22nd Sep 2016 08:17
LONDON (Alliance News) - LXB Retail Properties PLC on Thursday said it plans to return GBP30.3 million to shareholders after having sold two of its investments earlier this year.
The closed-end real estate investment company said the GBP30.3 million was equal to 18 pence per share.
The return of cash follows the disposal of LXB's investment in Kingsmead Stafford and its investment in home improvement retailer B&Q PLC's store in Greenwich, London, both last month.
Together with two earlier returns of cash, GBP64.0 million and GBP82.6 million respectively, LXB said it will have returned to shareholders "virtually the whole of the capital raised by its initial public offering and subsequent share issues".
"Given the turbulence in the wider market I am pleased with what has been achieved, but much remains to be done. We are currently undertaking a number of initiatives to complete the task of achieving an orderly run off of the investment portfolio in a way that offers best value to shareholders," said Tim Walton, Chief Executive of LXB's fund manager LXB Adviser LLP.
Shares in LXB were up 1.1% at 68.00 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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