IPSX Delisting & Update

Mailbox REIT PLC

25 October 2023

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICITON WHERE TO DO SO WOULD COSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THE JURISDICITON.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATON FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

25 October 2023

Mailbox REIT Plc

("Mailbox REIT" or the "Company")

IPSX Cancellation of Admission, Debt Facility and Trading Update

The Board of Mailbox REIT plc announced on 5 September 2023 that it had received notification from the International Property Securities Exchange ("IPSX") of its initiation of a winding-down process and the closure of the trading facility on 4 December 2023. After careful consideration, the Board has made the decision to cancel the admission of its ordinary shares to trading on IPSX and not to seek an admission on an alternative exchange for the time being. The Board will write to Shareholders shortly explaining its decision and the timetable for cancellation, with the intended cancellation to occur by mid-November.

The Company will exit the REIT regime upon its delisting from IPSX, as its shareholding structure will not qualify it for REIT status under the new REIT qualification rules which are expected to be introduced next year. The Board has consulted with tax advisers and does not believe that the loss of REIT status will result in any material additional tax liability.   

As noted in the Company's half year results announced on 29 September 2023, the loan secured against the Mailbox building remains in default as a full cure has not yet been achieved. The Company is continuing to progress a number of avenues with its investment manager to resolve the issue, including a potential refinancing. The Company remains in discussion with the lending syndicate.

The Mailbox building continues to perform well at an operational level. As at 19 October 2023, rent collection remains strong at 94.42% for the September Quarter rents due, with occupancy at 96% of floor area overall.

For further information, please visit www.themailboxreit.com or contact:

Mailbox REIT PLC
Stephen Barter - Chairman	via Tavistock
WH Ireland (Lead Advisor & Corporate Broker)	[phone]
Chris Hardie Darshan Patel
Tavistock (PR and IR)	[phone]
Simon Hudson James Whitmore	[e-mail]
Alter Domus (UK) Limited (Company Secretary)	[phone] [e-mail]

The Company's ISIN is GB00BM9BWM32.

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