11th Oct 2007 07:00
UK Commercial Property Trust Ltd11 October 2007 UK COMMERCIAL PROPERTY TRUST LIMITED FOR IMMEDIATE RELEASE Continuation vote 11 October 2007 The Board of UK Commercial Property Trust Limited (the "Company") refers to theprospectus (the "Prospectus") published by the Company on launch in September2006. The Prospectus stated that, if the market price of a Share in the Companywas more than five per cent. below the published net asset value of a Share fora continuous period of 90 dealing days or more, the Directors would convene anextraordinary general meeting to consider an ordinary resolution for thecontinuation of the Company. The Company announces that, as at close of businessyesterday, the Shares had traded at more than a five per cent. discount to theirnet asset value for 90 continuous dealing days. In accordance with the intentionstated in the Prospectus, the Directors therefore intend to convene anextraordinary general meeting to consider a resolution (the "Resolution") toapprove the continuation of the Company. The Company will publish a circular in November convening an extraordinarygeneral meeting (the "EGM") to consider the Resolution. All Shareholders areentitled to attend and vote on the Resolution to be proposed at the EGM, whichwill be proposed as an ordinary resolution. If the Resolution is not passed then, as stated in the Prospectus, the Directorswill convene a further extraordinary general meeting of the Company to be heldwithin six months of the date of the first EGM to consider the winding up of theCompany or a reconstruction of the Company which offers all Shareholders theopportunity to realise their investment. If the Resolution is passed then, as stated in the Prospectus, the Directorswould not intend to convene another extraordinary general meeting to considerthe continuation of the Company unless the Shares trade at a discount of morethan 5 per cent. for 90 continuous dealing days or more from the firstanniversary of the EGM. The Board together with its advisers intends to continue the ongoing dialoguewith Shareholders regarding the current discount. The Board believes thatShareholders remain supportive of the continuation of the Company. All enquiriesDouglas Armstrong, Dickson Minto WS0207 628 4455 Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited0131 226 4411 The Company Secretary, Northern Trust International Fund Administration Services(Guernsey) Limited01481 745529 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UKCM.L