The following amendment has been made to the ‘AGM Resolution Proposal’ announcement released on 23 April 2018 at 12.02pm.
The percentage holding of the Company’s share capital which the Directors own or control has been amended from 56.35% to 56.56% and includes interests held by their family members.
All other details remain unchanged. The full amended text is shown below.
23 April 2018
LONDON & ASSOCIATED PROPERTIES PLC (“LAP”, or the “Company”)
SHAREHOLDER CALLS FOR ANNUAL GENERAL MEETING RESOLUTION
The Board of LAP today announces it has received a request for an ordinary resolution to be included in the business to be considered by shareholders at the Company’s forthcoming annual general meeting (the “Resolution”).
The request has been made on behalf of shareholders holding a total of 4,569,031 ordinary shares in LAP, equivalent to approximately 5.3% of the Company’s issued share capital (excluding shares held in treasury), under cover of a letter from Maland Pension Fund (“MPF”), of which Mr Andrew Perloff is a trustee.
MPF’s Resolution calls for proposals from the Board to enable shareholders outside the Heller family to realise their investment in LAP at a value of no more than a 7.5% discount to the Company’s net asset value.
In accordance with its obligations under company law, the Board will include the Resolution in the notice of the Company’s forthcoming annual general meeting to be held in June.
However, the Board has dismissed the Resolution and its aims as pure opportunism in the wake of LAP’s recently announced sale of its Brixton Markets for a cash consideration of £37.25m, thereby generating a substantial profit for the Company.
Mr John Heller, LAP’s Chief Executive, said: “We have always, and continue to, maximise shareholder value through active portfolio management and a strategic acquisition and disposals programme.
“Despite the challenging conditions being experienced in UK retailing, our investment portfolio continues to perform well and the recent sale of our Brixton Markets will enable us to invest in new and exciting opportunities. This in turn will create growth and secure further shareholder value.
“We regard this proposal as ill-conceived and opportunistic and do not believe it will benefit shareholders in the long term.”
The Directors do not believe the Resolution is in shareholders’ best interests and recommend shareholders vote against it as they intend to do in respect of the shares which they and their family members own or control, representing 56.56% of the Company’s issued share capital (excluding shares held in treasury).
The Company will be publishing its annual results for 2017 shortly which the Board believes will demonstrate the Company’s ability to generate excellent shareholder value.
The Company is making this announcement pursuant to its obligations relating to the disclosure of inside information under article 17 (1) of the Market Abuse Regulation (596/2014).
London & Associated Properties PLC Tel: 020 7415 5000
John Heller, Chief Executive
Baron Phillips Associates Tel: 07767 444193