REG-Lon.&Assoc.Props PLC: Correction - AGM Resolution Proposal

London & Associated PropertiesAnnouncement

23/04/2018 17:15

The following amendment has been made to the 'AGM Resolution Proposal'
announcement released on 23 April 2018 at 12.02pm.

The percentage holding of the Company’s share capital which the Directors
own or control has been amended from 56.35% to 56.56% and includes interests
held by their family members.

All other details remain unchanged. The full amended text is shown below.

23 April 2018

LONDON & ASSOCIATED PROPERTIES PLC (“LAP”, or the “Company”)

SHAREHOLDER CALLS FOR ANNUAL GENERAL MEETING RESOLUTION

The Board of LAP today announces it has received a request for an ordinary
resolution to be included in the business to be considered by shareholders at
the Company’s forthcoming annual general meeting (the “Resolution”).

The request has been made on behalf of shareholders holding a total of
4,569,031 ordinary shares in LAP, equivalent to approximately 5.3% of the
Company's issued share capital (excluding shares held in treasury), under
cover of a letter from Maland Pension Fund (“MPF”), of which Mr Andrew
Perloff is a trustee.

MPF’s Resolution calls for proposals from the Board to enable shareholders
outside the Heller family to realise their investment in LAP at a value of no
more than a 7.5% discount to the Company’s net asset value.

In accordance with its obligations under company law, the Board will include
the Resolution in the notice of the Company’s forthcoming annual general
meeting to be held in June.

However, the Board has dismissed the Resolution and its aims as pure
opportunism in the wake of LAP’s recently announced sale of its Brixton
Markets for a cash consideration of £37.25m, thereby generating a substantial
profit for the Company.

Mr John Heller, LAP’s Chief Executive, said: “We have always, and continue
to, maximise shareholder value through active portfolio management and a
strategic acquisition and disposals programme.

“Despite the challenging conditions being experienced in UK retailing, our
investment portfolio continues to perform well and the recent sale of our
Brixton Markets will enable us to invest in new and exciting opportunities.
This in turn will create growth and secure further shareholder value.

“We regard this proposal as ill-conceived and opportunistic and do not
believe it will benefit shareholders in the long term.”

The Directors do not believe the Resolution is in shareholders’ best
interests and recommend shareholders vote against it as they intend to do in
respect of the shares which they and their family members own or control,
representing 56.56% of the Company’s issued share capital (excluding shares
held in treasury).

The Company will be publishing its annual results for 2017 shortly which the
Board believes will demonstrate the Company’s ability to generate excellent
shareholder value.

The Company is making this announcement pursuant to its obligations relating
to the disclosure of inside information under article 17 (1) of the Market
Abuse Regulation (596/2014).

Ends.

Contact:

London & Associated Properties
PLC                                                     
Tel: 020 7415 5000
John Heller, Chief Executive

Baron Phillips Associates                                  
                                     Tel: 07767 444193
Baron Phillips



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