in order to provide the Company with maximum flexibility to operate within its investment policy. Simultaneously with the Reclassification, the Company amended its investment principles to reflect its revised classification and to align the Company's investment principles more closely with those introduced by legislation relating to REITs. A circular explaining the background to the Reclassification was published by the Company on 15 January 2007 (the "2007 Circular").  Subsequently, on 26 April 2013, certain restrictions which were adopted by the Company on Reclassification were removed from the Company's investment principles in order to allow the Company greater flexibility to achieve the Investment Policy in an efficient manner without the cost and delay associated with needing to seek Shareholder approval for investment transactions. 

Proposed Investment Policy of the Company

The investment policy of the Company is to invest in higher-yielding properties in France and Spain, focusing on commercial property in the office, industrial, logistics and retail sectors let to tenants with strong covenants. The Company may make disposals of investments to reduce its level of indebtedness.

Your Board believes that the above change (the "Policy Amendment") reflects the fact that the Company may make disposals in order to repay amounts due under its credit facilities during the forthcoming year. 

There is no requirement in the Articles to make the Policy Amendment conditional on a vote of the Shareholders. However, the Board would like to give Shareholders the opportunity to approve the Policy Amendment by an ordinary resolution.

4.         Annual General Meeting

A notice convening the AGM, which is to be held at the offices of Morgan Sharpe Administration Limited, Old Bank Chambers, La Grande Rue, St Martin's, Guernsey GY4 6RT on 24 April 2015 from 9 a.m., is set out at the end of the Circular. The Board implementing the proposal set out in the Circular is conditional upon the Resolutions being passed at the AGM.  In order to become effective, the Fifth Resolution will require the affirmative approval of over one half of the voting rights cast at the AGM, whether voted by Shareholders in person or by proxy.

5.         Action to be taken

You will find enclosed with the Circular a form of proxy for use at the AGM. Whether or not you propose to attend the AGM in person, you are requested to complete and sign the form of proxy in accordance with the instructions printed thereon and return it to the Company's registrar, Morgan Sharpe Administration Limited, at Old Bank Chambers, La Grande Rue, St Martin's, Guernsey GY4 6RT or by fax to [phone] or by email to [e-mail], as soon as possible but, in any event, so as to arrive no later than 9 a.m. on 22 April 2015.

The completion and return of a form of proxy will not preclude you from attending the AGM and voting in person if you wish to do so.

6.         Recommendation

Your Board considers that the proposals set out in the Circular are in the best interests of the Company and Shareholders as a whole. Accordingly, the Board unanimously recommends that Shareholders vote in favour of the Resolutions to be proposed at the AGM.

For further information contact:

Dick Kingston

Chairman, Alpha Pyrenees Trust Limited 01481 231100

Paul Cable

Fund Manager, Alpha Real Capital LLP                020 7391 4700

For more information on the Trust please visit www.alphapyreneestrust.com.

For more information on the Trust's Investment Manager please visit www.alpharealcapital.com.

 

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