Bellevue Healthcare Trust PLC Annual Voluntary Redemption of Ordinary Shares (5674G)
20 Julio 2023 - 1:01AM
UK Regulatory
TIDMBBH
RNS Number : 5674G
Bellevue Healthcare Trust PLC
20 July 2023
BELLEVUE HEALTHCARE TRUST PLC (the "Company")
LEGAL ENTITY IDENTIFIER ('LEI'): 213800HQ3J3H9YF2UI82
20 July 2023
ANNUAL VOLUNTARY REDEMPTION OF ORDINARY SHARES
The Company operates an annual voluntary redemption facility
through which shareholders may request the redemption of all or
part of their holding of redeemable ordinary shares of 1p each
("Ordinary Shares") for cash on the last business day in November
each year.
There is no requirement for shareholders to take any action
should they wish to retain their Ordinary Shares.
As at close of business on 18 July 2023, the Ordinary Share
price was 149.00p and the net asset value (including current period
revenue) was 159.69p per Ordinary Share. Therefore, the Ordinary
Shares were trading at a 6.7% discount to their net asset
value.
Given current market conditions and that the Ordinary Shares
continue to trade at a discount to net asset value, it seems
prudent to assume that there may be material redemptions this year.
In view of this, the Company is making an important change to the
redemption process this year. In line with prior years, the latest
date for redemptions requests will be 2 November 2023. However, a
record date of 2 September 2023 is being introduced.
This should have no practical impact on the Company's
long-standing investors. However, it should allow the Company to
perform the appropriate checks (including section 793 notices, if
required) of shareholders where it cannot identify the ultimate
beneficial owner (this can particularly be the case for offshore
nominee accounts). Additional information surrounding this change
can be found in the Company's Interim Report:
https://www.bellevuehealthcaretrust.com/uk-en/private/investor-relations/legal-documents
A redemption of Ordinary Shares may be subject to income tax and
capital gains tax. In particular, private shareholders that sell
their shares via the redemption mechanism could find that they are
subject to income tax on the gains made on the redeemed shares
rather than capital gains tax on the sale of their shares in the
market. However, individual circumstances do vary, therefore
shareholders who are in any doubt about the redemption or the
action that should be taken should seek independent professional
advice.
None of the Directors of the Company will be redeeming any of
their shares under the redemption facility.
Shareholders submitting valid requests for the redemption of
Ordinary Shares will have their shares redeemed at the Redemption
Price.
The Directors may elect, at their absolute discretion, to
calculate the Redemption Price on either of the following
bases:
1. The Redemption Price shall be equal to the Dealing Value per
Ordinary Share calculated as at the appropriate Valuation Point on
the appropriate Redemption Point; or
2. The Directors may elect to calculate the Redemption Price by
reference to the amount generated upon the realisation of a
Redemption Pool created for the purpose of funding the
redemption.
The Directors are minded to approve all valid redemption
requests unless there are exceptional reasons why this would be
contrary to the interests of shareholders.
Shareholders wishing to request the redemption of all or any of
their certificated Ordinary Shares at the proposed Redemption Point
should deliver to the Company's Registrar a duly completed
Redemption Request form together with their share certificate or
for uncertificated Ordinary Shares a Transfer to Escrow ("TTE")
instruction in accordance with the timetable set out below.
Redemption Request forms are available from the Company's
website:
https://www.bellevuehealthcaretrust.com/uk-en/private/investor-relations/legal-documents
or from the Company's Registrar, Link Group (details below).
The relevant dates for the November 2023 Redemption Point are
outlined below:
2 September 2023 Date of record. The date on which shareholders
are required to be present on the Company's
register to be entitled to submit valid
Redemption Requests.
2 November 2023
Latest date for receipt of Redemption Requests
and certificates for certificated shares.
3.00 pm on 2 November Latest date and time for TTE instructions
2023 for uncertificated shares via CREST.
5.00 pm on 30 November The Redemption Point.
2023
On or before 14 December Company to notify Redemption Price and dispatch
2023 redemption monies; or
If the redemption is to be funded by way
of a Redemption Pool, Company to notify
the number of shares being redeemed. Notification
of Redemption Price and dispatch of redemption
monies to take place as soon as practicable
thereafter.
On or before 4 January Balance certificates to be sent to shareholders.
2024
Further details of the redemption facility are set out in the
Company's Articles of Association and are also available from the
Company Secretary.
The Directors of the Company have discretion over the operation
of the redemption facility and the calculation of the Redemption
Price.
Defined terms in the announcement have the same meaning as set
out in the Articles of Association, a copy of which may be obtained
from the Company Secretary.
Enquiries:
Apex Listed Companies Services
(UK) Limited 020 3327 9720
Link Group (Registrar)
Central Square,
29 Wellington Street,
Leeds
LS1 4DL 0371 664 0300
If you have any questions, please call Link Group on +44 (0) 371
664 0300. Calls are charged at the standard geographic rate and
will vary by provider. Calls outside the United Kingdom will be
charged at the applicable international rate. The helpline is open
between 9.00 am - 5.30 pm, Monday to Friday excluding public
holidays in England and Wales. Please note that Link Group cannot
provide any financial, legal or tax advice and calls may be
recorded and monitored for security and training purposes.
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