23rd Jul 2007 07:05
F&C Commercial Property Trust Ltd23 July 2007 RIS ANNOUNCEMENT F&C COMMERCIAL PROPERTY TRUST LIMITED FOR IMMEDIATE RELEASE Issue of shares 23 July 2007 The Board of the Company today announces that it is proposing to issue shares inconnection with the proposed liquidation and reconstruction (the "Scheme") ofThe UK Balanced Property Trust Limited ("UKBPT") that was announced by UKBPTtoday. It is intended that the Scheme will be effective in mid-October 2007, onthe planned winding up date of UKBPT. Under the Scheme, it is intended that shareholders in UKBPT will have theopportunity to roll-over their investment into the Company. The Company will bethe default option for shareholders in UKBPT. Ordinary shares will be issued toshareholders in UKBPT at an issue price equal to the net asset value of a sharein the Company at the time the Scheme becomes effective, adjusted for anyaccrued dividend in the Company to which the roll-over shareholders may or maynot be entitled. F&C Investment Business Limited has agreed to make a contribution to the coststo the Company of the roll-over which is expected to cover the costs to theCompany of participating in the Scheme in full. As such, the Company'sparticipation in the Scheme will not be dilutive to the net asset value of anordinary share in the Company. The number of ordinary shares to be issued willbe limited to 44.5 million and subsidiaries of Friends Provident plc will retainover 50 per cent. of the issued shares in the Company following the Scheme. Further details in relation to the Company's participation in the Scheme will beannounced in due course. All enquiriesThe Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745001Fax: 01481 745051 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Balanced Commercial Property Trust