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European REIT to redeem shares


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European REIT to redeem shares

European REIT Ltd. is returning £6.0 million to shareholders as part of its compulsory partial redemption following the disposal of its final real estate asset.

The ninth redemption will be equivalent to 147 pence per share and will be paid Aug. 24.

European REIT will cancel all the shares that will be redeemed, effective from the redemption date.

The company said it has retained the required assets to use in its liquidation and meet all contractual agreements and commitments for 2017 and to finalize its tax affairs in 2018 and 2019.

The board will submit applications to the Financial Conduct Authority to cancel the company's standard listing on the Official List and to the London Stock Exchange to cancel admission to trading of its shares on the Main Market, with effect from Oct. 2 and last day of trading expected to be Sept. 29.

A liquidator is expected to be appointed by end of 2017, and any surplus cash is planned to be used for capital redemption before Dec. 31.