ERET European Real E

TIDMERET

RNS Number : 8014E

European Real Estate Inv Tst Ltd

21 July 2016

21 July 2016

European Real Estate Investment Trust Limited ("the Company")

Return of capital

Together with the Company's advisors the Directors have undertaken a further review of potential future liabilities of the Company and have taken the decision to enter into an insurance policy to mitigate the likelihood of some of these liabilities crystallising. This has enabled the Company to release working capital provisions of GBP3.8m in the accounts and facilitate a distribution of GBP5.3m which will take place as a compulsory partial redemption of shares.

In line with the approval given by the Company's shareholders of the winding down proposals (as described in the Circular to shareholders on 12 July 2011) the Company today announces that it will return GBP5.3 million (equivalent to 30.0 pence per share) on 4 August 2016 (the "Redemption Date") by way of a compulsory partial redemption of shares (the "Sixth Redemption").

The Sixth Redemption will be effected at the estimated unaudited Redemption Net Asset Value per share as at 15 July 2016 of 225 pence per share. The Redemption will be effected pro rata to holdings of shares on the register at the close of business on the Redemption Record Date, being 4 August 2016. On this basis 13.33 per cent. of the Company's issued share capital would be redeemed on the Redemption Date.

Fractions of shares will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares.

The amount to be applied to the partial redemption of shares comprises monies from the Company's existing cash balances. As at today's date, the Company has 17,499,127 shares in issue of which none are held in treasury.

All shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, shares will be incapable of transfer.

The Shares will all be disabled in CREST after close of business on the Redemption Date and the existing ISIN number GG00BYXZ6909 (the "Old ISIN") will expire.

The new ISIN number GG00BD82KK82 (the "New ISIN") in respect of the remaining Shares which have not been redeemed will be enabled and available for transactions from and including 5 August 2016 .

Up to and including the Redemption Date, Shares will be traded under the Old ISIN and as such, a purchaser of such Shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.

Expected timetable for redemption:

   Record Date, Redemption date and expiry of old ISIN number                  4 August 2016 

New ISIN number enabled 5 August 2016

   Redemption monies paid (expected) uncertificated holdings:                   week of 10 August 2016 

certificated holdings: week of 15 August 2016

Enquiries:

Computershare Investor Services PLC

Shareholder Helpline Phone: +44 (0) 370 7074040

Praxis Fund Services Limited

Shona Darling Phone: +44(0) 1481 755528

Cenkos Securities plc

Will Rogers Phone: +44 (0) 20 7397 1920

Sapna Shah Phone: +44 (0) 20 7397 1922

Schroder Real Estate Investment Management Ltd

Tony Smedley Phone: +44(0) 20 7658 6000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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