12th May 2015 11:35
LONDON (Alliance News) - LXB Retail Properties PLC Tuesday said its net asset value per share rose over the six months to end-March thanks to higher property prices, and it's in a position to return GBP82.6 million or 45 pence a share to its shareholders in the wake of recent asset sales as it urged shareholders to vote for a continuation of the investment company.
The real estate investor that's focused on edge-of-town and out-of-town retail assets said its net aset value per share had risen to 139.87 pence on March 31, from 134.30 pence at the end of last September, while the value on an EPRA basis, which excludes fair values of financial instruments and deferred tax, rose to 140.02p from 134.54p. It was buoyed by a GBP12.1 million investment property revaluation surplus.
Its cash deposits and liquid investments stood at GBP17.2 million at the end of March, up from GBP7.7 million at the end of September.
The company is having a continuation vote at its next annual general meeting of shareholders, and it is proposing that it be allowed to continue in its existing form so that it can continue to drive shareholder value through its existing schemes.
"Your board believes there is material further value to be realised for our shareholders from within the existing portfolio and we expect to be able to offer a much clearer view on that for each of our investments by the time of next year's AGM. That will ensure that shareholders are able to make a fully informed decision on the board's proposals for the future of the company which we have committed to present to that AGM," it said.
LXB sold a foodstore in Sutton last month and has received proceeds of GBP58.5 million, while it has also sold an investment in Biggleswade and expects to receive GBP20 million shortly.
"In light of these actual and imminent cash receipts, the board has reviewed the group's requirements and concluded that, on receipt of these monies, the group will be in a position to return GBP82.63 million (45p per share) to shareholders," it said.
LXB Retail shares were down 0.5% at 145.00 pence Tuesday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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