22nd Feb 2008 08:35
AXA Property Trust Ld22 February 2008 To: Company Announcements Date: 22 February 2008 Company: AXA Property Trust Limited Subject: Equity Hedging The Board of AXA Property Trust ("the Company") are pleased to announce theexecution of the first tranche of the Company's net investment or equity hedgingstrategy. On 21 February 2008 the Company purchased a forward for the Sterling equivalentof €40 million with a maturity date of 2015. 2015 coincides with the earliestpossible date for termination of the Company, as foreseen in the Company'sProspectus at launch. The purpose of the hedging instrument is to reduce volatility in the Company'sNet Asset Value arising from fluctuations in the Euro/Sterling exchange rate, aswell as "locking in" significant foreign exchange gains the Company hasexperienced in recent months as a result of the favourable foreign exchangemovements. The Board will continue to keep the status of equity hedging under review andexpects to enter into further transactions to increase the proportion of hedgedequity in the coming months. All Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Tel: 01481 745529 Fax: 01481 745085 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Worsley Inv Ltd