Strategic Review Update
12/06/2024 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
12 June 2024
For Immediate Release
Balanced Commercial Property Trust Limited
("BCPT" or the "Company")
Strategic Review Update
On 15 April 2024, the board of the Company (the "Board") announced that it had
commenced a strategic review process in order to consider the future of the
Company and further explore all of the various strategic options available to
enhance value for shareholders (the "Strategic Review").
Accordingly, since commencing the Strategic Review, the Board has undertaken
an open consultation process with a significant proportion of shareholders to
hear their priorities for their investment in the Company. The Board would
like to thank shareholders for the strong support shown for the Strategic
Review and the constructive feedback to date on the options being considered
as part of the Strategic Review. A range of views have been expressed on the
future direction of the Company and, generally, shareholder feedback to date
has confirmed the need for change from the status quo.
The Board is also pleased to have received interest from a number of credible
third parties who are currently reviewing information in respect of the
Company and its portfolio that has been provided to them.
There can be no certainty at this stage that the final terms of any proposal
that may be received would be sufficiently attractive to merit a Board
recommendation. The Board continues to pursue actively such third party
interest, alongside considering other options such as a managed wind down, as
part of the Strategic Review.
The Board continues to welcome investor feedback on the strategic options for
the Company and invites shareholders to share their views with the Chairman
(chairmanBCPT@georgeson.com) and the Company's advisers, whose details are set
out below.
The Board also intends to use the Company's forthcoming AGM as an additional
opportunity to hear shareholders' views on the Company's various strategic
options. The Board encourages shareholders to vote at the AGM and either
attend in person or to submit any questions in advance of the meeting to the
email address shown above. The AGM will be held at 12.30 p.m. on Thursday, 20
June 2024 at the building of the Company's UK legal advisers, Dickson Minto,
at Dashwood House, 69 Old Broad Street, London EC2M 1QS.
We look forward to providing further updates, as appropriate, in the coming
months.
For further information, please contact:
Balanced Commercial Property Trust Limited via Buchanan
Paul Marcuse (Chairman) chairmanBCPT@georgeson.com
Dickson Minto Advisers LLP (Strategic Review Joint Financial Adviser) +44 (0)20 7649 6823
Douglas Armstrong
Barclays Bank PLC, acting through its investment bank (Joint Financial Adviser) +44 (0) 20 7623 2323
Dion Di Miceli / Bronson Albery / Callum West BCPTstrategicreview@barclays.com
Buchanan +44 (0)20 7466 5000
Helen Tarbet / Henry Wilson / George Beale BCPT@buchanancomms.co.uk
Important notices
Dickson Minto Advisers LLP ("Dickson Minto Advisers"), which is authorised
and regulated by the Financial Conduct Authority in the United Kingdom, is
acting exclusively for the Company and for no one else in connection with the
Strategic Review and will not be responsible to anyone other than the Company
for providing the protections afforded to clients of Dickson Minto Advisers
nor for providing advice in connection with the Strategic Review referred to
in this announcement. Neither Dickson Minto Advisers nor any of its
affiliates (nor any of its or their respective directors, officers, employees,
representatives or agents) owes or accepts any duty, liability or
responsibility whatsoever (whether direct, indirect, consequential, whether in
contract, in tort, under statute or otherwise) to any person who is not a
client of Dickson Minto Advisers in connection with the Strategic Review, this
announcement, any statement contained herein or otherwise.
Barclays, which is authorised by the Prudential Regulation Authority and
regulated in the United Kingdom by the Financial Conduct Authority and the
Prudential Regulation Authority, is acting exclusively for the Company and no
one else in connection with the matters set out in this announcement and will
not be responsible to anyone other than the Company for providing the
protections afforded to clients of Barclays nor for providing advice in
relation to any matter referred to in this announcement.
In accordance with the City Code on Takeovers and Mergers (the "Code"),
normal United Kingdom market practice and Rule 14e-5(b) of the Exchange Act,
Barclays and its affiliates will continue to act as exempt principal trader in
the Company's securities on the London Stock Exchange. These purchases and
activities by exempt principal traders which are required to be made public in
the United Kingdom pursuant to the Code will be reported to a Regulatory
Information Service and will be available on the London Stock Exchange website
at www.londonstockexchange.com. This information will also be publicly
disclosed in the United States to the extent that such information is made
public in the United Kingdom.
This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any securities whether
pursuant to this announcement or otherwise.
The release, publication or distribution of this announcement in jurisdictions
outside the United Kingdom may be restricted by laws of the relevant
jurisdictions and therefore persons into whose possession this announcement
comes should inform themselves about, and observe, such restrictions. Any
failure to comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
Publication on a website
In accordance with Rule 26.1 of the Code, a copy of this announcement will,
subject to certain restrictions relating to persons resident in restricted
jurisdictions, be available on the Company's website
at https://www.balancedcommercialproperty.co.uk no later than 12 noon
(London time) on the business day following the date of this announcement.
Neither the content of any website referred to in this announcement nor the
content of any website accessible from hyperlinks is incorporated into, or
forms part of, this announcement.
MAR
This announcement is released by the Company and the information contained
within this announcement is deemed by the Company to constitute inside
information for the purposes of Article 7 of the UK version of the EU Market
Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information Service, such
information is now considered to be in the public domain.
LEI Number
The Company's LEI Number is 213800A2B1H4ULF3K397.
Copyright (c) 2024 PR Newswire Association,LLC. All Rights Reserved