PR Newswire
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the “Code”)
1. KEY INFORMATION
(a) Full name of discloser: Balanced Commercial Property Trust Limited (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. N/A (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Balanced Commercial Property Trust Limited (d) Is the discloser the offeror or the offeree? Offeree (e) Date position held: The latest practicable date prior to the disclosure 26 April 2024 (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A” N/A (strategic review and formal sale process)2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates
Class of relevant security: Ordinary shares of one penny each Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: Nil 0 Nil 0 (2) Cash-settled derivatives: Nil 0 Nil 0 (3) Stock-settled derivatives (including options) and agreements to purchase/sell: Nil 0 Nil 0 TOTAL: Nil 0 Nil 0All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: None Details, including nature of the rights concerned and relevant percentages: None3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe (including directors’ and other employee options) of any person acting in concert with the party to the offer making the disclosure: Interests of the directors of Balanced Commercial Property Trust Limited ("BCPT") inordinary shares of one penny each in BCPT (including their close relatives and related trusts): Director of BCPT (and their close relatives and related trusts) Total number of BCPT ordinary shares Percentage of the total issued share capital of BCPT (excluding treasury shares) Paul Marcuse 49,463 0.00% Isobel Sharp 55,000 0.00% Linda Wilding 40,000 0.00% John Wythe 33,466 0.00% Interests of other persons acting in concert with BCPT Name Total number of BCPT ordinary shares Percentage of the total issued share capital of BCPT (excluding treasury shares) Columbia Threadneedle AM (Holdings) plc and its subsidiaries 72,314 0.01%Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the party to the offer making the disclosure or any person acting in concert with it:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none” None(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party to the offer making the disclosure, or any person acting in concert with it, and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state “none” None(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) No Supplemental Form 8 (SBL) No Date of disclosure: 29 April 2024 Contact name: Paul Marcuse (via Dickson Minto Advisers) Telephone number: +44 (0)20 7649 6823Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.
To: RNS
Date: 26 April 2024
From: Balanced Commercial Property Trust Limited (the “Company”)
L.E.I. 213800A2B1H4ULF3K397
Results in Respect of the Year Ended 31 December 2023 (audited)
The full Annual Report for the year ended 31 December 2023 will be available to view on the Company’s website: balancedcommercialproperty.co.uk
Headlines
Earnings per Ordinary Share were -3.7 pence per share for the year ended 31 December 2023 (2022: -13.1 pence per share). Net asset value per Ordinary Share was 109.8 pence as at 31 December 2023 (2022: 118.5 pence). Rental income was £59.2 million for the year ended 31 December 2023 (2022: £58.7 million). Net asset value total return of -3.3* per cent for the year ended 31 December 2023 (2022: -9.2 per cent). Share price total return of -12.5* per cent for the year ended 31 December 2023 (2022: -11.7 per cent). From October 2023, the rate of monthly interim dividends was increased to 0.44 pence per share. This represented an increase of 10.0 per cent compared to the previous monthly dividends. Dividend cover on a cash basis was 104.7* per cent for the year ended 31 December 2023 (2022: 104.8 per cent). The Company signed up to a new £320 million Debt Facility provided by incumbent lender Barclays and a new lender HSBC. Disposed of two office holdings at an aggregate sales price of £14.3 million for the year ended 31 December 2023. A further two office disposals were completed post year-end with an aggregate sales price of £54.6 million. These disposals are part of the strategic repositioning of the portfolio. Major development scheme at Strategic Park, Southampton completed, delivering a rent roll in excess of £1.4 million per annum and a 12 month total return of 13.4 per cent. 4 per cent increase in Scope 1 and 2 absolute emissions (-26 per cent in 2022). Emissions intensity reduced by 16 per cent (-13 per cent in 2022).
*see Alternative Performance Measures
Chairman’s Statement
The macro-economic risk factors that were prevalent in 2022 began to ease during 2023. While the UK slipped into a shallow technical recession in the second half of the year, this is forecast to be short and inflation, which has weighed heavily on financial markets, fell towards the end of the year.
Uncertainties linger as interest rates remain at a 15-year high, the rate of inflation is still above target, and we are in an environment of significant geo-political risk. The last eighteen months have been challenging for real estate as investment performance suffered due to rising interest rates leading to yield increases and a repricing of the asset class. Investors faced the impact of higher borrowing costs and reduced capital flows as the attractiveness of real estate deteriorated. As a consequence, UK investment volumes were low by recent measures with some properties proving to be highly illiquid. On a positive note, the occupational markets have proven to be more resilient than many expected.
Company Performance
Against this challenging economic and property market backdrop, the Company has delivered a net asset value (‘NAV’) total return of -3.3 per cent for the year. The NAV per share as at 31 December 2023 was 109.8 pence, down 7.3 per cent from 118.5 pence per share as at 31 December 2022.
The share price total return for the year was -12.5 per cent with the discount to NAV standing at 34.0 per cent at the year end, as the negative sentiment towards the commercial real estate sector continued to affect the rating of the shares. The Board has continued its focus on rebalancing the portfolio with the disposal of two office holdings in December 2023 and a further two office sales since the year end, and there has been positive movement in the share price in 2024. At the time of writing the share price is 78.7 pence per share, a discount of 28.3 per cent to the NAV.
The following table provides an analysis of the movement in the NAV per share during the year.
Pence per share *
NAV per share as at 31 December 2022
118.5
Unrealised decrease in valuation of property portfolio
(8.1)
Realised loss on sale of properties
(0.6)
Movement in interest rate swap
(0.1)
Net revenue
5.0
Dividends paid
(4.9)
NAV per share as at 31 December 2023
109.8
*Based on the average number of shares in issue during the year.
Portfolio Performance
The Company’s portfolio delivered a total return of -0.7 per cent over the year, outperforming the MSCI UK Quarterly Property Index to December 2023 (‘MSCI’) return of -1.5 per cent. Relative outperformance was driven by an income return of 5.4 per cent against the Index return of 4.7 per cent, with capital returns in line against the Index at -5.9 per cent.
We are at a stage of the cycle where income is driving returns and as such it was pleasing to see the portfolio’s net operating income grow by 5.3 per cent with all sub-sectors delivering rental growth and the completion of 76 leasing initiatives across the portfolio.
Despite the relative outperformance against the Index, the portfolio was negatively impacted by the Company’s exposure to the office sector. This is being addressed with momentum in our sales programme, which as mentioned above has seen the disposal of two office holdings in December 2023 and a further two sales since the year end, raising total proceeds of £68.9 million. The portfolio’s exposure to the office sector has fallen to 22.2 per cent at the time of writing, which is less than the Index weighting (24.2 per cent). We anticipate further sales activity within the capital markets as we continue to recycle capital to improve performance.
Dividends
The Company paid twelve interim dividends totalling 4.92 pence per share during the year, being nine monthly dividends of 0.4 pence per share, followed by a 10 per cent increase and three further monthly dividends at a rate of 0.44 pence per share. The level of dividend cover for the period was 104.7 per cent on a cash basis and the Board will continue to keep the level of dividend under review.
Borrowings
The Company has a £260 million term loan in place with L&G which matures on 31 December 2024. As previously announced, the Company signed up to a new debt facility in September 2023 provided by incumbent lender, Barclays Bank plc, and a new lender, HSBC UK Bank Plc. This facility is in two tranches and includes a committed £260 million Term Loan, which can only be drawn to refinance the existing £260 million L&G Loan. There is also a £60 million Revolving credit facility, £30 million of which was drawn down at the year-end and has subsequently ben repaid.
The new debt facility enables the Company to retain the competitively priced L&G Loan which is fixed at 3.32 per cent up to maturity, whilst also ensuring the future liquidity needs of the Company are fully funded at an acceptable commitment fee.
As at 31 December 2023, the Company’s loan to value, net of cash (‘LTV’) was 24.4 per cent and the weighted average interest rate on the Group’s total current borrowings was 3.8 per cent.
Continuation Vote
In accordance with the Articles of Incorporation, the Directors are required to put an ordinary resolution to shareholders in relation to the continuation of the Company in 2024 (the "Continuation Vote"). If at that meeting such resolution is not passed, the Board shall, within twelve months of such meeting, convene an extraordinary general meeting of the Company at which a special resolution shall be proposed to the members of the Company for the winding up of the Company and/or a special resolution shall be proposed to the members of the Company for the reconstruction of the Company, provided that such resolution for the reconstruction of the Company shall, if passed, provide an option to Shareholders to elect to realise their investment in the Company in full. The Board’s assessment of going concern can be found below.
On 15 April 2024, the Board announced that it has been carefully considering for some time, with its advisers, its strategic options to enhance value for its shareholders, and that it has formalised these deliberations into a strategic review process (the "Strategic Review") (further details of which are set out below).
Once the Strategic Review has been completed, the Board will convene a general meeting of the Company at which the Continuation Vote will be proposed.
Strategic Review
Despite the Company's successful and ongoing strategic disposal programme, which has reduced the portfolio's exposure to the underperforming office sector, and recent improvements in the Company's share rating, its share price remains at a material discount to the Company's net asset value. The Board, together with its advisers, has therefore been carefully considering the Company’s strategic options for some time.
As part of the Strategic Review, the Board will consider all options including, but not limited to, continuing the Company with further actions to narrow the share price discount to NAV; selling the Company's portfolio or subsidiaries (or portion thereof); returning capital to shareholders; changing the Company's investment strategy and/or management arrangements; commencing a managed wind down; selling the entire issued share capital of the Company or undertaking some other form of consolidation, combination, merger or comparable corporate action.
Shareholders are welcome to send their comments to chairmanBCPT@georgeson.com, in particular on their priorities for their investment in the Company and the options described above.
We have commenced this Strategic Review to determine the best way to enhance value for shareholders, after which the independent Board will determine the best way forward for the Company as a whole. The outcome of the Strategic Review is expected to be announced in Q3 2024, and thereafter the Continuation Vote will also be held. The Board looks forward to updating shareholders on the progress of the Strategic Review and will make further announcements in due course, noting that there is currently no certainty as to the outcome of the Strategic Review.
Board Composition
Karima Fahmy was appointed as an independent non-executive Director of the Company with effect from 19 January 2024. Karima is a corporate lawyer with extensive experience of the UK property sector.
Following a significant increase in other time commitments, Hugh Scott-Barrett retired from his role as non-executive Senior Independent Director in February 2024. I would like to thank Hugh for his considerable contribution to the Company and wise counsel over recent years. I am pleased to confirm that Isobel Sharp, who is Audit and Risk Committee Chair, has also assumed the role of Senior Independent Director.
Environmental, Social and Governance (‘ESG’)
Every Board director is a member of the ESG Committee which is established to ensure that the Managers are driving year-on-year improvements in portfolio performance, process and governance. The Board was pleased to note the Company’s return to the top of its Global Real Estate Sustainability Benchmark peer group in 2023, achieving a score of 79/100, conferring a three green star rating.
As work has continued to future-proof the portfolio in line with our Net Zero Carbon target and the Minimum Energy Efficiency Standards, the Company is also focused on the ESG fields of social, biodiversity and transitional risk where we expect to make meaningful progress during the upcoming year. Given the composition and quality of the portfolio, the Board and Managers remain of the view that the Company’s asset base is well-positioned in relation to the evolving ESG landscape.
Outlook
Market participants across real estate and the wider financial sectors have been keenly monitoring the outlook for UK interest rates, with the potential for a cut in the base rate in the second half of 2024. There are also upcoming general elections, most notably in the UK and US, which add an extra layer of complexity to the outlook.
The year ahead will most likely see continued divergence in performance across property sectors, sub-sectors and markets. Asset fundamentals rather than market yield compression should provide a platform for value creation, and we believe that this is an opportune time for a diversified strategy.
Paul Marcuse
Chairman
26 April 2024
This announcement may contain forward-looking statements with respect to the financial condition, results of operations and business of the Company. Such statements involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ materially from those expressed or implied by forward-looking statements. The forward-looking statements are based on the Directors’ current view and on information known to them at the date of this document. Nothing should be construed as a profit forecast.
Managers’ Review
Property Headlines over the Year
A portfolio total return -0.7* per cent over the 12 months to 31 December 2023 versus the MSCI UK Quarterly Property Index ('MSCI') return of -1.5 per cent. Relative outperformance delivered through income generation and proactive asset management, driving 5.3 per cent increase in portfolio net operating income. Accretive asset management activity delivered underlines strong asset fundamentals, attractive sector exposures and significant latent income growth potential within the portfolio. Portfolio offers potential day one income reversion of 16.0 per cent with a further 31.0 per cent of income subject to contractual uplifts guaranteeing additional rental growth. The disposal of four office assets completed (two post year-end) as part of the strategic repositioning of the portfolio, raising proceeds of £68.9 million delivered at an aggregate discount to NAV of 2.6 per cent and reducing portfolio exposure to the office sector to 22.2 per cent. Major development scheme at Strategic Park, Southampton completed, delivering a rent roll in excess of £1.4 million per annum and a 12-month total return of 13.4 per cent.
*see Alternative Performance Measures
Property Market Review
2023 was a challenging year for UK real estate due to the macro-economic environment and a 15 year high in interest rates. Volatility in financial markets, uncertainty as to the interest rate outlook and persistently high inflation dampened investor appetite and the relative attractiveness of real estate.
UK real estate investment volumes totalled circa £40 billion in 2023, a fall of 40 per cent year on year. Despite the negative headlines around offices, they were the second most traded sector in 2023, accounting for approximately 24 per cent of deal volume. The tentative emergence of counter-cyclical and opportunistic strategies has been supported by an occupational market that continues to display resilience and even growth, albeit this is increasingly nuanced by micro-location and asset fundamentals.
As income has driven returns, we have seen an increasing divergence in performance across the sub-sectors due to differing rental growth prospects. As a result, weaker office segments have lost market share to ‘beds, sheds, and meds’, being the sectors delivering rental growth founded on structural undersupply and positive thematic support. Industrials generated the highest rental growth over the year at 7.1 per cent and were unsurprisingly the most traded sector. Retail warehousing, underpinned by low vacancy and a negligible development pipeline, supported positive rental growth over the year of 1.8 per cent and is expected to gain further momentum in 2024.
All this is to say that delivering relative outperformance has become a more nuanced pursuit founded on disciplined management of both portfolio composition and the standing asset base. The notable absence of the distressed (or even motivated) selling of real estate assets has put the onus on returns being generated through proactive asset management and diversification of income streams. Crystallising rental growth through leasing initiatives, driving capital growth through refurbishments, enhancing occupational and investment prospects through asset repositioning relies heavily on expertise to leverage strong underlying asset and portfolio fundamentals.
Portfolio performance
The total return from the portfolio was -0.7 per cent over the twelve months, compared with the MSCI return of -1.5 per cent, a 74-basis point performance premium.
At a time when returns are driven by income, the Company’s portfolio is generating a yield advantage and the portfolio delivered an income return of 5.4 per cent over the year, a 75-basis point premium over the MSCI. The portfolio’s capital growth was in line with MSCI at -5.9 per cent over the year.
Capital Growth
Over the period, portfolio yields have moved as follows:
Net initial yield (%)
Equivalent yield (%)
Reversionary yield (%)
Dec 23
Dec 22
Dec 23
Dec 22
Dec 23
Dec 22
Industrial
4.5
4.5
6.0
5.9
6.3
6.2
Offices
7.4
5.8
8.2
6.9
8.4
7.0
Retail*
4.7
4.4
5.1
4.9
4.8
4.7
Retail Warehousing
6.3
5.7
6.2
6.1
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 IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
15 April 2024
For Immediate Release
Balanced Commercial Property Trust Limited
("BCPT" or the "Company")
Strategic Review and Commencement of Formal Sale Process and Offer Period
The Board announces that it is undertaking a strategic review to consider the future of the Company and will further explore all of the various strategic options available to enhance value for shareholders. This includes a sale but the Company is not in discussions with any potential offeror at the time of this announcement.
Background
Since its launch, BCPT has pursued its investment objective of providing shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.
BCPT's portfolio has outperformed its benchmark index, the MSCI UK Quarterly Property index, on a total return basis over the one and three year periods and since the portfolio's inception to 31 December 2023. The Company has a progressive dividend policy and raised its monthly dividend by 10 per cent. in October 2023 to its current level, 0.44 pence per share. On an annual basis, this represented a dividend yield of 6.7 per cent. as at 12 April 2024. The dividends paid by the Company during the financial year ended 31 December 2023 were fully covered. The share price discount to net asset value has narrowed from 42 per cent. to 28 per cent. over the six months to 12 April 2024.
The Company's investment manager (the "Manager"), with the support of the Company's independent board of directors (the "Board"), has been rebalancing the Company's portfolio through its successful and ongoing strategic disposal programme. This has reduced the portfolio's exposure to the underperforming office sector and has resulted in the Company's industrial portfolio, which has significant rental reversion, becoming the Company's largest sector weighting. The Company will soon publish its annual report and audited financial statements for the year ended 31 December 2023 which will provide further details of the Manager's asset management activity and the Company's ESG initiatives.
As announced in September 2023, following a review of the Company's financing options the Company entered into a new, initially two-year debt facility comprising a £260 million term loan, which can only be drawn to refinance the Company's existing £260 million term loan which is due to mature in December 2024 (the "L&G Loan"), and a £60 million revolving credit facility (together, the "New Debt Facility"). The New Debt Facility enables the Company to retain the competitively priced L&G Loan up to its maturity date, whilst providing the Company with flexibility and optionality.
The Board believes that BCPT offers an attractive investment proposition: a diversified portfolio of high-quality assets, with an income-focussed, total return strategy supported by active and opportunistic management initiatives. The Company also offers the scale that is lacking in its smaller peers. However, the Board also recognises that the Company currently faces significant challenges with a difficult near-term economic and property market backdrop in a higher interest rate environment and the current dislocation in capital markets. Despite the Manager delivering steady portfolio performance over recent years, and the share price discount having narrowed, the Company's shares continue to trade at a material discount to their net asset value, which the Board does not believe reflects the current value of the underlying property assets, nor the longer-term prospects of the portfolio.
Strategic Review
The Company's articles of incorporation require that the Company hold a continuation vote in 2024 (the "Continuation Vote"). The Board has been carefully considering for some time, with its advisers, its strategic options to enhance value for its shareholders. As a result of these deliberations, the Board has determined that it would be in the best interests of shareholders as a whole that it formalise these deliberations into a strategic review process (the "Strategic Review"), which will take into account the views of all shareholders. The outcome of the Strategic Review is expected to be announced in Q3 2024, and thereafter the Continuation Vote would also be held.
As part of the Strategic Review, the Board will consider all options including, but not limited to, continuing the Company with further actions to narrow the discount; selling the Company's portfolio or subsidiaries (or portion thereof); returning capital to shareholders; changing the Company's investment strategy and/or management arrangements; commencing a managed wind down; selling the entire issued share capital of the Company (which would be conducted under the framework of a "formal sale process" in accordance with the City Code on Takeovers and Mergers (the "Code")) or undertaking some other form of consolidation, combination, merger or comparable corporate action.
Further details relating to the formal sale process are set out in the section titled "Formal Sale Process and Code considerations" below.
Next Steps
The Board will undertake an open consultation process with shareholders and welcomes shareholders to send comments to the Chairman (chairmanBCPT@georgeson.com), in particular on their priorities for their investment in the Company and the options described above.
The Board looks forward to updating shareholders on the progress of the Strategic Review and will make further announcements in due course, noting that there is currently no certainty as to the outcome of the Strategic Review.
Paul Marcuse, Chairman of BCPT, said:
"Following a very challenging period for REITs during the Covid-19 pandemic and subsequent economic and geopolitical events, BCPT has been repositioning the portfolio away from less attractive sectors and realising cash to facilitate strategic options for the Company. We believe our monthly dividend offers an attractive level of regular income to shareholders.
We recognise, however, despite recent improvements in the Company's share rating, the share price remains at a material discount to the Company's net asset value. In line with our commitment to do the right thing for our shareholders as a whole, we have commenced this Strategic Review to determine the best way to enhance value for shareholders, after which the independent Board will determine the best way forward.
We welcome the views of all of our shareholders during this consultation period and will carefully take those opinions into consideration before announcing our next steps. The Company will continue to explore all options available to enhance value for its shareholders."
For further information, please contact:
Balanced Commercial Property Trust Limited
via Buchanan
Paul Marcuse (Chairman)
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 and Joint Corporate Broker)
+44 (0)20 7623 2323
Dion Di Miceli / Bronson Albery
BCPTstrategicreview@barclays.com
Winterflood Securities Limited (Joint Corporate Broker)
+44 (0)20 3100 0265
Joe Winkley / Neil Morgan / Innes Urquhart
Buchanan
+44 (0)20 7466 5000
Helen Tarbet / Henry Wilson / George Beale
BCPT@buchanancomms.co.uk
Formal Sale Process and Code considerations
The Takeover Panel has agreed that any discussions in relation to an offer for the Company may be conducted within the context of a formal sale process under the Code (as referred to in Note 2 on Rule 2.6 of the Code), which will enable conversations with parties interested in making a proposal to take place on a confidential basis.
Accordingly, the Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement and will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Code for so long as it is participating in the formal sale process. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Code, and the dealing disclosure requirements of Rule 8 of the Code as summarised below will apply.
The Company is not in discussions with, nor in receipt of any approach from, any potential offeror at the time of this announcement.
Parties interested in submitting an expression of interest or any other proposal relating to any strategic option for the Company should contact the Company's joint financial adviser, Barclays Bank PLC, acting through its Investment Bank ("Barclays"), using the contact details above. It is currently expected that any party interested in submitting a form of proposal for consideration in connection with the Strategic Review (including within the formal sale process) may, depending on the nature of the proposal, at the appropriate time, enter into a non-disclosure agreement and standstill arrangement with the Company on terms satisfactory to the Board and on the same terms, in all material respects, as other interested parties before being permitted to participate in the process. The Company then intends to provide such interested parties with certain information on its business, following which interested parties shall be invited to submit their proposals to Barclays. The Company will update the market regarding timings for the Strategic Review, including the formal sale process, in due course.
The BCPT Board reserves the right to alter any aspect of the process as outlined above or to terminate the process at any time and, in such cases, will make an announcement as appropriate. The BCPT Board also reserves the right to reject any approach or terminate discussions with any interested party at any time.
Shareholders are advised that this announcement does not represent a firm intention by any party to make an offer under Rule 2.7 of the Code and there can be no certainty that any offers will be made as a result of the formal sale process, that any sale or other transaction will be concluded, nor as to the terms on which any offer or other transaction may be made.
Other 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 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.
Disclosure Requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the persons interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
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.
Rule 2.9 of the Code
In accordance with Rule 2.9 of the Code, the Company confirms that as at the close of business on 12 April 2024 it has in issue 701,550,187 ordinary shares (excluding ordinary shares held in treasury) of one penny each in the capital of the Company. The International Securities Identification Number for the Company's ordinary shares is GG00B4ZPCJ00.
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.
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GG00B4ZPCJ00
Issuer Name
BALANCED COMMERCIAL PROPERTY TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
BlackRock, Inc.
City of registered office (if applicable)
Wilmington
Country of registered office (if applicable)
USA
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
02-Apr-2024
6. Date on which Issuer notified
03-Apr-2024
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.050000
0.560000
5.610000
39461945
Position of previous notification (if applicable)
4.940000
0.780000
5.720000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GG00B4ZPCJ00
35462092
5.050000
Sub Total 8.A
35462092
5.050000%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Securities Lending
3628127
0.510000
Sub Total 8.B1
3628127
0.510000%
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
CFD
Cash
371726
0.050000
Sub Total 8.B2
371726
0.050000%
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
BlackRock, Inc. (Chain 1)
BlackRock Holdco 2, Inc.
BlackRock, Inc. (Chain 1)
BlackRock Financial Management, Inc.
BlackRock, Inc. (Chain 1)
BlackRock International Holdings, Inc.
BlackRock, Inc. (Chain 1)
BR Jersey International Holdings L.P.
BlackRock, Inc. (Chain 1)
BlackRock (Singapore) Holdco Pte. Ltd.
BlackRock, Inc. (Chain 1)
BlackRock HK Holdco Limited
BlackRock, Inc. (Chain 1)
BlackRock Lux Finco S.a.r.l.
BlackRock, Inc. (Chain 1)
BlackRock Japan Holdings GK
BlackRock, Inc. (Chain 1)
BlackRock Japan Co., Ltd.
BlackRock, Inc. (Chain 2)
BlackRock Holdco 2, Inc.
BlackRock, Inc. (Chain 2)
BlackRock Financial Management, Inc.
BlackRock, Inc. (Chain 2)
BlackRock International Holdings, Inc.
BlackRock, Inc. (Chain 2)
BR Jersey International Holdings L.P.
BlackRock, Inc. (Chain 2)
BlackRock Holdco 3, LLC
BlackRock, Inc. (Chain 2)
BlackRock Cayman 1 LP
BlackRock, Inc. (Chain 2)
BlackRock Cayman West Bay Finco Limited
BlackRock, Inc. (Chain 2)
BlackRock Cayman West Bay IV Limited
BlackRock, Inc. (Chain 2)
BlackRock Group Limited
BlackRock, Inc. (Chain 2)
BlackRock Finance Europe Limited
BlackRock, Inc. (Chain 2)
BlackRock Investment Management (UK) Limited
BlackRock, Inc. (Chain 3)
BlackRock Holdco 2, Inc.
TO: RNS
FROM: Balanced Commercial Property Trust Limited
L.E.I.: 213800A2B1H4ULF3K397
DATE: 03 April 2024
Dividend Declaration
(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)
Balanced Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2023 of 0.44 pence per share as detailed in the schedule below.
The key dates for this interim dividend are as follows:
Ex-Dividend Date
Record Date
Pay Date
11 April 2024
12 April 2024
30 April 2024
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court
Les Banques
St Peter Port Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
TO: RNS
FROM: Balanced Commercial Property Trust Limited
L.E.I.: 213800A2B1H4ULF3K397
DATE: 06 March 2024
Dividend Declaration
(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)
Balanced Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2023 of 0.44 pence per share as detailed in the schedule below.
The key dates for this interim dividend are as follows:
Ex-Dividend Date
Record Date
Pay Date
14 March 2024
15 March 2024
28 March 2024
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court
Les Banques
St Peter Port Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GG00B4ZPCJ00
Issuer Name
BALANCED COMMERCIAL PROPERTY TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
BlackRock, Inc.
City of registered office (if applicable)
Wilmington
Country of registered office (if applicable)
USA
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
16-Feb-2024
6. Date on which Issuer notified
19-Feb-2024
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
4.940000
0.780000
5.720000
40216838
Position of previous notification (if applicable)
5.010000
0.740000
5.750000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GG00B4ZPCJ00
34677917
4.940000
Sub Total 8.A
34677917
4.940000%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Securities Lending
4086911
0.580000
Sub Total 8.B1
4086911
0.580000%
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
CFD
Cash
1452010
0.200000
Sub Total 8.B2
1452010
0.200000%
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
BlackRock, Inc. (Chain 1)
BlackRock Holdco 2, Inc.
BlackRock, Inc. (Chain 1)
BlackRock Financial Management, Inc.
BlackRock, Inc. (Chain 1)
BlackRock International Holdings, Inc.
BlackRock, Inc. (Chain 1)
BR Jersey International Holdings L.P.
BlackRock, Inc. (Chain 1)
BlackRock (Singapore) Holdco Pte. Ltd.
BlackRock, Inc. (Chain 1)
BlackRock HK Holdco Limited
BlackRock, Inc. (Chain 1)
BlackRock Lux Finco S.a.r.l.
BlackRock, Inc. (Chain 1)
BlackRock Japan Holdings GK
BlackRock, Inc. (Chain 1)
BlackRock Japan Co., Ltd.
BlackRock, Inc. (Chain 2)
BlackRock Holdco 2, Inc.
BlackRock, Inc. (Chain 2)
BlackRock Financial Management, Inc.
BlackRock, Inc. (Chain 2)
BlackRock International Holdings, Inc.
BlackRock, Inc. (Chain 2)
BR Jersey International Holdings L.P.
BlackRock, Inc. (Chain 2)
BlackRock Holdco 3, LLC
BlackRock, Inc. (Chain 2)
BlackRock Cayman 1 LP
BlackRock, Inc. (Chain 2)
BlackRock Cayman West Bay Finco Limited
BlackRock, Inc. (Chain 2)
BlackRock Cayman West Bay IV Limited
BlackRock, Inc. (Chain 2)
BlackRock Group Limited
BlackRock, Inc. (Chain 2)
BlackRock Finance Europe Limited
BlackRock, Inc. (Chain 2)
BlackRock Investment Management (UK) Limited
BlackRock, Inc. (Chain 3)
BlackRock Holdco 2, Inc.
Date: 23 February 2024LEI Number: 213800A2B1H4ULF3K397 From: Balanced Commercial Property Trust Limited
Board Composition – Resignation of Senior Independent Director & Appointment of new Senior Independent Director
The Board is pleased to announce the appointment of Isobel Sharp as Senior Independent Director of the Company with effect from 23 February 2024, as successor in this role from Hugh Scott-Barrett.
As announced on the 17 January 2024, Hugh Scott-Barrett has resigned from the Company as at today’s date.
Other than as set out in this announcement, there is no information that is required to be disclosed pursuant to LR 9.6.13R.
All enquiries to:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar Court Les Banques St. Peter Port GuernseyGY1 3QL Tel: 01481 745324Fax: 01481 745051
To: RNSDate: 14 February 2024LEI Number: 213800A2B1H4ULF3K397 From: Balanced Commercial Property Trust Limited
Sale Activity
BCPT agrees sale of portfolio’s largest office assetBalanced Commercial Property Trust Ltd (‘BCPT’ or the ‘Company’) today announces that, as part of its stated strategy to reduce its exposure to the challenged UK offices sector and rebalance its portfolio, the Company has exchanged contracts on the sale of the Leonardo Building in Crawley, a 110,000 sq. ft. out-of-town business park office. The sale has been exchanged unconditionally based on a headline price of £26.1m, representing a 6.1% discount to the December 2023 independent valuation. The net realisation is subject to the deduction of rental top-ups calculated at the date of completion in March 2024.
The property, which BCPT has owned since 2015, is the largest office holding within the Company’s portfolio by capital value, is located in the Manor Royal Business District and occupied in its entirety by Virgin Atlantic until 2032.
The sale will reduce BCPT’s portfolio exposure to offices from 24.4%[1] to 22.2% by capital value (based on the December 2023 independent valuation). Further targeted disposals are planned and the Company is in active discussions with several potential buyers.
Since the beginning of the year, BCPT has announced the disposal of four office holdings, raising capital proceeds totaling £68.865m delivered at an aggregate discount of 2.6% to the preceding independent valuation[2]. Three of these sales are regional out of town offices, which is a structurally challenged sector of the market.
Richard Kirby, Fund Manager of BCPT, said: “Our investment process has always focused on high quality real estate with strong fundamentals. The value in this approach is underlined by our ability to execute the disposal of non-core office holdings at resilient pricing.
Throughout 2024, we will continue to re-balance our portfolio towards targeted growth sectors with resilient occupier markets, primarily select sub-markets within industrial & logistics and operational alternatives. We expect to announce further disposal activity in the short term as we continue to strategically reduce our exposure to the office sector.”
All enquiries to:
Richard KirbyCT Real Estate Partners LLPTel: 0207 499 2244Innes UrquhartWinterflood Securities LimitedTel: 0203 100 0265Dion Di Miceli / Tom MacDonald / Stuart Muress / James AtkinsonBarclays Bank PLC0207 623 2323BarclaysInvestmentCompanies@barclays.com
[1] Following the sale of King Street, London on 19 January 2024
[2] Discounts are calculated against the last independent valuation prior to contracting the sale. Sales in Aberdeen, Edinburgh and London King Street are compared to September 2023 valuation having contracted in December 2023 and the figures are as previously reported. The sale of Crawley adopts the headline price of £26.1m and is compared to the December 2023 valuation having contracted in February 2024.
TO: RNS
FROM: Balanced Commercial Property Trust Limited
L.E.I.: 213800A2B1H4ULF3K397
DATE: 07 February 2024
Dividend Declaration
(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)
Balanced Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2023 of 0.44 pence per share as detailed in the schedule below.
The key dates for this interim dividend are as follows:
Ex-Dividend Date
Record Date
Pay Date
15 February 2024
16 February 2024
29 February 2024
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court
Les Banques
St Peter Port Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
Date: 5 February 2024
LEI Number: 213800A2B1H4ULF3K397
From: Balanced Commercial Property Trust Limited
Investor Presentation via Investor Meet Company
BALANCED COMMERCIAL PROPERTY TRUST LIMITED is pleased to announce that Richard Kirby, Fund Manager, Daniel Walsgrove, Deputy Fund Manager and Scott Macrae, Company Secretary, will provide a live presentation relating to the Q4 2023 NAV Update via Investor Meet Company on 09 Feb 2024, 10:00.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet BALANCED COMMERCIAL PROPERTY TRUST LIMITED via:
https://www.investormeetcompany.com/balanced-commercial-property-trust-limited/register-investor
Investors who already follow BALANCED COMMERCIAL PROPERTY TRUST LIMITED on the Investor Meet Company platform will automatically be invited.
For further enquiries, please contact INV.Trusts@columbiathreadneedle.com
To: Company Announcements
Date: 2 February 2024
Company: Balanced Commercial Property Trust Limited
LEI: 213800A2B1H4ULF3K397
Balanced Commercial Property Trust Limited (the "Company" or "BCPT")
NAV (unaudited) and Company Update
Headlines
Net Asset Value total return of -2.4 per cent for the quarter ended 31 December 2023.
Share Price total return of 8.9 per cent for the quarter ended 31 December 2023.
Successful disposal of 3 office holdings at an aggregate price of £42.8m and a discount to September valuation of 0.3 per cent, reducing portfolio office exposure to 24.4 per cent.
Further portfolio rebalancing and strategic disposals anticipated, targeting assets where value can be crystallised following the successful delivery of asset business plans.
Portfolio passing rent up 1.2 per cent and Estimated Rental Value (ERV) up 0.9 per cent over the quarter, as 12 occupational transactions completed.
Refurbishment of Strategic Park, Southampton completed and both units let post-period, delivering a 12-month total return of 13.4 per cent alongside attractive ESG credentials and an enhanced exposure to the industrial & logistics sector. The refurbishment resulted in an uplift of 27.5 per cent to the previous combined passing rent.
Net Asset Value: total return of -2.4 per cent for the quarter
The unaudited net asset value (`NAV') per share of the Company as at 31 December 2023 was 109.8 pence. This represents a decrease of 3.6 per cent from the unaudited NAV per share as at 30 September 2023 of 113.9 pence and a NAV total return for the quarter of -2.4 per cent.
The NAV has been calculated under International Financial Reporting Standards (`IFRS'). It is based on the external valuation of the Company's property portfolio which has been prepared by CBRE Limited.
The NAV includes all income to 31 December 2023 and is calculated after deduction of all dividends paid prior to that date.
Analysis of Movement in NAV
The following table provides an analysis of the movement in the unaudited NAV per share for the period from 30 September 2023 to 31 December 2023 (including the effect of gearing):
£m
Pence per share
% of opening NAV per share
NAV as at 30 September 2023
798.8
113.9
Unrealised decrease in valuation of property portfolio
(26.0)
(3.7)
(3.3)
Realised losses on property sales
(1.7)
(0.2)
(0.2)
Other net revenue
8.3
1.1
1.0
Dividends paid
(9.3)
(1.3)
(1.1)
NAV as at 31 December 2023
770.1
109.8
(3.6)
The EPRA Net Tangible Assets per share as at 31 December 2023 was 109.8 pence per share (30 September 2023: 113.9 pence per share).
Investment Market Commentary
Despite an improving macroeconomic backdrop, the real estate sector has seen a slight softening in pricing over the final quarter of 2023 as the MSCI UK Monthly Property Index recorded capital value falls of 2.6 per cent. This was primarily on account of limited transactional activity with investment volumes down by nearly 50 per cent year-on-year. Buyers continue to exercise caution in the face of elevated interest rates and a challenging debt market, whilst sellers adopt a wait-and-see approach amid strengthening rhetoric around the timing of any cuts to the base rate.
Transactional Activity and Disposal Programme Update: £42.8m of Offices Sold
As previously announced, the Company successfully completed the sale of three office holdings during December and January as part of its stated strategy to reduce the portfolio's exposure to the office sector. Following these disposals, BCPT's exposure to offices has now been reduced to 24.4 per cent.
The sales were:
Nevis & Ness House, Edinburgh Park, Edinburgh - a 42,000 sq ft headquarters office occupied by Diageo Scotland Limited. Building 4, Prime Four Business Park, Aberdeen - a 25,000 sq ft training centre occupied by Maersk Training UK Limited. 2-4 King Street, London SW1 - a multi-let freehold of 15,000 sq ft in London's West End.
The sales completed at an aggregate price of £42.8 million, representing a 0.3% discount to the September 2023 independent valuation, the latest valuation prior to the assets being launched to market. The pricing achieved on these disposals reflects the quality of the real estate in the portfolio which has strong underlying fundamentals, supporting relative resilience and liquidity.
The Manager is continuing to actively review a pipeline of further disposals from both the office and other sectors, targeting assets where value can be crystallised following the successful delivery of asset business plans, as part of the Company's strategy to enhance the portfolio's exposure to structurally supported growth sectors and assets.
Portfolio Valuation: -2.6 per cent capital return
Over the quarter, the Company's portfolio recorded a valuation decline of 2.6 per cent, with the valuation yields moving as below:
Portfolio yield
September 2023
December 2023
Net initial yield (%)
5.4
5.5
Equivalent yield (%)
6.4
6.5
At the sector level, the portfolio's office assets saw a valuation decline of 5.4 per cent as the equivalent yield on the portfolio moved out by 30 basis points to 8.2 per cent. Weak investor sentiment towards the sector in general, particularly the out-of-town business park segment, can be contrasted against an occupational market that continues to demonstrate resilience for high quality assets in stronger locations.
Retail warehouse assets experienced a valuation fall of 4.6 per cent, driven by market-led yield shifts as the valuer moved prime sector yields out by 25 basis points. The equivalent yield on these holdings is now 6.2 per cent. The Company's retail parks are fully occupied by a discount/convenience-led tenant roster, and benefit from affluent catchments, offering an attractive and sustainable income profile.
St Christopher's Place saw a valuation decline of 1.5 per cent over the quarter driven by its office and residential exposures. The active repositioning of traditional retail to food & beverage uses continues to gather momentum, lending support to both capital and rental values within the retail and leisure segments of the holding.
Industrial assets experienced a capital fall of 0.9 per cent, with marginal yield softening being offset by continued rental value growth, as the equivalent yield on the portfolio moved out by 14 basis points to 6.0 per cent. However, there remain strong occupational dynamics in the industrial portfolio, offering a valuation income reversion in excess of 40 per cent of the current passing rent, which the Company will look to crystallise through active asset management.
Asset Management Update
We remain in an environment of constrained capital growth where income drives total returns and relative outperformance is predicated on active asset management delivering both income and capital growth.
Importantly the 12 occupational transactions completed over the quarter resulted in a 1.2 per cent increase in portfolio passing rent (on a like-for-like basis). Of particular note:
Strategic Park, Southampton - the speculative refurbishment of this two-unit logistics scheme completed in October 2023 and both units have now been committed at rents ahead of proforma ERVs. The refurbishment resulted in an uplift of 27.5 per cent to the previous combined passing rent and generated capital growth of 15.7 per cent over a twelve-month period. There were also significant ESG enhancements with A-rated EPCs, a BREEAM Very Good certification and a full solar photovoltaic system installed on the roof. The solar installation is forecast to produce an additional operational income return of circa 7.5 per cent.
7 Birchin Lane, London EC3 - this City of London office holding is subject to a phased `Plug & Play' refurbishment to enhance occupier demand, rental tone and ESG credentials. Redmayne Bentley have completed a new 5-year lease (break in year 3) of the newly refurbished 1st floor with the rent at a premium of 17.6 per cent to the suite's ERV prior to the refurbishment.
The Cowdray Centre, Colchester - a multi-let industrial estate where The Range have renewed and entered into a new 15-year lease at a rent representing a 9.1 per cent premium to ERV, in exchange for a 14-month rent free period taken as a stepped rent. The Cowdray Carpet Centre also completed a lease renewal, taking a new 10-year lease (5th year break) at a rent representing a 106 per cent uplift to the previous passing rent, in exchange for a 6-month rent-free period.
The portfolio vacancy rate remained stable over the quarter at 6.7 per cent, of which 0.6 per cent is contractually committed and 4.3 per cent is attributable to Stockley Park, Uxbridge, which is held for strategic repurposing.
Share Price: 8.9 per cent total return for the Quarter
As at 31 December 2023, the share price was 72.5 pence per share, which represented a discount of 34.0 per cent to the NAV per share. The share price total return for the quarter to 31 December 2023 was 8.9 per cent.
Cash and Borrowings
The Company had £41.7 million of available cash as at 31 December 2023.
The Company has a £260 million term loan in place with L&G which matures in December 2024. The Company signed up to a new debt facility in September 2023 which has been provided by incumbent lender, Barclays Bank plc, and HSBC UK Bank plc. This facility has been structured with two tranches, being (a) a £60 million Revolving Credit Facility (`RCF') and (b) a £260 million Term Loan, which can only be drawn to refinance the existing L&G Loan. At 31 December 2023, £30 million of the RCF was drawn.
As at 31 December 2023, the Company's loan to value, net of cash was 24.4 per cent.
Dividend
The Company paid monthly property income distributions at a rate of 0.44 pence per share during the quarter.
Portfolio Analysis - Sector Breakdown
Portfolio
Value at 31 December 2023
£m
% of portfolio at
31 December 2023
% capital value shift (including purchases and CAPEX)
Offices
271.9
26.5
-5.4
West End
82.0
8.0
-2.7
South-East
45.0
4.4
-4.9
South-West
23.2
2.3
-2.7
Rest of UK
103.0
10.0
-9.1
City
18.7
1.8
-0.7
Retail
189.3
18.4
0.1
West End
163.8
15.9
0.1
South-East
25.5
Date: 17 January 2024LEI Number: 213800A2B1H4ULF3K397 From: Balanced Commercial Property Trust Limited
Board Composition – Appointment of and resignation of a director
The Board is pleased to announce the appointment of Karima Fahmy as an independent non-executive Director of the Company with effect from 19 January 2024.
Karima is a corporate lawyer with extensive experience of the UK property market. During her executive career, she worked at Grosvenor Group ("Grosvenor"), the international property group, latterly as General Counsel until 2020. Prior to Grosvenor, Karima worked at Hogan Lovells, the global law firm, advising both listed and unlisted companies.
Karima is also a non-executive Director of The PRS REIT plc which focuses on highquality, new-build family homes for the private rental market.
The Board of the Company also announces the resignation of Hugh Scott-Barrett as a non-executive Director with effect from 23 February 2024. As announced by the Company on 11 January 2024, Hugh has been appointed as Chair Designate of Irish Residential Properties REIT plc ("I-RES"), becoming Chair with effect from the publication of I-RES’s 2023 results scheduled for 23 February 2024. Given the significant increase in time commitment that appointment will involve, he has decided that now is an appropriate time to step down as a non-executive Director of the Company.
Paul Marcuse, the Chair of the Board, commented:
"The Board would like to thank Hugh for his considerable contribution to the Company and wise counsel over recent years. We wish him the best in his new role. The Board is delighted to welcome Karima as a non-executive Director, who has considerable experience in the property sector, and we look forward to working with her."
Other than as set out in this announcement, there is no information that is required to be disclosed pursuant to LR 9.6.13R.
All enquiries to:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar Court Les Banques St. Peter Port GuernseyGY1 3QL Tel: 01481 745324Fax: 01481 745051
To: Company Announcements
Date: 12 January 2024
Company: Balanced Commercial Property Trust Limited
LEI Number: 213800A2B1H4ULF3K397
Sales Activity
BCPT agrees £42.8 million aggregate sale of three office properties.
Balanced Commercial Property Trust Ltd (`BCPT' or the `Company') announces it has agreed the sale of three office holdings in a strategic move to reduce its office exposure. The sale comprises two regional out of town business park holdings in Edinburgh and Aberdeen and a multi-let asset in London's West End. The sales have been agreed at an aggregate sale price of £42.8 million, representing a 0.3% discount against September's independent valuation, the last valuation prior to the assets being launched to market.
The Company has completed the sale of Nevis & Ness House, Edinburgh Park, a 42,000 sq ft headquarters office occupied by Diageo Scotland Limited, and Building 4, Prime Four Business Park, Aberdeen a 25,000 sq ft training centre occupied by Maersk Training UK Limited. In a separate transaction BCPT has exchanged contracts on the sale of 2-4 King Street, London SW1, a multi-let holding of 15,000 sq ft in London's West End. The sale will complete mid- January.
The sales have been executed as part of BCPT's strategy to reduce portfolio exposure to the office sector. Following the completion of the disposals, BCPT's office exposure will fall to 25.4% by capital value from 28.4% (as at September 2023) as the Company continues to align its portfolio towards structurally supported growth sectors such as industrial & logistics, retail warehousing and operational alternatives.
Richard Kirby, Fund Manager of BCPT, said: "Our investment ethos has always focused on high quality real estate with strong fundamentals, and the pricing achieved on these sales underlines the importance of taking a quality-led approach. Our active management of the asset base ensures the portfolio is always evolving to capitalise on underlying market dynamics and we expect to make further positive announcements in the near future."
All enquiries to:
Richard Kirby
Columbia Threadneedle REP AM Plc
Tel: 020 7464 5000
Innes Urquhart
Winterflood Securities Limited
Tel: 0203 100 0265
Dion Di Miceli / Tom MacDonald / Stuart Muress / James Atkinson
Barclays Bank PLC
0207 623 2323
BarclaysInvestmentCompanies@barclays.com
TO: Company Announcements
FROM: Balanced Commercial Property Trust Limited
DATE: 11 January 2024
LEI: 213800A2B1H4ULF3K397
Director Declaration
In accordance with the requirements of the Listing Rule 9.6.14, the Company advises the following change to directorships in other publicly quoted companies, held by the following member of the Board:
Hugh Scott-Barrett has been appointed as a Chair Designate of Irish Residential Properties REIT plc (“I-RES”) to succeed Declan Moylan, as Chair of the I-RES Board, with effect from the publication of the Company’s 2023 results scheduled for 23 February 2024.
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court
Les Banques
St Peter Port Guernsey
GY1 3QL
Tel: 01481 745001
TO: RNS
FROM: Balanced Commercial Property Trust Limited
L.E.I.: 213800A2B1H4ULF3K397
DATE: 03 January 2024
Dividend Declaration
(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)
Balanced Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2023 of 0.44 pence per share as detailed in the schedule below.
The key dates for this interim dividend are as follows:
Ex-Dividend Date
Record Date
Pay Date
11 January 2024
12 January 2024
31 January 2024
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court
Les Banques
St Peter Port Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
TO: RNS
FROM: Balanced Commercial Property Trust Limited
L.E.I.: 213800A2B1H4ULF3K397
DATE: 28 November 2023
Dividend Declaration
(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)
Balanced Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2023 of 0.44 pence per share as detailed in the schedule below.
The key dates for this interim dividend are as follows:
Ex-Dividend Date
Record Date
Pay Date
14 December 2023
15 December 2023
29 December 2023
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court
Les Banques
St Peter Port Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
TO: RNS
FROM: Balanced Commercial Property Trust Limited
L.E.I.: 213800A2B1H4ULF3K397
DATE: 01 November 2023
Dividend Declaration
(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)
Balanced Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2023 of 0.44 pence per share as detailed in the schedule below.
The key dates for this interim dividend are as follows:
Ex-Dividend Date
Record Date
Pay Date
09 November 2023
10 November 2023
30 November 2023
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court
Les Banques
St Peter Port Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
To: Company Announcements
Date: 30 October 2023
Company: Balanced Commercial Property Trust Limited
LEI: 213800A2B1H4ULF3K397
Subject: Unaudited NAV release for Balanced Commercial Property Trust Limited (the "Company" or "BCPT")
Headlines
Net Asset Value total return of -1.7 per cent for the quarter ended 30 September 2023.
Share Price total return of +4.3 per cent for the quarter ended 30 September 2023.
A 10 per cent increase in the monthly dividend to 0.44 pence per share with effect from October 2023.
In September 2023 the Company signed up to a New Debt Facility provided by incumbent lender Barclays and a new lender HSBC.
Twenty-three leasing initiatives contracted over the quarter, reflecting strong levels of occupier activity across the portfolio.
Net Asset Value
The unaudited net asset value (`NAV') per share of the Company as at 30 September 2023 was 113.9 pence. This represents a decrease of 2.7 per cent from the unaudited NAV per share as at 30 June 2023 of 117.1 pence and a NAV total return for the quarter of -1.7 per cent.
The NAV has been calculated under International Financial Reporting Standards (`IFRS'). It is based on the external valuation of the Company's property portfolio which has been prepared by CBRE Limited.
The NAV includes all income to 30 September 2023 and is calculated after deduction of all dividends paid prior to that date.
Analysis of Movement in NAV
The following table provides an analysis of the movement in the unaudited NAV per share for the period from 30 June 2023 to 30 September 2023 (including the effect of gearing):
£m
Pence per share
% of opening NAV per share
NAV as at 30 June 2023
821.6
117.1
Unrealised decrease in valuation of property portfolio
(23.2)
(3.3)
(2.8)
Fair value movement on expiry of interest rate swap
(0.2)
-
-
Other net revenue
9.0
1.3
1.1
Dividends paid
(8.4)
(1.2)
(1.0)
NAV as at 30 September 2023
798.8
113.9
(2.7)
The EPRA Net Tangible Assets per share as at 30 September 2023 was 113.9 pence per share (30 June 2023: 117.1 pence per share).
Manager's review
Real estate continues to be impacted by the macro-economic challenges of elevated rates of inflation and high interest rates which continue to weigh on investor sentiment. However, the Bank of England broke its cycle of 14 consecutive increases to the base rate, holding the benchmark interest rate at 5.25 per cent in September. While the rate of inflation has proven stubborn since, it may be that the worst of the inflation-driven market uncertainty and interest rate hikes are now behind us.
Over the quarter, the Company completed the signing of a new debt facility that retains the benefit of the existing term loan (fixed at 3.32% until December 2024). The facility also offers certainty of funding without compromising our future financing options or gearing targets. The refinancing removes the near-term financing risk and affords flexibility to progress asset disposals to strengthen the balance sheet, with optionality to pay down the Company's debt liability at maturity of the existing term loan.
A further positive outcome over the quarter was the result of the Company's 2023 Global Real Estate Sustainability Benchmark (GRESB) submission. The Company attained a score of 79/100 and a 3 green star rating, showing marked year-on-year improvement and returning BCPT to the top position within its GRESB peer group.
Portfolio valuation
At the market level, total returns as measured by the MSCI Monthly UK Property Index turned negative in the third quarter. This was largely driven by yields continuing to drift out in the retail and office sectors, reflecting perceived risk and an absence of capital as quarterly investment volumes remain subdued. The headline figures are nuanced both between prime and secondary stock and, at the sector level, as investors increasingly favour the resilience offered by the sectors with the strongest occupational markets.
Occupational markets continue to show resilience, with all sectors seeing annualised rental value growth at the headline level. This is an encouraging sign in the prevailing environment of limited capital growth and where income will drive real estate returns.
In this context, the Company's portfolio recorded a valuation decline of -2.2 per cent over the quarter. The portfolio's industrial assets saw the strongest capital performance with an increase of 1.7 per cent, primarily due to excellent progress on various asset management and leasing initiatives, particularly at Hams Hall Distribution Park, Birmingham and Hurricane 52 in Liverpool (see `Portfolio activity'). The sector continues to see robust underlying occupier demand and meaningful rental growth. The ability to crystalise this growth into performance through asset management is an increasingly important pillar of relative income and capital performance.
The Company's office holdings were a drag on performance, with a capital fall of 5.9 per cent over the quarter. The portfolio, which is focussed on high-quality assets in resilient locations, continues to see strong levels of occupational activity. However, sentiment towards the wider sector remains weak and the perception of illiquidity has resulted in the equivalent yield on the assets softening by 48 basis points over the quarter. Despite such weak sentiment, offices remain the most highly traded sector, with the bifurcation between prime and secondary assets remaining a defining characteristic for both occupiers and investors. We continue to execute a targeted and managed process to reduce the Company's office exposure as part of a strategic repositioning of the portfolio.
The portfolio's retail warehousing parks were subject to yield softening amid a muted investment market, despite both parks remaining fully committed to occupiers and with a number of positive asset management initiatives in the pipeline. St Christopher's Place in Central London experienced a marginal decline in capital value, primarily led by the asset's office and residential exposures, with the Company's wider retail exposure otherwise remaining relatively stable over the quarter supported by progress across a number of leasing initiatives including the completion of a significant lease renewal on London's Oxford Street with shoe retailer Aldo.
Portfolio activity
With limited scope for immediate capital growth through yield compression, income and active asset management will be the key drivers of real estate returns over the remainder of 2023 and into 2024.
The portfolio continues to see strong levels of occupational activity with 23 leasing initiatives concluding over the quarter, which saw the vacancy rate on the portfolio fall from 7.2 per cent by estimated rental value (ERV) to 6.7 per cent. The office holding at Stockley Park, Uxbridge accounts for 4.4 per cent of the vacancy rate. This holding is subject to a repositioning strategy, for which we have strong occupier interest and positive initial feedback from the planning authority to the proposed change of use.
A selection of key asset management highlights delivered over the quarter includes:
372/374 Oxford Street, London - shoe retailer Aldo have entered into a new lease on their Oxford Street store. The straight 5-year term comes with a stepped rent structure that more than doubles the previous passing rent, with the unit's ERV achieved by year 3 and exceeded in years 4 and 5. St Christopher's Place, London - In addition to the critical Aldo lease renewal on Oxford Street, the estate continues to see buoyant levels of occupier activity. This includes lease renewals with F&B operators Costa and Pizza Express, a new retail lease to Jing Tea, a new office lease to Pharus International, as well as 11 residential tenancies completing over the quarter. Unit 8 Hams Hall Distribution Park, Birmingham - this bespoke facility of 264,000 sq ft is occupied by Nestle Purina until March 2025. Nestle have completed a 10 year (break year 5) reversionary lease from March 2025 in exchange for a 3.5 month rent free period. The rent review due in 2025 is expected to yield a significant uplift in passing rent. Hurricane 52, Estuary Business Park, Liverpool - as announced previously, this newly developed unit was let on a 10-year lease to Montirex Limited. This letting followed a competitive best bids process between three occupiers and the contracted rent was at a 7.2 per cent premium to the estimated rental value at the time terms were agreed. 7 Birchin Lane, London EC3 - this City of London holding is subject to a phased `Plug & Play' refurbishment to enhance occupier demand, rental tone and ESG credentials. Over the quarter, two refurbished suites have been let on the 1st and 4th floors, both achieving 5-year terms (breaks year 3) and premium rents. 8th floor, 82 King Street, Manchester - this core multi-let office holding remains fully occupied after the lease of part of the eighth floor was surrendered and simultaneously relet on the same terms to Markel Insurance, an existing occupier within the building, maintaining occupancy and income stream, while underlining the occupational appeal of this asset.Share Price
As at 30 September 2023, the share price was 67.9 pence per share, which represented a discount of 40.4 per cent to the NAV per share. The share price total return for the quarter to 30 September 2023 was +4.3 per cent.
Cash and Borrowings
The Company had £28.5 million of available cash as at 30 September 2023.
The Company has a £260 million term loan in place with L&G which matures in December 2024. As referenced above, the Company has signed up to a new debt facility which has been provided by incumbent lender, Barclays Bank plc, and HSBC UK Bank plc. This facility has been structured with two tranches, being (a) a £60 million Revolving Credit Facility (`RCF') and (b) a £260 million Term Loan, which can only be drawn to refinance the existing L&G Loan. If utilised, the term loan can be repaid at any time without penalty. Under this arrangement, the Company can retain the competitively priced L&G Loan which is fixed at 3.32 per cent up to its existing 31 December 2024 maturity, whilst also ensuring the future liquidity needs of the Company are fully funded at an acceptable commitment fee, removing near term refinancing risk. The new debt facility has a margin of 180bps above SONIA with an initial two-year term and two one-year extension options.
The previous £50 million debt facility from Barclays which was due to expire in July 2024 was repaid and cancelled on 14 September 2023, with £30 million of the new RCF being drawn down on the same day.
As at 30 September 2023, the Company's loan to value, net of cash was 24.7 per cent.
Dividend
The Company continued to pay monthly property income distributions at a rate of 0.4 pence per share during the quarter. As previously announced, the Company has increased the dividend to 0.44 pence per share which is a 10 per cent increase on the previous monthly rate. The first dividend at the increased rate will be paid on 31 October 2023.
Portfolio Analysis - Sector Breakdown
Portfolio
Value at 30 September 2023
£m
% of portfolio at
30 September 2023
% capital value shift (including purchases and CAPEX)
Offices
303.1
28.4
-5.9
West End
84.2
7.9
-2.8
South-East
47.1
4.4
-3.1
South-West
23.9
2.2
-3.5
Rest of UK
129.1
12.1
-9.7
City
18.8
1.8
-3.0
Retail
188.7
17.7
-0.3
West End
163.1
15.3
-0.1
South-East
25.6
2.4
-1.2
Industrial
333.8
31.2
1.7
South-East
54.4
5.1
0.1
Rest of UK
279.4
26.1
2.0
Retail Warehouse
131.6
12.3
-4.3
Alternatives
111.5
10.4
-3.1
Total Property Portfolio
1,068.7
TO: Company Announcements
FROM: Balanced Commercial Property Trust Limited
DATE: 25 October 2023
LEI: 213800A2B1H4ULF3K397
Director Declaration
In accordance with the requirements of the Listing Rule 9.6.14, the Company advises the following change to directorships in other publicly quoted companies, held by the following member of the Board:
Linda Wilding will be appointed as a Non-Executive Director of Odyssean Investment Trust PLC with effect from 25 October 2023. It is intended that Linda will be appointed as Chair of the Company with effect from 31 March 2024. The Company is listed on the Specialist Fund Segment of the London Stock Exchange.
All enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court
Les Banques
St Peter Port Guernsey
GY1 3QL
Tel: 01481 745001
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