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 2.8 OF THE CITY
CODE ON TAKEOVERS AND MERGERS (THE "CODE").
FOR
IMMEDIATE RELEASE
27 March 2024
No
intention to make an offer for UK Commercial Property REIT Limited
("UKCM")
LondonMetric Property plc
("LondonMetric") notes the
recent press speculation and confirms that it does not intend to
make an offer for UKCM under Rule 2.7 of the Code.
LondonMetric notes the comments made
by the Chairman of UKCM in the 21 March 2024 announcement of the
all-share combination with Tritax Big Box REIT plc ("BBOX").
However, having only recently
completed its merger with LXi REIT on 6 March 2024, LondonMetric is
not currently in a position to pursue an offer for UKCM, noting
also the irrevocable undertaking provided by Phoenix Life Limited
in favour of the combination with BBOX representing approximately
43.4 per cent. of UKCM's total issued ordinary share capital on 21
March 2024.
Under Note 2 on Rule 2.8 of the
Code, LondonMetric, and any person(s) acting in concert with it,
reserve the right to make or participate in an offer or possible
offer for UKCM and/or take any other action which would otherwise
be restricted under Rule 2.8 of the Code within six months of the
date of this announcement in the following
circumstances:
a) with the
agreement of the board of UKCM, but only in the event that BBOX's
offer has been withdrawn or lapsed;
b) following
the announcement of a firm intention to make an offer for UKCM by
or on behalf of a third party other than BBOX;
c) following
the announcement by UKCM of a Rule 9 waiver proposal (as referred
to in Note 1 of the Notes on Dispensations from Rule 9 of the Code)
or for a reverse takeover (as defined in the Code); or
d) where the
Panel on Takeovers and Mergers has determined that there has been a
material change of circumstances.
Enquiries:
LondonMetric
Property
plc
+44 20 7484 9000
Andrew Jones, Chief
Executive
Martin McGann, Finance Director
Gareth Price, Investor Relations