Derwent London PLC
26 June 2007
Derwent London plc
26 June 2007
DERWENT LONDON PLC
EGM RESULTS AND CONFIRMATION OF PROPOSED CONVERSION TO REAL ESTATE INVESTMENT
TRUST STATUS
Derwent London plc (the 'Company') announces that the resolution proposed at the
extraordinary general meeting held earlier today to approve certain amendments
to the Company's Articles of Association in connection with the conversion of
the Company and its subsidiaries (the 'Group') to Real Estate Investment Trust
('REIT') status was passed by the Company's shareholders.
Accordingly, the Company confirms that it will be taking the necessary steps for
the Group to convert to a REIT with effect from 1 July 2007. This conversion
will be effected by way of a notification letter to HM Revenue & Customs and
will result in the payment of a conversion charge of 2 per cent. of the value of
the Group's qualifying property assets.
The precise amount of the conversion charge will be calculated once the Group's
independent open market valuation as at 30 June 2007 has been completed, and
will be included in the announcement to shareholders to be made in September
2007 in respect of the Group's interim results for the six months ended 30 June
2007.
ADDITIONAL INFORMATION
The resolution was carried on a show of hands. The proxy figures for the
resolutions will be shortly displayed on the Company's website,
www.derwentlondon.com.
Copies of the resolution passed at the Company's EGM have been submitted to the
UK Listing Authority and will shortly be available for inspection by the public
during normal business hours any weekday (public holidays excepted) at the UK
Listing Authority's Document Viewing Facility, which is situated at:
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: +44 (0)20 7676 1000
CONTACT
John Burns
+44 (0)20 7659 3000
This information is provided by RNS
The company news service from the London Stock Exchange