Notice of EGM

RNS Number : 3279I

Tritax Big Box REIT plc

24 March 2015

 

24 March 2015

TRITAX BIG BOX REIT PLC

(the "Company") 

NOTICE OF EXTRAORDINARY GENERAL MEETING

RECOMMENDED PROPOSALS TO AMEND THE COMPANY'S EXISTING INVESTMENT POLICY AND CANCEL ITS SHARE PREMIUM ACCOUNT

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) announces the publication today of a notice convening an extraordinary general meeting (the "Notice of Extraordinary General Meeting") to consider recommended proposals to amend the Company's Existing Investment Policy and cancel its share premium account. 

As set out in the Company's Securities Note and Summary dated 6 March 2015, in response to the way in which the UK Big Box logistics warehouse market has evolved since IPO, the Company has consulted with Shareholders and the UK Listing Authority on certain proposed amendments to its Existing Investment Policy so that:

(a)    the number of FTSE 350 tenants to which the Company may have a maximum 30 per cent. exposure is increased from one to two;

(b)      the aggregate maximum exposure to forward funded assets of 25 per cent. of gross assets is deleted; and

(c)      the restriction on any use of hedging to a single asset is deleted.

The Notice of Extraordinary General Meeting sets out full details of the background to and rationale for the proposed changes to the Company's Existing Investment Policy.

In addition, the Company is also proposing to cancel its share premium account and thereby create, subject to confirmation of the Court, distributable reserves to support the Company's ability to declare and pay dividends and make other returns of capital to Shareholders.  Further details, including the rationale for the cancellation, are set out in the Notice of Extraordinary General Meeting.

The proposals to amend the Existing Investment Policy and cancel the share premium account require the approval of Shareholders. The Extraordinary General Meeting will be held on Wednesday, 15 April 2015 at 10:30 a.m. at the offices of Taylor Wessing LLP, 5 New Street Square, London EC4A 3TW.

A copy of the Notice of Extraordinary General Meeting will be posted to Shareholders today and will be available on the Company's website at www.tritaxbigbox.co.uk/investors.  A copy will also be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM.

Any capitalised terms not defined in this announcement have the meaning set out in the Notice of Extraordinary General Meeting.

For further information, please contact:

Tritax Group Colin Godfrey (Partner, Fund Manager)	via Newgate (below)
Newgate (Financial PR) James Benjamin Andre Hamlyn	Tel: [phone] Email: [e-mail]
Jefferies International Limited Gary Gould Stuart Klein Alex Collins	Tel: [phone]
Akur Limited Anthony Richardson Tom Frost Siobhan Sergeant	Tel: [phone]

NOTES:

Tritax Big Box REIT plc is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies ("REIT"). The Company invests in and asset manages a portfolio of well-located, modern "Big Box" assets, typically targeting buildings greater than 500,000 sq. ft., let to institutional-grade tenants on long-term leases (typically between 12 and 25 years in length) with upward-only rent reviews (providing the potential for inflation linked earnings growth), and with geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand in high growth areas of the economy and limited stock supply. The Company is the first listed vehicle to give pure exposure to the "Big Box" asset class in the UK.

Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk 

 

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