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LondonMetric Property Plc ("LondonMetric") today declares its third quarterly interim dividend of 2.4 pence per Ordinary Share ("Dividend").
The Dividend will be paid as a Property Income Distribution ("PID") and is in line with LondonMetric's progressive dividend policy. The timetable is set out below and it is intended that a scrip dividend alternative will be available to shareholders:
The Board of LXi REIT plc ("LXi") announces that at the Court Meeting and the LXi General Meeting held earlier today in connection with the recommended all-share merger of LXi and LondonMetric Property plc (the "Merger"), all resolutions were duly passed with over 99.69 per cent. support from shareholders on each resolution.
As previously announced, the Merger is to be implemented by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme") and today:
(i) a majority in number of Scheme Shareholders who voted and were entitled to vote, either in person or by proxy, who together represented not less than 75 per cent. in value of the Scheme Shares voted, voted in favour of the Scheme at the Court Meeting; and
(ii) the requisite majority of LXi Shareholders voted to approve the special resolution required to be approved in connection with the Scheme at the LXi General Meeting.
Full details of the resolutions passed are set out in the notices of the Court Meeting and the LXi General Meeting contained in Part 9 and Part 10 respectively of the scheme document published by LXi on 6 February 2024 in connection with the Merger (the "Scheme Document").
PrefInvestor wrote:Well it may be a done deal now, but I still think that this is a pretty lousy deal for LXI shareholders. Dividend is lower, no benefit to shareholders from existing LXI discount to NAV and the share price is now mirroring LMPs very poor performance - which has been nothing but downhill since the start of 2022. Yes the combined group will be bigger and their maybe other size related benefits - shareholders not seen any so far though as far as I can see.
Rather glad I sold my LXI holding as soon as the merger was announced.
Good luck to all holders here.
ATB
Pref
The Financial Conduct Authority ("the FCA") temporarily suspends the securities set out below from the Official List effective from 05/03/2024 07:30 at the request of the company :
Further to LXi's announcement on 4 March 2024 that the Court had sanctioned the Scheme, the Boards of LXi and LondonMetric are pleased to announce that the Court Order has been delivered to the Registrar of Companies today and, accordingly, the Scheme has now become Effective in accordance with its terms. The entire issued ordinary share capital of LXi is therefore now owned by LondonMetric.
Pursuant to the terms of the Scheme, Scheme Shareholders whose names appear on the register of members of LXi at the Scheme Record Time, being 6.00 p.m. on 4 March 2024, will be entitled to receive 0.55 New LondonMetric Shares for each LXi Share held by them at that time.
Admission of the LXi Shares to trading on London Stock Exchange will be cancelled with effect from 8.00 a.m. on 6 March 2024.
Applications have been made to the FCA and to the London Stock Exchange for 942,960,279 New LondonMetric Shares to be admitted to the premium listing segment of the Official List and to trading on the Main Market, respectively. Admission of the New LondonMetric Shares to the premium listing segment of the Official List and to trading on the Main Market will take place at 8.00 a.m. on 6 March 2024.
As set out in the Scheme Document, New LondonMetric Shares held in uncertificated form are expected to be credited to CREST accounts on or after 8.00 a.m. on 6 March 2024 and LondonMetric will procure the despatch of share certificates in respect of New LondonMetric Shares held in certificated form within 14 days of the Effective Date, being today, 5 March 2024.
LondonMetric Property plc ("LondonMetric") notes the recent press speculation and confirms that it does not intend to make an offer for UKCM under Rule 2.7 of the Code.
LondonMetric notes the comments made by the Chairman of UKCM in the 21 March 2024 announcement of the all-share combination with Tritax Big Box REIT plc ("BBOX").
However, having only recently completed its merger with LXi REIT on 6 March 2024, LondonMetric is not currently in a position to pursue an offer for UKCM, noting also the irrevocable undertaking provided by Phoenix Life Limited in favour of the combination with BBOX representing approximately 43.4 per cent. of UKCM's total issued ordinary share capital on 21 March 2024.
On 22 February 2024, LondonMetric Property Plc ("Company") declared a third quarterly interim dividend of 2.4 pence per Ordinary Share ("Dividend") payable on 8 April 2024 to Shareholders on the register of members at the close of business on 1 March 2024.
The Company confirms that, in accordance with the terms of the scrip dividend scheme ("Scheme"), 4,046,714 ordinary shares of 10 pence each in the Company ("Shares") are to be issued in relation to the Dividend.
Application has been made to the Financial Conduct Authority for the Shares to be admitted to the Official List and to the London Stock Exchange ("LSE") for the Shares to be admitted to trading on the LSE ("Admission"). Admission is expected to occur on 8 April 2024 and the Shares will rank pari passu with existing issued Shares.
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