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LXB Retail details reorganization, dissolution plan

London-listed LXB Retail Properties Plc informed shareholders of its proposed scheme of arrangement in relation to its plan to "return as much cash as possible to shareholders in the short term and to bring the life of the company to an end."

The real estate investment company said in a Feb. 5 release that it had scheduled a court meeting in Jersey on Feb. 27 to consider the reorganization of the company. An annual general meeting, held on the same day, will consider a proposal to allow directors to return cash to shareholders on an ongoing basis.

The scheme would involve, among other things, 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 expects to 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 ahead of its dissolution.

In the company's earnings release for the year ended Sept. 30, 2017, Chairman Phil Wrigley noted that LXB Retail had had to deal with "an increasingly challenging operating environment in terms of the retail and lettings market."