To: RNS
From: F&C Commercial Property Trust Limited
Date: 7 November 2014
RESULTS OF GENERAL MEETING
The Board of F&C Commercial Property Trust Limited (the "Company") is pleased
to announce that at an extraordinary general meeting of the Company held
earlier today the resolution to adopt new articles of incorporation removing
the obligation to hold a continuation vote in 2015 and five yearly thereafter
and to replace it with an obligation to hold a continuation vote in 2024, as
set out in the circular to shareholders dated 16 October 2014 (the "Circular"),
was duly approved by shareholders.
The Company has today also entered into a conditional ten year term loan
facility agreement with Legal & General Pensions Limited ("L&G") on the terms
set out in the Circular. Under this facility the Group will be entitled, subject
to the satisfaction of certain conditions precedent, to draw down up to £260
million to finance the repayment of the £230 million of secured bonds issued by
the Group (the "Bonds") and the £30 million drawn down under the Barclays Prime
Four Facility. The Board expects to fix the interest rate on the loan with L&G
during November 2014.
In addition, the Board will be serving irrevocable notices shortly to repay the
Bonds on 2 January 2015. The Barclays Prime Four Facility will be repaid on 31
December 2014.
Details of the proxy votes lodged before the meeting will be available shortly
at www.fccpt.co.uk. A copy of the resolution passed at the general meeting has
been submitted to the National Storage Mechanism and will shortly be available
for inspection at www.morningstar.co.uk/uk/NSM.
Definitions
Terms used and not defined in this announcement have the meanings given in the
Circular.
For further information please contact:
Richard Kirby, F&C Investment Business Limited
Tel: 020 7499 2244
Graeme Caton, Winterflood Securities Limited
Tel: 020 3100 0268© 2014 PR Newswire
