Ediston Property Investment Company plc (the “Company“) is an investment company whose ordinary shares are listed on the main market of the London Stock Exchange. Until 29 September 2023, the Company carried on business as a real estate investment trust (“REIT“) investing in UK commercial property. On 29 September 2023 the Company completed the sale (the “Disposal“) of the entirety of the EPIC Group’s property portfolio to RI UK 1 Limited, a wholly owned subsidiary of Realty Income, for a total gross aggregate cash consideration of £196.8 million (comprising headline consideration of £200.8 million less agreed deductions of £4.0 million).
The board of directors of the Company (the “Board“) intends to seek shareholder approval for the voluntary liquidation of the Company with the aim of distributing the Company’s net assets (which comprise of cash) to shareholders by the end of 2023, unless an appropriate corporate opportunity is identified in the meantime which, in the view of the Board (having consulted with key shareholders), merits further consideration. The Board will only recommend an alternative corporate opportunity if it reasonably believes that such opportunity would offer shareholders greater benefit than a simple return of capital. In the absence of such an opportunity, the Board intends to seek shareholder approval for voluntary liquidation following finalisation of the completion balance sheet in relation to the Disposal. The Board intends to maintain the current level of dividend, with monthly dividend payments of 0.4167 pence per ordinary share to be made to shareholders until the proposed liquidation date.
This webpage and the other pages of this website contain information about the Company and its corporate affairs, including details of the investment objective, policy and strategy and sustainability policy and targets which were pursued by the Company until the completion of the Disposal. Users of this website should bear in mind that the Disposal has been completed, the Company ceased to satisfy the conditions of the UK REIT regime and ceased to benefit from the tax treatment afforded by UK REIT status from the date of completion of the Disposal, and that the Board intends to seek shareholder approval for the voluntary liquidation of the Company with the aim of distributing the Company’s net assets (which comprise of cash) to shareholders by the end of 2023, unless an appropriate corporate opportunity is identified in the meantime which, in the view of the Board (having consulted with key shareholders), merits further consideration.