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LXB Retail shareholders OK reorganization

A majority of LXB Retail Properties Plc's shareholders approved the company's reorganization by way of a proposed scheme of arrangement at a court meeting Feb. 27.

The scheme relates to the company's aim to "return as much cash as possible to shareholders in the short term and to bring the life of the company to an end." It would involve the group transferring its remaining assets and associated liabilities to IW Midco Ltd., a third-party company owned and managed by a member of LXB Retail's investment adviser team.

LXB Retail will cancel the trading of its shares on the London Stock Exchange's Alternative Investment Market shortly after March 31, 2019, and delist from the International Stock Exchange before its dissolution.

At an annual general meeting held the same day, the shareholders passed all the resolutions that also included a proposal to allow directors to return cash to shareholders on an ongoing basis.