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PRS REIT moves a step closer to winding down
(Sharecast News) - PRS REIT moved a step closer to winding down on Thursday, after publishing a circular outlining plans for a members' voluntary liquidation, following shareholder approval last month for the sale of its holding company. The FTSE 250 company's board said completion of the sale of PRS HoldCo was expected on or around 11 December, after which it would seek investor consent to liquidate the company.
A general meeting would be held on 5 January at Dentons' London offices, where a special resolution requiring approval from at least 75% of votes cast would be put to shareholders.
If approved, shareholders stood to receive distributions broadly in line with the company's adjusted net assets of 114.9p per share.
The board said it expected the initial payment, comprising substantially all net assets other than a 1% retention stipulated under the sale agreement, to be made no later than the third week of January.
A further distribution was targeted for March, with a final, de-minimis payment of any unutilised liquidator's retention due by the end of 2026.
The company cautioned that about 30% of the distributions were expected to be classified as property income distributions, which are subject to basic-rate income tax withholding under the Corporation Tax Act.
Shareholders on the register as of 6pm on 2 January would be entitled to all payments made during the liquidation.
The board said it believed the proposal was in shareholders' best interests.
It said the circular explained "why the board considers the proposal to be in the best interests of the Company and its shareholders as a whole, and unanimously recommends that shareholders vote in favour of the resolution."
The liquidators would retain sufficient cash to meet current and future liabilities, including liquidation expenses and potential tax obligations, with a final distribution expected six to nine months after the company enters liquidation.
A copy of the circular was being made available on the company's website.
At 1120 GMT, shares in the PRS REIT were down 1.4% at 113p.
Reporting by Josh White for Sharecast.com.
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