Sch 1 update - LXB Retail Properties Plc

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

LXB Retail Properties Plc

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Whiteley Chambers, Don Street, St Helier, Jersey JE4 9WG

COUNTRY OF INCORPORATION:

Jersey

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.lxbretailproperties.com (website will be effective by Admission)

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

LXB Retail Properties Plc is a newly formed Jersey incorporated closed-ended real estate investment company, whose strategy is to invest in ''out-of-town'' and ''edge-of-town'' retail assets. The Company will have a strong and independent board of non-executive directors with significant relevant experience, chaired by Phil Wrigley.

The Company's strategy is to capitalise on the structural change occurring in the out-of-town UK retail sector through focused acquisition of retail parks where there is scope, through development and asset management, to extract above average returns for Shareholders.

The Company will focus on out-of-town retail investments in the UK. The intention is to capitalise on the structural changes in the retail property sector, to identify opportunities to acquire assets with the potential for value to be enhanced by active management including changes to the tenant profile and, where appropriate, redevelopment or refurbishment of existing retail locations and development of new locations. Relying on the Investment Team's experience of both the retail sector and tenant requirements, and its proven track record in identifying, acquiring and improving the value of retail sites, the Directors expect to deliver added value and to generate above average returns for Shareholders through both capital and rental income growth.

The investment selection strategy will focus on those UK retailers which are in a position to take advantage of the current turmoil in the retail sector to expand and enhance their out-of-town and edge-of-town space portfolio. The strategy will be focused on food-led multi-sector retailers, whose businesses are not generally burdened by onerous legacy leases, providing them with a significant competitive advantage. LXB Manager intends to work with those retailers to apply its proven site finding and development skills to provide attractive offerings for occupiers whose covenant will create significant capital value for investors. The Company's strategy does not include undertaking significant speculative development. Development projects will only be advanced where tenant demand for a particular asset is assured.

The Directors intend that the Group will have a maximum Loan to Value of 75 per cent. of the gross asset value of the Group (as at the last published Valuation Date), but it is the Directors' current intention that the Loan to Value be no more than 50-60 per cent. in the current economic environment.

Once the net proceeds of the Placing are fully invested, it is envisaged that the Fund will have investments in 10-15 property assets. Where LXB Manager identifies large-scale opportunities, it may choose to pursue these by investing through co-investment structures or with joint venture partners.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Ordinary shares of no par value

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

£110m (before exercise of the Over-allotment Arrangements relating to up to 4.215m Shares) equating to approximately £110m market capitalisation

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

44.8%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

Channel Islands Stock Exchange (CISX)

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Non executive Board:

Philip Oliver Wrigley (Chairman)-Phil

Stephen John Webb (Director)-Steve

Daniel Kitchen (Director, Chairman of audit committee)-Danny

John Alastair Irvine (Director)-Alastair

George Mackay Baird (Director)-George

Investment Team:

Tim Walton (CEO)

Nick Alford (Development)

Carl Barrand (Development)

Jon McCarthy (Development)

Andrew Cordiner (Development)

Harry Sadleir (Development)

Brendan O'Grady (Finance)

Richard Margree (Legal)

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

At incorporation, one ordinary share of £1 was issued to each of Ogier Nominees (Jersey) Limited and Reigo Nominees (Jersey) Limited (as nominees for Brendan O'Grady) as the original subscribers to the Company's memorandum of association. Legal title to these shares will be transferred to Brendan O'Grady upon admission. Details of significant shareholders following admission will be determined by pre-admission allocation

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

ANTICIPATED ACCOUNTING REFERENCE DATE 

DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 

30 September

(ii)

30 September 2009

(iii)

6 months ending 31 March 2010 - report due by 30 June 2010

Year ending 30 September 2010 - report due by 31 March 2011

6 months ending 31 March 2011 - report due by 30 June 2011

EXPECTED ADMISSION DATE:

23 October 2009

NAME AND ADDRESS OF NOMINATED ADVISER:

J.P. Morgan Cazenove Limited, 20 Moorgate, London EC2R 6DA

NAME AND ADDRESS OF BROKER:

Joint Brokers 

J.P. Morgan Cazenove Limited, 20 Moorgate, London EC2R 6DA

Oriel Securities Limited, 125 Wood Street, London EC2V 7AN

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The Admission Document will contain full details about the applicant and the Admission of its securities and will we available at the following -

Address: LXB Retail Properties Plc, Whiteley Chambers, Don Street, St Helier, Jersey, JE4 9WG

Website: www.lxbretailproperties.com

DATE OF NOTIFICATION:

20-Oct-09

NEW/ UPDATE:

UPDATE