17th Oct 2007 16:56
F&C Commercial Property Trust Ltd17 October 2007 RIS Announcement F&C Commercial Property Trust Limited 17 October 2007 For immediate release Issue of Equity F&C Commercial Property Trust Limited (the "Company") refers to the announcementmade by it on 23 July 2007 announcing its intention to issue new ordinary sharesin connection with the scheme (the "Scheme") of liquidation and reconstructionof The UK Balanced Property Trust Limited ("UKBPT"). The Company announces that it has today resolved to issue 28,582,016 newordinary shares in the Company pursuant to the Scheme, at an issue price of140.33p per share, conditional only on admission of the new shares in theCompany to listing on the Official List of the UK Listing Authority and totrading on the London Stock Exchange. It is expected that the new shares will beadmitted to the Official Lists of the UKLA and the Channel Islands StockExchange, and to trading on the London Stock Exchange and the Channel IslandsStock Exchange, at 8.00 a.m. on 18 October 2007. The aggregate proceeds to theCompany will be approximately £40.1 million. F&C Asset Management plc, theparent company of the Company's investment manager, has agreed to cover thecosts of the Company in participating in the Scheme. In accordance with the terms of the Scheme, the issue price per new share to beissued of 140.33p is equal to the net asset value of an ordinary share in theCompany as at 30 September 2007, adjusted by deducting the two quarterlydividends already declared (payable on 26 October 2007 and 25 January 2008) inwhich the new shares to be issued pursuant to the Scheme are not entitled toparticipate. The Terminal Asset Value of a UKBPT share for the purposes of the Scheme hasbeen calculated at 166.83209855p and therefore shareholders in UKBPT who haveelected to rollover into the Company will receive approximately 1.1888 newshares in the Company for each share held in UKBPT. In accordance with theScheme, fractions of shares will not be issued. Following this issue, the Company's issued share capital will consists of763,582,016 ordinary shares of which 10,030,050 ordinary shares are held intreasury. The total number of shares with voting rights in the Company is 753,551,966. The above figure (753,551,966) may be used by shareholders as the denominatorfor the calculations by which they will determine if they are required tonotify their interest in, or a change to their interest in, the Company underthe FSA's Disclosure and Transparency Rules. All enquiries Nigel Russell/Graeme Caton/Graham ReavesG&N Collective Funds Services LimitedTel: 0131 226 4411 The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745338Fax: 01481 745085 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Balanced Commercial Property Trust