LXB Retail Properties Plc SHARE BUYBACK PROGRAMME (6360H)
24 Giugno 2013 - 8:00AM
UK Regulatory
TIDMLXB
RNS Number : 6360H
LXB Retail Properties Plc
24 June 2013
For immediate release 24 June 2013
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
SHARE BUYBACK PROGRAMME
The Chairman's statement which formed part of the interim
results announcement on 17 June 2013 included details of
transactions and conditional transactions involving the Group's
investment properties at Greenwich, indicating that, subject to
satisfaction of the conditions to which individual contracts are
subject, significant amounts of surplus cash will be generated over
the next 18 months. The statement also noted that the Board of the
Company is minded to return cash to shareholders as and when it
becomes available.
Following the exchange of contracts for the unconditional sale
of Stone Lake Retail Park for GBP32.95m (of which GBP2m is deferred
pending satisfaction of certain conditions), the Board today
announces its intention to commence a programme (the "Buyback
Programme") for the purchase of its own ordinary shares ("Shares")
through its broker, Oriel Securities Limited, which will act on its
discretion to purchase Shares on the Company's behalf, subject to
certain pre-set parameters, up to an aggregate cost of GBP20m.
Any Share purchases will be effected in accordance with the
Company's general authority to buy back Shares as approved by
shareholders at the Company's annual general meeting on 27 February
2013, the AIM Rules for Companies (the "AIM rules") and the rules
of the Channel Islands Stock Exchange (the "CISX Rules").
The maximum price which may be paid for each Share is an amount
equal to 105% of the average middle market closing price for the 5
business days immediately preceding the date of the purchase.
In addition, given the limited liquidity in the Shares it is
possible that, on a given day, the Company may purchase more than
50 per cent of the average daily volume of the preceding 20
business days.
Any Shares purchased pursuant to the Buyback Programme will be
cancelled and the purchase will be notified to a regulatory
information service in accordance with the AIM Rules and the CISX
Rules.
With the exception of Alastair Irvine (who may sell up to
468,750 of his total direct and indirect interest in 2,968,750
Shares), none of the directors intend to dispose of any of their
shareholdings in the Company as part of the Buyback Programme. No
member of the Investment Manager's team intends to participate in
the Buyback Programme.
The directors consider that the Buyback Programme is the most
cost efficient and appropriate way to return this excess cash to
shareholders, particularly since the amount involved is not
significant relative to the Company's market capitalisation. As
indicated in the Chairman's statement, in the event that further
cash is received (as a result of the transactions at Greenwich or
otherwise) such that a large sum became available for return to
shareholders, then the directors would continue to consult with
shareholders as to the appropriate amount and form of any further
returns of capital.
The Board has reviewed the status of each of the Group's
investment projects for any material developments since the summary
provided to shareholders on 17 June 2013 and considers that it has
provided a comprehensive overview of the status of its investment
projects and of when shareholders may expect to see progress
reflected in the net asset value per share. The only additional
development within the portfolio since that summary was issued is
that the Group has now been granted planning permission to
reconfigure the existing consent at Biggleswade to reflect the
pre-letting agreements exchanged with M&S, Next and Matalan.
The total floor space remains as previously stated.
For further information please contact:
LXB Manager LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
Buchanan Tel: 020 7466 5000
Charles Ryland/Sophie McNulty/Helen Greenwood
www.buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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