31st Aug 2006 11:37
Insight Foundation Property Tst Ltd31 August 2006 This document is not for release, publication or distribution in or into theUnited States, Canada, Australia or Japan Insight Investment, the manager of the Insight Foundation Property Trust announces its intention to IPO its real estate fund management business. & The Insight Foundation Property Trust announces its agreement to novate theInvestment Management contract to the newly created property investment manager. 31st August 2006 Insight Investment Management ("Insight"), the asset management business of HBOSplc ("HBOS"), today announced its decision to spin-off and IPO its real estatefund management division on AIM to become an independently listed Real EstateFund Manager. It is intended that the IPO will be completed before the end ofSeptember 2006. The new company will be called Invista Real Estate InvestmentManagement Holdings plc ("Invista" or the "Company"). While HBOS will retain a significant ownership stake, this move is designed togive the Manager greater opportunities for further development and growth, whilealso providing a good platform to retain key members of the investment team. TheBoard has satisfied itself that the Manager will enjoy at least the same levelof resources as previously, and that it will therefore be able to perform itsduties as effectively as before. The Board has therefore agreed to novate theInvestment Management Agreement to the newly formed entity. Contacts: Invista Real Estate Holdings plc Duncan Owen +44 207 321 1676 JPMorgan Cazenove Richard Cotton +44 207 588 2828 Conor Hillery Insight Foundation Property Trust Andrew Sykes +44 1481 743004 JPMorgan Cazenove is acting exclusively for the Company in relation to the IPOand no one else and will not be responsible to anyone other than the Company forproviding the protections afforded to clients of JPMorgan Cazenove nor forproviding advice in relation to the contents of this announcement or any othermatter. This announcement does not constitute or form of any offer of securities, orconstitute a solicitation of any offer to purchase or subscribe for securities,and any acquisition of or application for shares in the IPO shall only be madeon the basis of information contained in the admission document to be issued indue course in connection with the IPO, and any supplement or amendment thereto. This announcement is not for publication or distribution to persons in theUnited States of America, its territories or possessions or to any US person(within the meaning of Regulation S under the US Securities Act of 1933, asamended). Neither this announcement nor any copy of it may be taken ortransmitted into Australia, Canada or Japan or to Canadian persons or to anysecurities analyst or other person in any of those jurisdictions. Any failure tocomply with this restriction may constitute a violation of United States,Australian, Canadian or Japanese securities law. The distribution of thisannouncement in other jurisdictions may be restricted by law and persons intowhose possession this announcement comes should inform themselves about, andobserve, any such restrictions. The Company's shares have not been, and will not be, registered under the UnitedStates Securities Act of 1933, as amended, or under the securities legislationof any state of the United States. The relevant clearances have not been, andwill not be, obtained from the Securities Commission of any province orterritory of Canada; no document in relation to the IPO has been, or will be,lodged with, or registered by, the Australian Securities and InvestmentsCommission; and no registration statement has been, or will be, filed with theJapanese Ministry of Finance in relation to the IPO. Accordingly, subject tocertain exceptions, the Company's shares may not, directly or indirectly, beoffered or sold within the United States, Canada, Australia or Japan or offeredor sold to a resident of Canada, Australia or Japan. This announcement includes statements that are, or may be deemed to be,"forward-looking statements". These forward-looking statements can be identifiedby the use of forward-looking terminology, including the terms "believes","estimates", "anticipates", "projects", "expects", "intends", "may", "will","seeks" or "should" or, in each case, their negative or other variations orcomparable terminology, or by discussions of strategy, plans, objectives, goals,future events or intentions. These forward-looking statements include allmatters that are not historical facts. They appear in a number of placesthroughout this announcement and include statements regarding the IIM's or theCompany's intentions, beliefs or current expectations concerning, amongst otherthings, the Company's results of operations, financial condition, liquidity,prospects, growth, strategies and the industry in which the Company and IIMoperate. By their nature, forward-looking statements involve risks anduncertainties because they relate to events and depend on circumstances that mayor may not occur in the future. Forward-looking statements are not guarantees offuture performance. The Company's actual results of operations, financialcondition and liquidity, and the development of the business sector in which theCompany and IIM operate, may differ materially from those suggested by theforward-looking statements contained in this document. In addition, even if theCompany's results of operations, financial condition and liquidity, and thedevelopment of the industry in which the Company and IIM operate, are consistentwith the forward-looking statements contained in this document, those results ordevelopments may not be indicative of results or developments in subsequentperiods. Other than in accordance with the Company's obligations under the AIMRules, the Company undertakes no obligation to update or revise publicly anyforward-looking statements, whether as a result of new information, futureevents or otherwise. The contents on this announcement, which have been prepared by the Company andare the sole responsibility of the Company have been approved solely for thepurposes of Section 21 of the Financial Services and Markets Act 2000 of theUnited Kingdom by JPMorgan Cazenove of 20 Moorgate, London EC2R 6DA. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Schroder Real