Urban Logistics REIT acquisition by LondonMetric moves ahead

LONDON - Urban Logistics REIT PLC (LSE:SHED) and LondonMetric Property PLC (LSE:LMP) have confirmed an advancement in their acquisition timetable, with the court hearing to sanction the scheme now scheduled for June 20, 2025, as opposed to the initially set date of June 23, 2025. This update follows the announcement on May 9, 2025, regarding the terms of the recommended cash and share offer by LondonMetric to acquire the entire issued and to be issued ordinary share capital of Urban Logistics.

The acquisition process is being conducted through a scheme of arrangement under Part 26 of the Companies Act 2006, and the updated timetable has been set forth following the publication of the Scheme Document on May 23, 2025. The Scheme Document contains the terms and conditions of the acquisition, forming what will be known as the "Combined Group."

Shareholders of Urban Logistics are reminded that the deadlines for lodging proxy forms or submitting proxy instructions for the Court Meeting and General Meeting remain unchanged. The Court Meeting is to take place at 10:00 a.m. and the General Meeting at 10:15 a.m. on June 13, 2025. The voting record time for both meetings is set for 6:00 p.m. on June 11, 2025.

Key dates in the acquisition process include the suspension of listing of Urban Logistics Shares on the closed-ended investment funds category of the Official List, and from trading on the Main Market on June 23, 2025, with the effective date of the acquisition being the same day. The new LondonMetric shares are expected to be issued to Urban Logistics shareholders and commence dealings on June 24, 2025, which is also when the cancellation of listing and trading of Urban Logistics shares is expected to occur.

The Scheme Record Time, which is pivotal for determining the entitlement of Urban Logistics shareholders to the scheme consideration, is set for 6:00 p.m. on June 20, 2025.

This corporate action is subject to the satisfaction or waiver of the conditions outlined in the Scheme Document and any changes to the expected timetable will be communicated to Urban Logistics shareholders through a Regulatory Information Service announcement.

The information in this article is based on a press release statement from Urban Logistics REIT PLC.

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