On October 30 BGP Holdings PLC paid a second distribution of A$ 0.02060274 per share. This distribution was a capital reduction, as approved at the Extraordinary General meeting on July 3, 2017. We expect this to be the last material distribution. There may be a fraction of a cent at the liquidation of the Company in 18 months or so, depending on the release of €20 million held in escrow accounts relating to the 2016 sale of BGP Investment and warranty insurance, but it is too early to assess this likelihood. Investors will be kept informed of developments as they occur.
At the Company's Extraordinary General meeting on July 3 in Malta all resolutions were approved. Hence a capital reduction of EUR 136 million has been authorised which will be paid as a distribution around mid-October following the statutory three month creditors' objection period. This will amount to AUD 0.0207 per share.
Following the first interim dividend of AUD 0.05860935 per share paid on February 7, a second distribution, around AUD 0.02 per share, is expected in Q3, when the formalities of a capital reduction are completed. After this the companies will be liquidated, a process which will take around two years due to residual obligations under the sale contracts. There should be no material returns from the final liquidation process.
Further to the company’s announcements in December 2016 an interim dividend of AUD $0.05860935 per share will be paid be paid on February 7. Advice to this effect has been sent to you or your custodian.
If you have any problems accessing your statements, please contact the Share registry on 1800 115 044 (within Australia) or + 61 1800 115 044 (outside Australia) or email firstname.lastname@example.org.
by Aleksandra Gjorgievska and Blaise Robinson - 20 january 2017
European property stocks, already the worst performers this year, are flirting with a key technical level that, if breached, could signal more declines.
Battered by rising bond yields and Brexit uncertainty, the Stoxx 600 Real Estate Index has slumped to its lowest level since 2014 relative to its parent gauge. Now, it’s on the verge of falling below a technical threshold that has acted as a support since 2009, which would be a bearish signal.read more
Sale Value over €1.1 billion including net debt
Net proceeds to BGP of approx. €600 million
Interim distribution of €407 million planned in early 2017