Morrisons coming to Stafford?

C

Confused

Well-Known Forumite
Ooh, this looks very interesting:

http://www.lxbretailproperties.com/_news/18_august_kingsmead_announcement_-_final.pdf

"LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, is pleased to report that it has exchanged contracts for the unconditional sale of its investment at Kingsmead Stafford to Triple Jersey Limited, a private investment vehicle.

The Group has previously exchanged an agreement with WM Morrison Supermarkets plc to surrender its leasehold interest in the Kingsmead site and completion of the surrender will take place simultaneously with completion of the sale. The proceeds from these two transactions, net of £21.8 million bank debt in relation to Kingsmead, total £4.2 million. Completion is scheduled to occur on 24 August 2016, at which time the net proceeds will be available to be returned to shareholders. A further announcement on that will be made in due course. The overall net impact of these transactions is expected to be a loss of less than 1p per share.

The Group remains committed to deliver practical completion of the final part of Kingsmead and this is expected to be achieved on 12 September 2016."

Unless I'm barking up the wrong needlessly chopped down tree, does this simultaneously mean that one Jersey-based tax avoiders are selling the site to another plus Morrison's have surrendered their lease?
 
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joshua

joshua

Well-Known Forumite
Confused said:
Ooh, this looks very interesting:

http://www.lxbretailproperties.com/_news/18_august_kingsmead_announcement_-_final.pdf
Unless I'm barking up the wrong needlessly chopped down tree, does this simultaneously mean that one Jersey-based tax avoiders are selling the site to another plus Morrison's have surrendered their lease?
Click to expand...
thats how i read it

LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, is pleased to report that it has exchanged contracts for the unconditional sale of its investment at Kingsmead Stafford to Triple Jersey Limited, a private investment vehicle.
The Group has previously exchanged an agreement with WM Morrison Supermarkets plc to surrender its leasehold interest in the Kingsmead site and completion of the surrender will take place simultaneously with completion of the sale. The proceeds from these two transactions, net of £21.8 million bank debt in relation to Kingsmead, total £4.2 million. Completion is scheduled to occur on 24 August 2016, at which time the net proceeds will be available to be returned to shareholders. A further announcement on that will be made in due course. The overall net impact of these transactions is expected to be a loss of less than 1p per share.
The Group remains committed to deliver practical completion of the final part of Kingsmead and this is expected to be achieved on 12 September 2016.
Commenting on the transactions Tim Walton, CEO of LXB Adviser LLP, said:
“I am pleased that the Group has been able to swiftly resolve the situation at Kingsmead and to the satisfaction of all parties. These transactions remove a major element of uncertainty around shareholder returns and take the Group one step closer to the completion of the mandate given to the Board by shareholders in February of this year.”
 
A

alphagamma

Well-Known Forumite
In businessspeak: Everything's going great!

Alternatively: Morrisons pulled out, so LXB was in a tight spot and had to grab some cash ASAP to keep the Jersey people happy? Why didn't they just ask Stafford taxpayers for a few million quid more, because we're rich.
 
C

Confused

Well-Known Forumite
...and at the same time they've made £4.2m from building but not getting occupied a 71,000 sq ft building.
 
joshua

joshua

Well-Known Forumite
Fire sale ?

http://www.investorschronicle.co.uk...xb-retail-iYtluMKhD9Hm2q92VlpxQO/article.html
http://www.investorschronicle.co.uk...xb-retail-iYtluMKhD9Hm2q92VlpxQO/article.html

Saying the long goodbye to LXB Retail
This could be the last set of half-year results from out-of-town retail assets group LXB Retail Properties (LXB). In February shareholders voted to accept a board proposal to sell all the assets by 31 March next year. And given that the share price is considerably lower than the net asset value per share, the decision to realise all the value held within the portfolio is hard to fault.

The company is now engaging on the delicate task of selling the assets to return cash, while trying to realise the portfolio at best value. That process is already under way, with the planned return on 9 June of £63.97m from the sale of a retail and leisure complex at Rushden Lakes for £64m. That's around 38p per share.

Other investments that are ready to market now include a B&Q store at Greenwich and Neats Court Retail Park at Sheppey. Several other investments have been sold under forward funding agreements, whereby the buyer pays for the development costs. LXB will receive final payment for these sites once construction and letting are completed. There are other sites that are owned by LXB that are still under construction, most of which will be completed later this year.

Net asset value fell as a result of the sales made, but there was also a small revaluation deficit reflecting the fact that selling some properties within the timescale will not allow enough time to maximise the potential value.
 
John Marwood

John Marwood

I ♥ cryptic crosswords
I'm seeing Stephen Spielberg later

I could suggest an ideal location for a new film studio?

Or would folk prefer 4 pasties for a pound
 
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A

alphagamma

Well-Known Forumite
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