Scheme of Arrangement Becomes Effective
Summary by AI BETAClose X
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
FOR IMMEDIATE RELEASE
20 April 2026
RECOMMENDED CASH AND SHARE OFFER FOR
LIFE SCIENCE REIT PLC ("Life Science REIT")
by
THE BRITISH LAND COMPANY PLC ("British Land")
effected by means of a Scheme of Arrangement
under Part 26 of the Companies Act 2006
Scheme Effective
Further to the announcement made by Life Science REIT plc ("Life Science REIT") on 16 April 2026 confirming that the Court had sanctioned the Scheme, the boards of Life Science REIT and The British Land Company PLC ("British Land") are pleased to announce that, following delivery of a copy of the Court Order to the Registrar of Companies today for registration, the scheme of arrangement between Life Science REIT and the Scheme Shareholders under Part 26 of the Companies Act 2006 (the "Scheme") to implement the recommended cash and share offer by British Land for the entire issued and to be issued share capital of Life Science REIT has now become Effective and, pursuant to the Scheme, the entire issued and to be issued share capital of Life Science REIT is now owned by British Land. It is intended that Life Science REIT shall, shortly after the date of this announcement, be re-registered as a private limited company.
Full details of the Acquisition are set out in the scheme document published on 20 February 2026 (the "Scheme Document"). Unless otherwise defined, all capitalised terms in this announcement have the meaning given to them in the Scheme Document. All references to times in this announcement are to London time unless otherwise specified.
Consideration, settlement and admission of New British Land Shares
As set out in the Scheme Document, a Scheme Shareholder on the register of members of Life Science REIT at the Scheme Record Time, being 6.00 p.m. on 17 April 2026, is entitled to receive the consideration as provided for under the Scheme.
Consequently, pursuant to the terms of the Scheme, a Scheme Shareholder whose name appeared on the register of members of Life Science REIT at the Scheme Record Time, will be entitled to receive 0.07 New British Land Shares and 14.1 pence in cash for each Scheme Share held by them at that time.
An application has been made to the London Stock Exchange for 24,500,000 New British Land Shares with a nominal value of 25 pence each to be admitted to trading on the Main Market, which is expected to take place at 8.00 a.m. tomorrow, being 21 April 2026. New British Land Shares held in uncertificated form are expected to be credited to CREST accounts on or as soon as possible after 8.00 a.m. on 21 April 2026 (but no later than 4 May 2026) and British Land will procure the despatch of share certificates in respect of New British Land Shares held in certificated form by no later than 4 May 2026.
Settlement of the Acquisition consideration to which any Scheme Shareholder is entitled will be effected by no later than 4 May 2026.
Suspension and cancellation of trading
As previously advised, the suspension of listing of the Life Science REIT Shares on the Official List and from trading on the Main Market takes effect from 7.30 a.m. today.
Following applications to the FCA and the London Stock Exchange, the cancellation of the Life Science REIT Shares on the Official List and the cancellation of the admission to trading of the Life Science REIT Shares on the Main Market is expected to take effect by 8.00 a.m. on 21 April 2026.
Upon the Scheme having become Effective, share certificates in respect of the Scheme Shares have ceased to be valid documents of title and entitlements to Scheme Shares held in uncertificated form in CREST are being cancelled.
End of Offer Period
Life Science REIT is no longer in an 'offer period' as defined in the Code and accordingly the dealing disclosure requirements previously notified to Life Science REIT Shareholders and British Land Shareholders no longer apply.
Board changes
As of the Scheme becoming Effective earlier today, Claire Boyle, Sally Ann Forsyth, Richard Howell, Robert Naylor and Michael Taylor have each resigned from the Life Science REIT Board. Gavin Bergin, Michael Wiseman, Paul Case and Rhiannon Owen have been appointed to the Life Science REIT Board as of the Scheme becoming Effective earlier today.
Enquiries:
British Land
Jonty McNuff (Investors) +44 (0)7931 684 272
Harriet Scott (Media) +44(0)7977 572 190
Charlotte Whitley (Media) +44 (0)7887 802 535
UBS (Financial Adviser to British Land) +44 (0)20 7567 8000
Jonathan Retter
Sandip Dhillon
Aadhar Patel
David Sissons
FGS Global (PR Adviser to British Land) +44 (0)20 7251 3801
Oli Sherwood
Guy Lamming
Life Science REIT via Panmure Liberum
Claire Boyle, Chair
Panmure Liberum (Financial Adviser to Life Science REIT) +44 (0)20 3100 2000
Investment Banking:
Tom Scrivens
Chris Clarke
Alex Collins
Ashwin Kohli
M&A:
Tim Medak
Herbert Smith Freehills Kramer LLP is acting as legal adviser to British Land in connection with the Acquisition.
Gowling WLG (UK) LLP is acting as legal adviser to Life Science REIT in connection with the Acquisition.
Notices
Panmure Liberum Limited ("Panmure Liberum"), which is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom, is acting exclusively as financial adviser and Rule 3 adviser to Life Science REIT and no one else in connection with the Acquisition and any other matter or arrangement set out in this announcement. Panmure Liberum will not regard any other person as its client in connection with the Acquisition or any other matter or arrangement set out in this announcement and will not be responsible to anyone other than Life Science REIT for providing the protections afforded to its clients or for providing advice in relation to the Acquisition or any other matter or arrangement referred to in this announcement. Neither Panmure Liberum nor any of its affiliates (nor their respective directors, officers, employees or agents) owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Panmure Liberum in connection with the Acquisition, this announcement, any statement contained herein or otherwise. No representation or warranty, express or implied, is made by Panmure Liberum as to the contents of this announcement.
UBS AG London Branch ("UBS") is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the FCA and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS is acting as financial adviser to British Land and no one else in connection with the matters set out in this announcement. In connection with such matters, UBS, its affiliates, and its or their respective directors, officers, employees and agents will not regard any other person as its client, nor will it be responsible to any other person for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any other matter referred to herein.
Overseas Shareholders
The availability of New British Land Shares (and the ability of persons to hold such shares) in, and the release, publication or distribution of this announcement in or into jurisdictions other than the United Kingdom may be restricted by the laws and/or regulations of those jurisdictions. Any persons who are not resident in the United Kingdom, or who are subject to the laws and/or regulations of any jurisdiction other than the United Kingdom, should inform themselves about, and observe, any applicable legal or regulatory requirements. Any failure to comply with the applicable restrictions may constitute a violation of the laws and/or regulations of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.
Unless otherwise determined by British Land or required by the Code, and permitted by applicable law and regulation, the New British Land Shares to be issued pursuant to the Acquisition to Life Science REIT Shareholders will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Acquisition by any such use, means, instrumentality or form (including, but not limited to, facsimile, e-mail or other electronic transmission or telephone) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of, any Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this announcement and any formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction or any other jurisdiction where to do so would constitute a violation of the laws of, or require registration thereof in, that jurisdiction. Persons (including without limitation nominees, trustees and custodians) receiving this announcement or any formal documentation relating to the Acquisition must not mail or otherwise forward, distribute or send such documents in, into or from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in respect of the Acquisition.
The availability of New British Land Shares pursuant to the Acquisition to Life Science REIT Shareholders who are not resident in the United Kingdom or the ability of those persons to hold such shares may be affected by the laws or regulatory requirements of the relevant jurisdictions in which they are resident. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable legal or regulatory requirements. Life Science REIT Shareholders who are in any doubt about such matters should consult an appropriate independent professional adviser in the relevant jurisdiction without delay. The statements contained in this announcement are not to be construed as legal, business, financial or tax advice.
Notes to US investors in Life Science REIT
Life Science REIT Shareholders in the United States should note that the Acquisition relates to the shares of an English company and has been made by means of a scheme of arrangement provided for under, and governed by, English law. Neither the proxy solicitation nor the tender offer rules under the US Exchange Act apply to the Scheme. Moreover, the Scheme is subject to the disclosure requirements and practices applicable in the UK to schemes of arrangement, which differ from the disclosure requirements of the US proxy solicitation rules and tender offer rules.
Financial information included in documentation related to the Acquisition has been prepared in accordance with accounting standards applicable in the UK and may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States.
Life Science REIT and British Land are each organised under the laws of England and Wales. It may be difficult for US holders of Life Science REIT Shares to enforce their rights and any claim arising out of US federal laws, since Life Science REIT and British Land are located outside of the United States, and some or all of their officers and directors may be residents of countries other than the United States. It may not be possible to sue Life Science REIT, British Land or any of their officers or directors in a non-US court for violations of US securities laws. Further, it may be difficult to compel Life Science REIT, British Land or their respective affiliates to subject themselves to the jurisdiction and judgment of a US court.
The receipt of cash and New British Land Shares by a US holder of Life Science REIT Shares as consideration for the transfer of its Scheme Shares pursuant to the Scheme may be a taxable transaction for United States federal income tax purposes and under applicable United States state and local income, franchise or transfer, as well as foreign and other, tax laws and such consequences, if any, are not described herein. Each Life Science REIT Shareholder (including US holders) is urged to consult its independent professional advisers immediately regarding the legal, tax and financial consequences of the Acquisition applicable to them.
This announcement does not constitute or form a part of any offer to sell or issue, or any solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the United States.
Neither the US Securities and Exchange Commission nor any securities commission of any state or other jurisdiction of the United States has approved the Acquisition, passed upon the fairness of the Acquisition, or passed upon the adequacy or accuracy of this announcement. Any representation to the contrary is a criminal offence in the United States.
Notes regarding New British Land Shares
The New British Land Shares have not been and will not be registered under the US Securities Act, or under the relevant securities laws of any state, territory or other jurisdiction of the United States, and may not be offered or sold in the United States absent registration under the US Securities Act, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. It is expected that the New British Land Shares will be issued in reliance upon the exemption from the registration requirements of the US Securities Act provided by Section 3(a)(10) thereof. For the purpose of qualifying for the exemption provided by Section 3(a)(10) of the US Securities Act, Life Science REIT advised the Court that its sanctioning of the Scheme will be relied on by British Land for the purposes of a Section 3(a)(10) exemption following a hearing on the fairness of the Scheme to Life Science REIT Shareholders.
The New British Land Shares to be issued pursuant to the Scheme have not been and will not be registered under the relevant securities laws of Japan and the relevant clearances have not been, and will not be, obtained from the securities commission of any province of Canada. No prospectus in relation to the New British Land Shares has been, or will be, lodged with, or registered by, the Australian Securities and Investments Commission.
Accordingly, the New British Land Shares are not being, and may not be, offered, sold, resold, delivered or distributed, directly or indirectly in or into a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of relevant laws of, or require registration thereof in, such jurisdiction (except pursuant to an exemption, if available, from any applicable registration requirements or otherwise in compliance with all applicable laws).
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