Cash Election Results

RNS Number : 4187Q

UK Commercial Property Trust Ltd

03 August 2010

 



UK Commercial Property Trust Limited (the "Company")
3 August 2010

Cash election results

The Board is pleased to announce that valid elections by shareholders in F&C Commercial Property Trust Limited ("FCPT") for the Cash Option available under its recommended Scheme were made in respect of 27,277,799 FCPT Shares (4.0 per cent. of FCPT's issued share capital).  Accordingly the condition of the Scheme that valid elections for the Cash Option are made in respect of no more than 170 million FCPT Shares has been satisfied.

If the Scheme becomes effective, the Cash Option will be funded by the Company through the combination of an issue of 16,821,214 New UKCPT Shares to Phoenix Life Limited ("PLL") for £12,411,400 in cash, in accordance with the provisions of the subscription agreement entered into between the Company and PLL on 8 June 2010, and the payment of £12,411,400 out of the Company's existing cash resources.

Following the issue of the New UKCPT Shares to PLL referred to above and to FCPT shareholders under the terms of the Scheme, Phoenix Group Companies would in aggregate hold approximately 945 million ordinary shares in the capital of the Company representing approximately 46.8 per cent. of the voting rights of the Company.

The Scheme and the implementation of the Cash Option remain subject to the resolutions to be proposed at the Extraordinary General Meetings of the Company and of FCPT, both convened for 9 August 2010, being passed and the admission to listing on the Official List and to trading on the London Stock Exchange of the New UKCPT Shares being issued in connection with the Scheme.

Enquiries:

Graeme Caton/Graham Reaves/Nigel Russell	G&N Collective Funds Services Limited	Tel: [phone]
Gary Hutcheson	Ignis Investment Services Limited	Tel: [phone]
John Llewellyn-Lloyd/ Peter Tracey /Richard Crawley/Sunil Sanikop	Execution Noble & Company Limited	Tel: [phone]
Stephanie Highett/Richard Sunderland/Rachel Drysdale/Olivia Goodall	Financial Dynamics, Financial PR Adviser to UKCPT	Tel: [phone] [e-mail]

Words and expression defined in the circular issued by the Company dated 12 July 2010 have the same meanings when used in this announcement unless the context requires otherwise.

This announcement is not intended to and does not constitute, or form any part of, an offer to sell or an invitation to subscribe for or purchase any securities or the solicitation of any vote or approval in any jurisdiction, pursuant to the Scheme or otherwise, The Scheme will be effected solely through the Circular, which contains the full terms and conditions of the Scheme.

 

END

 

 

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