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RNS Number : 3645U BWP REIT PLC 22 November 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY (IN WHOLE
OR IN PART) IN, INTO OR FROM ANY JURISDICITON WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THE JURISDICITON.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
22 November 2023
BWP REIT plc
("BWP REIT" or the "Company")
Cancellation of listing on IPSX
As announced by the Board of BWP REIT on 4 September 2023, IPSX UK Limited
("IPSX"), the operator of the International Property Securities Exchange (the
"Exchange"), wrote to the Exchange's issuers and Lead Advisers to notify them
that IPSX had initiated a winding-down process which will result in the
closure of the Exchange on 4 December 2023. Therefore, BWP REIT has to cancel
its listing by Friday 1 December 2023, the last possible day of dealings on
the Exchange.
As a result of the notice from the Exchange and following advice from its
asset manager, M7 Real Estate Limited (the "Asset Manager"), the Company will
proceed with the cancellation of the admission of the Company's ordinary
shares to trading on the Exchange (the "De-listing"). In the light of the
costs, likely limited liquidity and the ongoing regulatory overhead associated
with an alternative listing, the Board, together with its Asset Manager and
other advisers, does not consider an alternative listing to be in the best
interests of the Company and its shareholders at this time. The Board will
review the Company's listing status periodically.
The business plan for BWP remains firmly on track.
The Company therefore expects to publish a circular to shareholders on 23
November 2023 with a view to the De-listing taking effect from 28 November
2023 at 8.00 a.m. so the last day of dealings in the Company's ordinary shares
on the Exchange will be 27 November 2023.
The Company will have to exit the REIT regime as a result of the De-listing
and the Company will therefore notify HMRC of this prior to the De-listing.
The loss of REIT status is not expected to result in any material additional
tax liabilities in the near term for the Company, based on the advice the
Board has received from its tax advisers. The Board, and its tax advisers,
will continue to monitor the tax implications of remaining outside the REIT
regime and will update shareholders should a return to the REIT regime in
future appear to be in the Company's and shareholders best interests.
Further information will be set out in the circular to shareholders.
ENQUIRIES
BWP REIT PLC
Edmund Craston - Chairman
via FTI Consulting below
M7 Real Estate Limited
Jack Thoms, Allan
Green +44 (0)
20 3984 0884
WH Ireland Limited (IPSX Lead Adviser)
+44 (0) 20 7220 1666
Chris Hardie, Darshan Patel
FTI Consulting (Financial and PR
Adviser) +44 (0) 20 3727
1000
Richard Sunderland
M7@FTIConsulting.com
Eve Kirmatzis, Oliver Parsons
Alter Domus (UK) Limited (Company Secretary) +44 (0) 207
645 4800
The Company's ISIN is GB00BQ1NFW69.
Further information on BWP REIT plc is available at www.bwpreit.com/
(http://www.bwpreit.com/) .
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