28th Feb 2007 11:29
McKay Securities PLC28 February 2007 PRESS RELEASE McKay Securities PLC Results of Extraordinary General Meeting Confirmation of Proposed Conversion to Real Estate Investment Trust Status McKay Securities PLC ("the Company") confirms that, following the ExtraordinaryGeneral Meeting held today, 28th February 2007, at which shareholders approvedchanges to its Articles of Association, it will be taking the necessary stepsfor the Company and its subsidiaries (the "Group") to convert to a Real EstateInvestment Trust ("REIT") on 1st April 2007. This conversion will be effected byway of a notification letter to HM Revenue & Customs and will result in thepayment of a conversion charge of 2% of the value of the Group's qualifyingproperty assets. The precise amount of the conversion charge will be calculated once the Group'sindependent open market valuation as at 31st March 2007 has been completed, andwill be included in the announcement to shareholders to be made in June 2007 inrespect of the Group's results for the financial year to 31st March 2007. Eric Lloyd, Chairman of McKay said "we are delighted to be in a position toconvert to REIT status on 1st April 2007 following the approval by shareholdersof today's Resolution. Shareholders will benefit from the Group's ability tocontinue its development led approach to growth in a largely tax exemptenvironment. Our strong focus on quality buildings in the established South Eastoffice and warehouse sectors, combined with a strong financial position and aprogressive dividend policy will be attractive considerations for investors". The Company received valid proxies for the Extraordinary General Meeting inrespect of 24,049,522 shares. Votes in respect of 23,319,807 shares,representing over 97% of the shares subject to valid proxies, were cast infavour of the Resolution or left to the Chairman's discretion; no votes werecast against the Resolution; and votes in respect of 729,715 shares,representing 3% of the shares subject to valid proxies, were withheld. Copies of the Resolution passed at the Extraordinary General Meeting will beavailable shortly for inspection by the public during normal business hours onany weekday (except public holidays) at the UK Listing Authority's DocumentViewing Facility, which is situated at the Financial Services Authority, 25 TheNorth Colonnade, Canary Wharf, London, E14 5HS (tele: +44 (0)20 7676 1000). Contacts: McKay Securities PLC - Tel: 0118 950 2333Simon Perkins - Managing DirectorAlan Childs - Finance Director 28th February 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MCKS.L