15th Apr 2009 14:53
15th April 2009
Queen's Walk Investment Limited puts in place Close Period Share Repurchase Programme
Queen's Walk Investment Limited (the "Company") announces today that the Company has entered into an irrevocable, non-discretionary arrangement with Citigroup Global Markets Limited ("Citi") and J.P. Morgan Cazenove Limited ("JPM Caz"), to repurchase on its behalf and within the parameters set out below, ordinary shares in the Company for cancellation during the close period commencing on 17 April 2009 and ending on or around 17 June 2009 being the proposed date for the publication of the Company's year end results to 31 March 2009 (the "share buy back"):
Pricing
The maximum price to be paid shall be not more than 105% of the average of the middle market quotations for the Company's shares for the five business days before the day on which purchase is made.
Volume
JPM Caz and Citi will have the authority to consider, on each trading day, repurchasing more than 50% of the average daily trading volume of the Company's shares traded over the 20 trading days preceding that date.
The sole purpose of the share buy back is to reduce the capital of the Company.
JPM Caz and Citi, as independent third parties, will make their trading decisions in relation to the Company's ordinary shares independently of, and uninfluenced by, the Company.
The share buy back will be effected in accordance with Chapter 12 of the Listing Rules and with the Company's current authority granted to repurchase up to 14.99 per cent. of its issued share capital as of 4 September 2008.
The Company confirms that it currently has no unpublished price sensitive information.
For further information please contact:
Investor Relations:
Caroline Villiers +44 (0) 20 7153 1521
Citi:
Andrew Forrester +44 (0) 20 7 986 8729
JPM Caz:
Angus Gordon Lennox +44 (0) 20 7 155 4605
Related Shares:
Real Est.cred