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| Tue 17:10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 6623C
F&C Commercial Property Trust Ld
17 November 2009
F&C Commercial Property Trust Limited
Interim Management Statement
For the Three Month Period from 1 July 2009 to 30 September 2009
Investment Objective
The investment objective of the Company is to provide ordinary shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.
Performance Summary
For the three month period ended 30 September 2009
Total Return
Net asset value per share * 3.4%
Ordinary Share price 13.1%
Investment Property Databank
UK Monthly Index 3.3%
FTSE All-Share Index 22.4%
As at As at
30 September 30 June
2009 2009
Capital Values % Change
Published net asset value per share * 77.0p 75.9p +1.4
Ordinary Share price 83.5p 75.3p +10.9
Investment Property Databank UK Monthly
Index 128.16 126.62 +1.2
FTSE All-Share Index 2634.79 2172.08 +21.3
Premium/(discount) to published net
asset value * 8.4% (0.8)%
Gearing * ¿ 30.4% 30.7%
Net gearing * $ 15.0% 12.2%
Sources: F&C Investment Business Limited, Investment Property Databank ('IPD'), Datastream.
* Calculated under International Financial Reporting Standards ('IFRS'). Net asset value total return is calculated assuming dividends are re-invested
¿ Gearing: Secured Bonds/total assets (less current liabilities)
$ Net gearing: (Secured Bonds - cash)/total assets (less current liabilities and cash)
Review of the Third Quarter
The property market has seen a sharp turnaround with the IPD Monthly Index measuring total returns of 3.3 per cent over the quarter to 30 September 2009, of which 1.8 per cent was recorded in September alone.
Investors' sentiment towards property is far more positive: "open ended" funds are now under pressure to increase direct property allocations due to renewed fund inflows from retail investors and institutions have re-entered the market. Investors are favouring well-located assets with long secure income streams but the definition of prime is broadening due to a lack of stock, and some investors are now becoming more open to risk, looking to purchase properties on shorter leases, but only where the fundamentals of location and building quality are supportive. Capitalisation rates for all sectors have moved in at the prime end, with retail warehouses having seen the largest correction, whilst across most sub-sectors secondary yields are now stabilising. Towards the end of the period, the market started to experience competitive, aggressive bidding for the available good quality stock, with a notable increase in the strength and depth of under-bidders. Numerous properties have also been withdrawn from the market by vendors, as any pressure to sell has reversed. There have been a number of capital-raisings to take advantage of market conditions, however, investment activity remains subdued with £6.3 billion transacted in the third quarter of 2009, primarily due to lack of available stock, but transaction levels are increasing and are up from the £4 billion quarterly lows of early 2009. In the indirect sector (unlisted securities) there is now evidence of secondary trading in certain funds and of the discounts to net asset values beginning to tighten in pricing.
There are, however, reasons to be cautious. The secondary market is still relatively weak and the economic recession has hit occupier demand, rents and income streams across all sub-sectors. The lack of bank finance in the market will continue to affect activity levels from debt-backed purchasers as new bank lending to property is expected to remain constrained, whilst indebted investors may find banks less tolerant to income covenant breaches. Any tightening of monetary policy would have negative consequences for property.
The IPD UK Monthly Index recorded a capital increase of 1.2 per cent over the period. In comparison the Company's direct property portfolio increased in value by an ungeared 1.8 per cent (accounting for capital expenditure and purchase costs). The direct portfolio produced a total return of 3.6 per cent compared with the 3.3 per cent total return from the IPD Monthly Index.
The focus of activity for the Company over the period has been the acquisition of direct property. As previously announced, in July the Company completed its first purchase since its launch in March 2005: Site E4, Daventry International Rail Freight Terminal ('DIRFT') Logistics Park for £17.25 million representing a net initial yield of 9.05 per cent. Since the end of the period the Company has completed acquisitions in the industrial/logistics sector with the purchase of three separate distribution warehouses at Hams Hall National Distribution Centre, Birmingham at, in the aggregate, a total purchase price of £34.85 million and a net initial yield of 9.0 per cent.
These acquisitions are in accordance with the Company's strategy to increase its weighting to the industrial and logistics sector which, as a result, has increased to approximately 13 per cent.
During the period the Company continued to let vacant accommodation. In Central London the second floor (1,909 sq ft) of 6/8 James Street, London W1 was let to Target Corporation at a rent of £75,405 per annum (£39.00 psf) for a term of 10 years with a break at year five. The refurbished second floor of Charles House, 5-11 Regent Street, London SW1 (4,692 sq ft) was let to Lunson Mitchenall at a commencing rent of £185,334 per annum (£39.50 psf) for a term of 10 years with a break at year six. In both lettings rent-frees and incentives commensurate with the market were granted to the tenants. At St. Christopher's Place Estate, London W1 the letting of two shops to Kookai and Adili (trading as Ascension) contracted at a combined rent of £130,000 per annum on flexible leases for terms of five years. Unit 8 at Newbury Retail Park has been the subject of asset management initiatives to split the 10,000 sq ft unit and to secure a change of use. Planning consent was granted for these initiatives and a letting contracted to Peacocks (7,825 sq ft) at a rent of £195,625 per annum (£25 psf) for a 10 year term. Heads of terms are agreed with the remaining unit (1,800 sq ft) with a well-known multiple retailer and it is expected that this letting will contract shortly.
At 30 September 2009 the void rate (excluding properties held or in the process of development) in the portfolio was 2.5 per cent, having improved from 4.0 per cent as at 30 June 2009 as a result of the key initiatives detailed above. At the end of the quarter the Company's largest void exposure was at 82 King Street, Manchester where there are currently three vacant floors. This property is currently the subject of a refurbishment of the entrance hall and common areas and, as a result of these enhancements, the property will be re-launched to the market. The Company's void rate remains significantly below the IPD average of 12 per cent (source IPD Monthly Index September 2009). The portfolio saw no significant tenant defaults over the period.
Dividends
Monthly interim dividends for the year ending 31 December 2009, each of 0.5 pence per share, were paid on 31 July, 28 August and 25 September 2009.
Group Reconstruction
On 5 June 2009, a prospectus and an offer document were sent to shareholders containing details of proposals to introduce a new listed holding company, now called F&C Commercial Property Trust Limited (previously called New FCPT Limited), which was incorporated for the purpose of making an offer to acquire all of the Company's issued shares. The offer became unconditional on 3 July 2009 and, on 7 July 2009, the shares of the new holding company were admitted to listing on the Official List of the UKLA and to trading on the main market of the London Stock Exchange.
Also on 7 July 2009, the listing of the shares of the old holding company, now called FCPT Holdings Limited, on the Official Lists of the UKLA and the Channel Islands Stock Exchange, and the trading in its shares on the London Stock Exchange and the Channel Islands Stock Exchange, were suspended. The listings were cancelled on 4 August 2009.
Under the offer, shareholders were offered one new share in the new listed holding company for each share in the old listed company. The effect of the transaction was that, during the period under review, the company now called F&C Commercial Property Trust Limited became the new holding company of the Group with the same Board of Directors.
On 9 November 2009 the Board announced that, pursuant to the statutory compulsory acquisition procedure under Guernsey law, F&C Commercial Property Trust Limited had acquired 100 per cent of the issued share capital of FCPT Holdings Limited, and that the offer was therefore closed and was no longer capable of acceptance.
This Interim Management Statement has been prepared incorporating comparative figures relating to FCPT Holdings Limited as at 30 June 2009.
Board Composition and EGM
At an extraordinary general meeting of the Company held on 29 October 2009, a special resolution to approve a change to the Company's articles of incorporation to enable UK resident directors to be appointed as Chairman was approved.
Consequently, John Stephen was appointed as Chairman of the Company with effect from 31 October 2009. The Company's previous Chairman, Peter Niven, stepped down as Chairman on 31 October 2009 and will continue as a Director.
Also on 31 October 2009, two independent non-executive Directors, Jonathan Hooley and Chris Russell, were appointed, and Donald Adamson retired as a Director of the Company.
Top Ten Holdings
30/09/2009
Percentage of portfolio
Property Sector
London W1, St Christopher's Place Retail 16.1
Estate
Newbury, Newbury Retail Park Retail Warehouse 8.4
Solihull, Sears Retail Park Retail Warehouse 7.0
London SW1, Cassini House, St Offices 6.9
James's Street
London SW19, Wimbledon Broadway Retail 6.7
London SW1, 84 Eccleston Square Offices 5.9
Uxbridge, 3 The Square, Stockley Offices 5.0
Park
Rochdale, Dane Street Retail Warehouse 4.7
London SW1, Charles House, 5-11 Offices 4.1
Regent Street
Glasgow, Alhambra House, Offices 3.9
Wellington Street
Total 68.7
Geographical Analysis
30/09/2009 30/06/2009
Percentage of portfolio Percentage of portfolio
Location
London - West End 39.3 40.0
South East 30.3 31.7
North West 8.1 8.4
Midlands 9.7 7.0
Scotland 7.0 7.1
Eastern 2.6 2.7
Yorkshire and Humberside 1.4 1.5
Rest of London 1.0 1.0
Indirect 0.6 0.6
Total 100.0 100.0
Sector Analysis
30/09/2009 30/06/2009
Percentage of portfolio Percentage of portfolio
Sector
Offices 44.2 45.4
Retail 27.8 28.6
Retail Warehouse 20.0 20.4
Industrial 8.0 5.6
Total 100.0 100.0
Except as disclosed above, the Board is not aware of any significant events or transactions which have occurred since 30 September 2009 and the date of publication of this statement which would have a material impact on the financial position of the Company.
Quarterly and Key Information
This statement and further information regarding the Company, including movements in the share price since the end of the period and the Group's most recent annual and interim reports, can be found at the Company's website www.fccpt.co.uk.
Enquiries:
Richard Kirby
F&C REIT Asset Management LLP
Tel: 0207 499 2244
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 12-11-09 | RNS |
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RNS Number : 4326C F&C Commercial Property Trust Ld 12 November 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the
2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s)
obligation:
4. Full name of shareholder(s) The full list of
5. Date of the transaction and date on which the threshold is 10 November 2009 crossed or reached:
6. Date on which issuer
7. Threshold(s) that is/are
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
Ordinary 1p each B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Friends Provident Life and Pensions Limited 38.18% (direct) Friends Provident Life Assurance Limited 11.52% (direct) London Capital Holdings Limited 0.04% (direct) St Christophers' Place Limited 0.56% (direct) Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
13. Additional information: Notification using the total voting rights
14. Contact name: 15. Contact telephone number: This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-11-09 | RNS |
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RNS Number : 2056C F&C Commercial Property Trust Ld 09 November 2009 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION For immediate release 9 November 2009
RECOMMENDED SHARE FOR SHARE EXCHANGE OFFER by F&C COMMERCIAL PROPERTY TRUST LIMITED to acquire the entire issued share capital of
FCPT HOLDINGS LIMITED Compulsory acquisition of shares in FCPT Holdings Limited and closure of Offer On 5 June 2009, the board of directors of FCPT Holdings Limited ("Old FCPT") announced proposals (the "Proposals") to establish F&C Commercial Property Trust Limited (formerly known as New FCPT Limited) ("F&CCPT") as the new holding company of Old FCPT, to be implemented by way of a recommended share for share exchange offer (the "Offer"). A document setting out the background to and the full terms of the Offer (the "Offer Document") was published on 5 June 2009 and posted to the holders (the "Old FCPT Shareholders") of ordinary shares of Old FCPT (the "Old FCPT Shares") shortly thereafter together with a prospectus relating to F&CCPT (the "Prospectus"). The Offer was declared unconditional in all respects on 3 July 2009. On 6 October 2009, having received valid acceptances in respect of or otherwise acquired more than 90 per cent. in value of the Old FCPT Shares affected by the Offer, F&CCPT posted compulsory acquisition notices to Old FCPT Shareholders who had not validly accepted the Offer. The notices intimated F&CCPT's intention to apply the procedure set out in sections 337 and 338 of The Companies (Guernsey) Law, 2008 (the "Law") to acquire compulsorily all of the Old FCPT Shares which F&CCPT did not already hold, or had not already acquired or contracted to acquire or in respect of which it had not already received valid acceptances, on the terms of the Offer. The board of F&CCPT is pleased to announce that as at today's date, and pursuant to the compulsory acquisition procedure under sections 337 and 338 of the Law, F&CCPT has now acquired 100 per cent. of the issued share capital of Old FCPT. Therefore, the Offer is now closed and is no longer capable of acceptance. The board announces that F&CCPT has allotted and issued, in connection with the recommended share for share exchange offer, conditional only on admission to listing on the UKLA's Official List and to trading on the London Stock Exchange a further 9,667,956 Ordinary Shares in the capital of F&CCPT. It is expected that the new shares will be admitted to listing and to trading at 8.00 a.m. on 10 November 2009. F&CCPT has 680,537,003 Ordinary Shares in issue. Capitalised terms used but not defined in this announcement shall have the meanings given to them in the Offer Document. Enquiries: Douglas Armstrong, Dickson Minto W.S. Tel: +44(0) 20 7628 4455 Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited Tel: +44(0) 131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: +44(0)20 7499 2244 Mike Woodward, F&C Investment Business Limited Tel: +44(0) 131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited Tel: +44(0) 1481 745 001 This announcement does not constitute a prospectus or an equivalent document and it is not intended to and does not constitute, or form any part of, an offer or invitation to sell or purchase or subscribe for any securities or a solicitation of an offer to buy or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise. The Offer was made by means of the Offer Document and, in respect of certificated Old FCPT Shares, the Form of Acceptance which contained the full terms and conditions of the Offer. The directors of F&CCPT accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of F&CCPT (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Dickson Minto W.S., which is authorised and regulated in the United Kingdom by the Financial Services Authority, is the sponsor and solicitor to Old FCPT and to F&CCPT. Dickson Minto W.S. is acting exclusively for Old FCPT and F&CCPT and for no-one else in relation to the Offer and the listing of the F&CCPT Shares and will not be responsible to any other person for providing the protections afforded to clients of Dickson Minto W.S., nor for advising any other person in relation to the Offer, the listing of the F&CCPT Shares or any other matter referred to in this announcement or in the Offer Document or in the Prospectus. The Offer was not made, directly or indirectly, in or into, or by the use of the mails of, or by any means or instrumentality (including, without limitation, facsimile transmission, telex and telephone) of interstate or foreign commerce of, or of any facility of a national securities exchange of, the United States, Canada, Australia, Japan or any other Restricted Jurisdiction and, subject to certain exemptions, the Offer was not capable of acceptance by any such use, means, instrumentality or facility or from within the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Accordingly, this announcement is not being, and must not be, directly or indirectly, mailed or otherwise forwarded, transmitted, distributed or sent in, into or from the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. This information is provided by RNS The company news service from the London Stock Exchange END
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| 05-11-09 | RNS |
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RNS Number : 0687C F&C Commercial Property Trust Ld 05 November 2009
Dividend Declaration F&C Commercial Property Trust Limited today announces a monthly dividend payment in respect of the financial year ending 31 December 2009, of 0.5 pence per share as detailed in the schedule below:
All enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey
GY1 3QL Tel: 01481 745324 Fax: 01481 745051 This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-10-09 | RNS |
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RNS Number : 6166B F&C Commercial Property Trust Ld 29 October 2009
RIS ANNOUNCEMENT F&C COMMERCIAL PROPERTY TRUST LIMITED 29 October 2009
ISSUE OF EQUITY F&C Commercial Property Trust Limited (the "Company") announces that, in connection with the recommended share for share exchange offer, the Company has allotted and issued, conditional only on admission to listing on the UKLA's Official List and to trading on the London Stock Exchange, a further 734,172 Ordinary Shares in the capital of the Company. It is expected that the new shares will be admitted to listing and to trading at 8.00 am on 30 October 2009. Following this issue, the Company will have 670,869,047 Ordinary Shares in issue. Enquiries Douglas Armstrong, Dickson Minto W.S. 020 7628 4455 Graeme Caton/Graham Reaves/Nigel Russell, G&N Collective Funds Services Limited 0131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: 0207 499 2244 Mike Woodward, F&C Investment Business Limited 0131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-10-09 | RNS |
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RNS Number : 6042B F&C Commercial Property Trust Ld 29 October 2009 F&C Commercial Property Trust Limited Announcement in Relation to EGM Held on 29/10/09 The Directors announce that, at the extraordinary general meeting held today, the special resolution to approve a change to the Company's articles of incorporation to enable UK resident directors to be appointed as Chairman was approved. Consequently, it is confirmed that, in accordance with the announcement made on 23 September 2009, John Stephen will be appointed as Chairman of the Company with effect from 31 October 2009. The Company's current Chairman, Peter Niven, will step down as Chairman on 31 October 2009 and will continue as a Director. Copies of the resolution will be submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: UK Listing Authority Financial Services Authority 25 The North Colonnade Canary Wharf London
E14 5HS Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Tel: 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-10-09 | RNS |
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RNS Number : 5435B F&C Commercial Property Trust Ld 28 October 2009
Company: F&C Commercial Property Trust Limited
Net Asset Value The unaudited net asset value ('NAV') per share of the Group as at 30 September 2009 was 77.0 pence. This represents an increase of 1.4 per cent from the published NAV per share as at 30 June 2009 of 75.9 pence. The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based principally on the external valuation of the Group's direct property portfolio prepared by DTZ Debenham Tie Leung Limited. The NAV includes all income to 30 September 2009 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 2009 no adjustments were required to the NAV in respect of dividends for which the share price had gone ex-dividend. Analysis of Movement in NAV
The following table provides an analysis of the movement in the unaudited NAV per share for the period from 30 June 2009 to 30 September 2009 (including the effect of gearing):
property portfolio
Holdings (realised and unrealised)
2009
The next quarterly valuation of the direct property portfolio will next be conducted by an external valuer during December 2009 and the NAV per share as at 31 December 2009 will be announced in January 2010. Enquiries: Richard Kirby F&C REIT Property Asset Management plc Tel: 0207 499 2244 Graham Reaves G&N Collective Funds Services Limited Tel: 0131 226 4411 This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-10-09 | RNS |
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RNS Number : 8815A F&C Commercial Property Trust Ld 15 October 2009
RIS ANNOUNCEMENT F&C COMMERCIAL PROPERTY TRUST LIMITED 15 October 2009
ISSUE OF EQUITY F&C Commercial Property Trust Limited (the "Company") announces that, in connection with the recommended share for share exchange offer, the Company has allotted and issued, conditional only on admission to listing on the UKLA's Official List and to trading on the London Stock Exchange, a further 204,312 Ordinary Shares in the capital of the Company. It is expected that the new shares will be admitted to listing and to trading at 8.00 am on 19 October 2009. Following this issue, the Company will have 670,134,875 Ordinary Shares in issue. Enquiries Douglas Armstrong, Dickson Minto W.S. 020 7628 4455 Graeme Caton/Graham Reaves/Nigel Russell, G&N Collective Funds Services Limited 0131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: 0207 499 2244 Mike Woodward, F&C Investment Business Limited 0131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-10-09 | RNS |
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RNS Number : 6282A F&C Commercial Property Trust Ld 12 October 2009 F&C Commercial Property Trust Limited ('the Company') Purchase of Property The Board is pleased to announce that, on 9 October 2009, the Company exchanged contracts to purchase three distribution warehouses at Hams Hall, National Distribution Centre, Birmingham for £34.85 million to reflect a net initial yield of 9.0%. Hams Hall is an established distribution and logistics park located adjacent to Junction 9 of the M42 motorway. The acquisition comprises three properties constructed between 2000 and 2002 which provide, in aggregate, more than 600,000 sq ft of modern, well-specified, distribution units. The first property, Unit 6a, comprises 127,069 sq ft and is let to Bell Micro Products Limited until April 2018 (tenant break 2016) at a current rent passing of £717,172 per annum. Unit 8 comprises 264,369 sq ft in a mix of high and low bay accommodation and is let to Wincanton Holdings Limited until April 2025 (tenant break April 2015) at a current rent passing of £1,500,000 per annum. The third property comprises 225,808 sq ft and is let to Arvato SCM Limited, guaranteed by Bertelsmann AG, for a term expiring in July 2016, at a current rent passing of £1,130,890 per annum. This acquisition is in accordance with the Company's strategy to increase its weighting to the industrial and logistics sector. Upon completion of the purchase this weighting will increase to approximately 13%. This is the second acquisition by the Company during the current financial year. The purchase, to be made from the Company's available cash resources, will further enhance the Company's revenue account and dividend cover. Completion of the purchase is scheduled for 16 October 2009. All enquiries: Richard Kirby F&C REIT Asset Management LLP Tel: 0207 016 3577 The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Tel: 01481 745324 Fax: 01481 745051 This information is provided by RNS The company news service from the London Stock Exchange END
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| 08-10-09 | RNS |
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RNS Number : 3747A F&C Commercial Property Trust Ld 08 October 2009
Dividend Declaration F&C Commercial Property Trust Limited today announces a monthly dividend payment in respect of the financial year ending 31 December 2009, of 0.5 pence per share as detailed in the schedule below:
F&C Commercial Property Limited will pay the dividend to all shareholders on its shareholder register on the Record Date. F&C Commercial Property Trust Limited has made a share for share exchange offer for all the issued share capital of FCPT Holdings Limited. FCPT Holdings Limited will pay an equivalent dividend of 0.5 pence per share to all shareholders on its shareholder register on the same Record Date of 16 October 2009 (with the same Pay Date of 30 October 2009). Therefore shareholders in F&C Commercial Property Trust Limited and shareholders in FCPT Holdings Limited will receive a dividend of the same amount per share, paid on the same basis, and the aggregate dividend received by shareholders will not be affected by whether they hold shares in F&C Commercial Property Trust Limited or FCPT Holdings Limited on the Record Date. All enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey
GY1 3QL Tel: 01481 745324 Fax: 01481 745051 This information is provided by RNS The company news service from the London Stock Exchange END
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| 06-10-09 | RNS |
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RNS Number : 2694A F&C Commercial Property Trust Ld 06 October 2009 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION For immediate release 6 October 2009
RECOMMENDED SHARE FOR SHARE EXCHANGE OFFER by F&C COMMERCIAL PROPERTY TRUST LIMITED to acquire the entire issued share capital of
FCPT HOLDINGS LIMITED Compulsory acquisition of shares in FCPT Holdings Limited Posting of compulsory acquisition notices On 5 June 2009, the board of directors of FCPT Holdings Limited ("Old FCPT") announced proposals (the "Proposals") to establish F&C Commercial Property Trust Limited (formerly known as New FCPT Limited) ("F&CCPT") as the new holding company of Old FCPT, to be implemented by way of a recommended share for share exchange offer (the "Offer"). A document setting out the background to and the full terms of the Offer (the "Offer Document") was published on 5 June 2009 and posted to the holders (the "Old FCPT Shareholders") of ordinary shares of Old FCPT (the "Old FCPT Shares") shortly thereafter together with a prospectus relating to F&CCPT (the "Prospectus"). The Offer was declared unconditional in all respects on 3 July 2009 and F&CCPT has acquired or contracted to acquire more than 90 per cent. in value of the Old FCPT Shares affected by the Offer. Accordingly, F&CCPT is implementing the procedure set out in sections 337 and 338 of The Companies (Guernsey) Law, 2008 to acquire compulsorily those Old FCPT Shares which it does not already hold, or has not already acquired or contracted to acquire, or in respect of which it has not already received valid acceptances. F&CCPT has today posted compulsory acquisition notices to those Old FCPT Shareholders who have not yet validly accepted the Offer. The transfer of Old FCPT Shares to F&CCPT in accordance with the compulsory acquisition notices will take effect on 6 November 2009. The Offer will remain open for acceptance until 6 November 2009. Old FCPT Shareholders who wish to accept the Offer and who have not already done so should, if they hold Old FCPT Shares in certificated form, complete, sign and return the Form of Acceptance to Computershare Investor Services PLC as soon as possible. Old FCPT Shareholders who have not yet accepted the Offer and who hold Old FCPT Shares in uncertificated form should accept electronically through CREST so that the TTE instruction settles as soon as possible. Old FCPT Shareholders who hold Old FCPT Shares as a CREST sponsored member should refer to their CREST sponsor as only their CREST sponsor will be able to send the necessary TTE instruction. General The City Code on Takeovers and Mergers (the "Takeover Code") does not apply to the Offer. The Takeover Panel has granted a waiver of the application of the Takeover Code to the Offer on the basis that the Proposals are being implemented by way of a "mirror" offer. Capitalised terms used but not defined in this announcement shall have the meanings given to them in the Offer Document. Enquiries: Douglas Armstrong, Dickson Minto W.S. Tel: +44(0) 20 7628 4455 Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited Tel: +44(0) 131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: +44(0)20 7499 2244 Mike Woodward, F&C Investment Business Limited Tel: +44(0) 131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited Tel: +44(0) 1481 745 001 This announcement does not constitute a prospectus or an equivalent document and it is not intended to and does not constitute, or form any part of, an offer or invitation to sell or purchase or subscribe for any securities or a solicitation of an offer to buy or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise. The Offer is being made by means of the Offer Document and, in respect of certificated Old FCPT Shares, the Form of Acceptance which contain the full terms and conditions of the Offer. Any response to the Offer Document should be made only on the basis of information contained in the Offer Document. Old FCPT Shareholders are advised to read the formal documentation in relation to the Offer carefully. The directors of F&CCPT accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of F&CCPT (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Dickson Minto W.S., which is authorised and regulated in the United Kingdom by the Financial Services Authority, is the sponsor and solicitor to Old FCPT and to F&CCPT. Dickson Minto W.S. is acting exclusively for Old FCPT and F&CCPT and for no-one else in relation to the Offer and the listing of the F&CCPT Shares and will not be responsible to any other person for providing the protections afforded to clients of Dickson Minto W.S., nor for advising any other person in relation to the Offer, the listing of the F&CCPT Shares or any other matter referred to in this announcement or in the Offer Document or in the Prospectus. Overseas Shareholders The laws of the relevant jurisdiction may affect the availability of the Offer to persons who are not resident in the United Kingdom. Persons who are not resident in the United Kingdom, or who are subject to the laws of any jurisdiction other than the United Kingdom, should inform themselves about, and observe, any applicable requirements. The Offer is not being made, directly or indirectly, in or into, or by the use of the mails of, or by any means or instrumentality (including, without limitation, facsimile transmission, telex and telephone) of interstate or foreign commerce of, or of any facility of a national securities exchange of, the United States, Canada, Australia, Japan or any other Restricted Jurisdiction and, subject to certain exemptions, the Offer cannot be accepted by any such use, means, instrumentality or facility or from within the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Accordingly, neither this announcement nor the Offer Document nor the Prospectus nor the Form of Acceptance is being, and must not be, directly or indirectly, mailed or otherwise forwarded, transmitted, distributed or sent in, into or from the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Doing so may render invalid any purported acceptance of the Offer. All Old FCPT Shareholders or other persons (including nominees, trustees or custodians) who would or otherwise intend to, or may have a contractual or legal obligation to, forward this announcement or the Offer Document or the Prospectus or the Form of Acceptance to any jurisdiction outside the United Kingdom should refrain from doing so and seek appropriate professional advice before taking any action. Further details in relation to overseas shareholders are contained in the Offer Document. This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-10-09 | RNS |
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RNS Number : 1616A F&C Commercial Property Trust Ld 02 October 2009
From: F&C Commercial Property Trust Limited
Further to the announcement by the Company on 23 September 2009 the Company has today published a circular (the "Circular") convening an Extraordinary General Meeting to be held at 12.30 pm on Thursday 29 October 2009 at Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL to consider a special resolution to change the Company's articles of incorporation to enable UK resident directors to be appointed as Chairman. Copies of the Circular have been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: UK Listing Authority Financial Services Authority 25 The North Colonnade Canary Wharf London
E14 5HS Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Tel: 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 01-10-09 | RNS |
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RNS Number : 0704A F&C Commercial Property Trust Ld 01 October 2009
RIS ANNOUNCEMENT F&C COMMERCIAL PROPERTY TRUST LIMITED 1 October 2009
ISSUE OF EQUITY F&C Commercial Property Trust Limited (the "Company") announces that, in connection with the recommended share for share exchange offer, the Company has allotted and issued, conditional only on admission to listing on the UKLA's Official List and to trading on the London Stock Exchange, a further 959,061 Ordinary Shares in the capital of the Company. It is expected that the new shares will be admitted to listing and to trading at 8.00 am on 2 October 2009. Following this issue, the Company will have 669,930,563 Ordinary Shares in issue. Enquiries Douglas Armstrong, Dickson Minto W.S. 020 7628 4455 Graeme Caton/Graham Reaves/Nigel Russell, G&N Collective Funds Services Limited 0131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: 0207 499 2244 Mike Woodward, F&C Investment Business Limited 0131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 23-09-09 | RNS |
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RNS Number : 5304Z F&C Commercial Property Trust Ld 23 September 2009 F&C Commercial Property Trust Limited Announcement re Directorate Changes The Board confirms the following changes to its composition. Appointment of Chairman Further to the announcement by the Company on 12 August 2009, the Board confirms its intention that, as a result of the proposed acquisition of Friends Provident Group plc by Resolution Holdings (UK) Limited, a subsidiary undertaking of Resolution Limited, the Chairman of the Board, Peter Niven, a director of Resolution Limited, will step down as Chairman on 31 October 2009 and, with the unanimous support of the Board, will continue as a Director of the Company, becoming subject to annual re-election as a non-independent non-executive Director. The Board is now pleased to announce its intention that John Stephen, who is currently an independent non-executive Director of the Company and a UK resident, will be appointed as Chairman with effect from 31 October 2009. However, the Company's articles of incorporation, as currently worded, prohibit UK resident directors from being appointed as Chairman of the Company. The appointment of John Stephen as Chairman will therefore be conditional on the passing of a resolution to change the Company's articles of incorporation at an extraordinary general meeting to be held in October 2009. Board Appointments The Board is also pleased to announce the appointment of two independent non-executive Directors, Jonathan Hooley and Chris Russell, who will both join the Board on 31 October 2009. Jonathan Hooley is a resident of Guernsey and was, until September 2007, the senior partner of KPMG in the Channel Islands. He is Chairman of the Channel Islands Stock Exchange, a non-executive director of BlueCrest AllBlue Fund Limited, a member of the Offshore Advisory Committee of The Association of Investment Companies and an adviser to the Policy Council of the States of Guernsey on external matters. Chris Russell is a resident of Guernsey and was, until 2001, an executive director of Gartmore Investment Management plc. He is a director of a number of public companies listed in the UK and overseas: Candover Investments PLC, JPMorgan Fleming Japanese Smaller Companies Investment Trust PLC, Castle Asia Alternative PCC Limited, and The Korea Fund Inc. He is also a director of The Association of Investment Companies, Schroders (C.I.) Limited, Enhanced Index Funds PCC and Hanseatic Asset Management LBG Limited. In the previous five years he has been a director of two public companies in voluntary liquidation: Investec High Income Trust plc and F&C Event Driven Limited. Board Retirement The Board also announces that Donald Adamson will retire as a Director of the Company on 31 October 2009. The Board would like to thank him for the significant and valuable contribution he has made to the Company since its launch in 2005. Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Tel: 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 17-09-09 | RNS |
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RNS Number : 2199Z F&C Commercial Property Trust Ld 17 September 2009
RIS ANNOUNCEMENT F&C COMMERCIAL PROPERTY TRUST LIMITED 17 September 2009
ISSUE OF EQUITY F&C Commercial Property Trust Limited (the "Company") announces that, in connection with the recommended share for share exchange offer, the Company has allotted and issued, conditional only on admission to listing on the UKLA's Official List and to trading on the London Stock Exchange, a further 1,369,754 Ordinary Shares in the capital of the Company. It is expected that the new shares will be admitted to listing and to trading at 8.00 am on 18 September 2009. Following this issue, the Company will have 668,971,502 Ordinary Shares in issue. Enquiries Douglas Armstrong, Dickson Minto W.S. 020 7628 4455 Graeme Caton/Graham Reaves/Nigel Russell, G&N Collective Funds Services Limited 0131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: 0207 499 2244 Mike Woodward, F&C Investment Business Limited 0131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-09-09 | RNS |
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RNS Number : 7998Y New FCPT Limited 09 September 2009 RIS ANNOUNCEMENT
NEW FCPT LIMITED 9 September 2009 CHANGE OF NAME New FCPT Limited (the "Company") announces that, following the extraordinary general meeting of F&C Commercial Property Trust Limited ("FCPT") held on 3 September 2009, FCPT changed its name to FCPT Holdings Limited. The Company had previously passed a resolution changing its name from "New FCPT Limited" to "F&C Commercial Property Trust Limited", conditional only upon FCPT changing its name from "F&C Commercial Property Trust Limited" to another name. Accordingly, the change of FCPT's name to FCPT Holdings Limited has triggered the change in the Company's name to F&C Commercial Property Trust Limited with effect from today, 9 September 2009. Therefore, the top company in the group and the company that is listed on the UKLA's Official List and traded on the London Stock Exchange will again be called F&C Commercial Property Trust Limited. The Company's ticker symbol will remain "FCPT". Enquiries Douglas Armstrong, Dickson Minto W.S. 020 7628 4455 Graeme Caton/Graham Reaves/Nigel Russell, G&N Collective Funds Services Limited 0131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: 0207 499 2244 Mike Woodward, F&C Investment Business Limited 0131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-09-09 | RNS |
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RNS Number : 4845Y New FCPT Limited 03 September 2009
Dividend Declaration New FCPT Limited today announces a monthly dividend payment in respect of the financial year ending 31 December 2009, of 0.5 pence per share as detailed in the schedule below:
New FCPT Limited will pay the dividend to all shareholders on its shareholder register on the Record Date. New FCPT Limited has made a share for share exchange offer for all the issued share capital of F&C Commercial Property Trust Limited. F&C Commercial Property Trust Limited will pay an equivalent dividend of 0.5 pence per share to all shareholders on its shareholder register on the same Record Date of 11 September 2009 (with the same Pay Date of 25 September 2009). Therefore shareholders in New FCPT Limited and shareholders in F&C Commercial Property Trust Limited will receive a dividend of the same amount per share, paid on the same basis, and the aggregate dividend received by shareholders will not be affected by whether they hold shares in New FCPT Limited or F&C Commercial Property Trust Limited on the Record Date. All enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey
GY1 3QL Tel: 01481 745324 Fax: 01481 745051 This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-09-09 | RNS |
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RNS Number : 4784Y New FCPT Limited 03 September 2009
RIS ANNOUNCEMENT
NEW FCPT LIMITED 3 September 2009
ISSUE OF EQUITY New FCPT Limited (the "Company") announces that, in connection with the recommended share for share exchange offer, the Company has allotted and issued, conditional only on admission to listing on the UKLA's Official List and to trading on the London Stock Exchange, a further 2,552,111 Ordinary Shares in the capital of the Company. It is expected that the new shares will be admitted to listing and to trading at 8.00 am on 4 September 2009. Following this issue, the Company will have 667,601,748 Ordinary Shares in issue. Enquiries Douglas Armstrong, Dickson Minto W.S. 020 7628 4455 Graeme Caton/Graham Reaves/Nigel Russell, G&N Collective Funds Services Limited 0131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: 0207 499 2244 Mike Woodward, F&C Investment Business Limited 0131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-08-09 | RNS |
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RNS Number : 1054Y New FCPT Limited 27 August 2009
RIS ANNOUNCEMENT
NEW FCPT LIMITED 27 August 2009
ISSUE OF EQUITY New FCPT Limited (the "Company") announces that, in connection with the recommended share for share exchange offer, the Company has allotted and issued, conditional only on admission to listing on the UKLA's Official List and to trading on the London Stock Exchange, a further 597,054 Ordinary Shares in the capital of the Company. It is expected that the new shares will be admitted to listing and to trading at 8.00 am on 28 August 2009. Following this issue, the Company will have 665,049,637 Ordinary Shares in issue. Enquiries Douglas Armstrong, Dickson Minto W.S. 020 7628 4455 Graeme Caton/Graham Reaves/Nigel Russell, G&N Collective Funds Services Limited 0131 226 4411 Richard Kirby, F&C REIT Asset Management Tel: 0207 499 2244 Mike Woodward, F&C Investment Business Limited 0131 718 1097 The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 001 This information is provided by RNS The company news service from the London Stock Exchange END
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