LXi REIT PLC (LXI)

[idpickering]

1.2MWp SOLAR PV ARRAY TO BE ADDED TO BOMBARDIER ASSET AS PART OF ACCELERATING PV ROLL-OUT PROGRAMME ACROSS PORTFOLIO

The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to announce the addition of a substantial solar array at its Bombardier facility at Biggin Hill Airport.

The forward funding development at Biggin Hill Airport was acquired by LXi REIT in 2019, with the 232,000 sq ft facility completing in March 2022. The site is a highly specialised facility for the maintenance, repair and overhaul of aircraft, located adjacent to the airport runway, and was pre-let to Bombardier under a 35-year lease with no breaks. As part of its forward funding plans, the Company also facilitated the installation of a 1.2MWp solar PV array which is due to be completed by Q2 2024, with the site benefitting from an EPC rating of "A".

The solar array is being funded by Octopus Energy Group's generation arm at no cost to the Company, with a Power Purchase Agreement in place with Bombardier. This development is a good example of the Company's engaged landlord approach to Net Zero with the Company initiating solutions that benefit both the tenant and the landlord including:

· The array will provide approximately 30% of Bombardier's total electricity consumption at the site. Electricity will be sold to the occupier at a heavily discounted rate compared to the Grid, thereby significantly reducing costs and also increasing energy efficiency and the affordability of the site to Bombardier; and

· The solar array is expected to generate over 1,100 MWh of renewable electricity annually, saving approximately 252 tonnes of CO2e emissions each year (equivalent to 1,500 grown trees).

https://www.investegate.co.uk/announcem ... g-/7933196

Ian (I hold LXI).

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UK's LondonMetric, LXI in merger talks to form $4.94 billion property company

British landlord LondonMetric (LON:LMPL) Property is in talks to merge with London-based real estate investment trust LXI to create a firm valued at 3.9 billion pounds ($4.94 billion), the companies said on Monday.

"The boards of LondonMetric and LXI see the potential to bring together two companies with complementary strategic approaches and a key focus on delivering compounding income-led total shareholder returns through the cycle," the commercial property duo said in a joint statement.

LondonMetric, also a real estate investment trust, mainly owns logistic platforms alongside a grocery-led long-income portfolio, while LXI invests in varied sectors, including healthcare, budget hotels, theme parks, food stores, industrial, pubs, and education among others.

The combined portfolio with a gross asset value of about 6.4 billion pounds will have about 93% exposure to logistics, healthcare, convenience, entertainment and leisure sectors, the companies said.

Bloomberg News earlier in the day reported, citing people familiar with the matter, that LondonMetric was in merger talks with LXI to create the UK's fourth-largest listed landlord by assets.

https://uk.investing.com/news/stock-mar ... n%20Monday.

LXI are up 5% as I type. I hold LXI, so am very interested in this item of news.

Ian.

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Possible All-Share Merger of LXI and LMP

The boards of LondonMetric Property plc ("LondonMetric") and LXi REIT plc ("LXi") note the recent media speculation and confirm that they are in discussions regarding a possible all-share merger of the two companies, pursuant to which LondonMetric would acquire the entire issued and to be issued ordinary share capital of LXi (the "Possible Merger").

The making of any firm offer by LondonMetric is subject to a number of pre-conditions, waivable at LondonMetric's discretion. These pre-conditions include the completion of mutual due diligence, the provision of certain consents, waivers and approvals by each company's lenders and the recommendation of the Possible Merger to LXi's shareholders by the Board of LXi.

https://www.investegate.co.uk/announcem ... mp/7949181

Ian (I hold LXI and support this potential merger).

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PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER

https://www.investegate.co.uk/announcem ... lc/7967180

Ian.

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PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER

https://www.investegate.co.uk/announcem ... lc/7973274

I hold LXI.

Ian.

[idpickering]

PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER

https://www.investegate.co.uk/announcem ... it/7973275

Ian.

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Exchange of Contracts on sale of Travelodge hotels

LXi REIT plc, the specialist inflation-protected very long income REIT, is pleased to announce that it has exchanged contracts unconditionally on the sale of 66 Travelodge branded hotels to the Travelodge group for £210 million, which is in line with the latest (30 September 2023) book value.

As announced on 22 November 2023, the majority of the sale proceeds will be used to pay down debt, reducing Group LTV to 34% from 38% and reducing Travelodge's proportion of Group rent to 11% from 18%.

The sale and debt repayment are not anticipated to have a material impact on the Company's earnings given the debt cost savings.

Completion of the sale is scheduled to occur on 28 February 2024.

https://www.investegate.co.uk/announcem ... ls/7977943

Ian.

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RECOMMENDED ALL-SHARE MERGER OF LXI REIT PLC ("LXI") AND LONDONMETRIC PROPERTY PLC ("LONDONMETRIC")

Summary

The boards of directors of LondonMetric and LXi are pleased to announce that they have reached agreement on the terms of a recommended all-share merger pursuant to which LondonMetric will acquire the entire issued and to be issued ordinary share capital of LXi (the "Merger" forming the "Combined Group"). It is intended that the Merger will be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

Under the terms of the Merger, each LXi Shareholder will be entitled to receive:

for each LXi Share held: 0.55 New LondonMetric Shares (the "Exchange Ratio") (1)

On the basis of the Undisturbed Closing Price per LondonMetric Share of 197.4 pence on 15 December 2023 (being the last Business Day before the Offer Period began), the Merger values the entire issued and to be issued ordinary share capital of LXi at approximately £1.9 billion and:

· represents a premium of approximately 9 per cent. to the Undisturbed Closing Price per LXi Share of 99.5 pence;

· represents a premium of approximately 13 per cent. to the volume weighted average Closing Price per LXi Share for the one-month period ended on 15 December 2023 of 95.7 pence; and

· implies an NTA discount of 4 per cent. based on each of the LondonMetric and LXi Rolled-Forward Unaudited EPRA NTAs(2).

Following completion of the Merger, existing LondonMetric Shareholders will hold approximately 54 per cent. and LXi Shareholders will hold approximately 46 per cent. of the enlarged issued share capital of LondonMetric.

https://www.investegate.co.uk/announcem ... nt/7984599

Ian (I hold LXI).

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Dividend Declaration

he Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to declare an interim quarterly dividend in respect of the quarter ended 31 December 2023 of 1.65 pence per ordinary share, payable on 1 March 2024 to shareholders on the register at 9 February 2024. The ex-dividend date will be 8 February 2024.

The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business.

The dividend timetable is in line with the expectations set out in the announcement in respect of the recommended all-share merger between LXi REIT plc and LondonMetric Property plc (the "Announcement"), published on 11 January 2024, save that the payment date will occur on 1 March 2024 instead of February.

https://www.investegate.co.uk/announcem ... on/8011709

Ian (I hold LXI).

[idpickering]

Publication of scheme document

On 11 January 2024, the Boards of LXi REIT plc ("LXi") and LondonMetric Property plc ("LondonMetric") announced that they had reached agreement on the terms of a recommended all-share merger of LXi and LondonMetric pursuant to which LondonMetric will acquire the entire issued and to be issued ordinary share capital of LXi and form the Combined Group (the "Merger").

The Merger is intended to be effected by means of a scheme of arrangement under Part 26 of the Companies Act (the "Scheme"). Capitalised terms used in this announcement (the "Announcement") shall, unless otherwise defined, have the same meanings as set out in the Scheme Document (as defined below). All references to times in this Announcement are to London times unless stated otherwise.

Publication of the Scheme Document

The Board of LXi is pleased to announce that a circular relating to the Scheme (the "Scheme Document") setting out, among other things, a letter from the Chair of LXi, the full terms and conditions of the Scheme, an explanatory statement pursuant to section 897 of the Companies Act, an expected timetable of principal events, a valuation report in respect of LXi's property portfolio as at 31 December 2023, two valuation reports in respect of LondonMetric's property portfolio as at 31 December 2023, notices of the Court Meeting and the LXi General Meeting and details of the action to be taken by LXi Shareholders and Scheme Shareholders, has been published today, subject to certain restrictions relating to persons in Restricted Jurisdictions, and will be available on LXi's website at http://www.LXiREIT.com and on LondonMetric's website at http://www.LondonMetric.com.

https://www.investegate.co.uk/announcem ... nt/8024847

Ian (I hold LXI).

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RESULTS OF COURT MEETING AND LXI GENERAL MEETING

The Board of LXi REIT plc ("LXi") announces that at the Court Meeting and the LXi General Meeting held earlier today in connection with the recommended all-share merger of LXi and LondonMetric Property plc (the "Merger"), all resolutions were duly passed with over 99.69 per cent. support from shareholders on each resolution.

As previously announced, the Merger is to be implemented by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme") and today:

(i) a majority in number of Scheme Shareholders who voted and were entitled to vote, either in person or by proxy, who together represented not less than 75 per cent. in value of the Scheme Shares voted, voted in favour of the Scheme at the Court Meeting; and
(ii) the requisite majority of LXi Shareholders voted to approve the special resolution required to be approved in connection with the Scheme at the LXi General Meeting.
Full details of the resolutions passed are set out in the notices of the Court Meeting and the LXi General Meeting contained in Part 9 and Part 10 respectively of the scheme document published by LXi on 6 February 2024 in connection with the Merger (the "Scheme Document").

https://www.investegate.co.uk/announcem ... ng/8058989

Ian (I hold LXI and voted in favour of the merger).

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Completed £250M sale to Travelodge of 66 hotels

LXi REIT plc, the specialist inflation-protected very long income REIT, is pleased to report that, following its announcement of 8 January 2024, the Company has now completed on the sale of 66 Travelodge branded hotels to the Travelodge group for £210 million.

https://www.investegate.co.uk/announcem ... ls/8062202

Ian.

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NOTICE OF TEMPORARY SUSPENSION OF LISTING FROM THE OFFICIAL LIST

The Financial Conduct Authority ("the FCA") temporarily suspends the securities set out below from the Official List effective from 05/03/2024 07:30 at the request of the company :

https://www.investegate.co.uk/announcem ... lc/8070772

Ian.

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Further to the above;

SCHEME OF ARRANGEMENT BECOMES EFFECTIVE

Further to LXi's announcement on 4 March 2024 that the Court had sanctioned the Scheme, the Boards of LXi and LondonMetric are pleased to announce that the Court Order has been delivered to the Registrar of Companies today and, accordingly, the Scheme has now become Effective in accordance with its terms. The entire issued ordinary share capital of LXi is therefore now owned by LondonMetric.

Pursuant to the terms of the Scheme, Scheme Shareholders whose names appear on the register of members of LXi at the Scheme Record Time, being 6.00 p.m. on 4 March 2024, will be entitled to receive 0.55 New LondonMetric Shares for each LXi Share held by them at that time.

Admission of the LXi Shares to trading on London Stock Exchange will be cancelled with effect from 8.00 a.m. on 6 March 2024.

Applications have been made to the FCA and to the London Stock Exchange for 942,960,279 New LondonMetric Shares to be admitted to the premium listing segment of the Official List and to trading on the Main Market, respectively. Admission of the New LondonMetric Shares to the premium listing segment of the Official List and to trading on the Main Market will take place at 8.00 a.m. on 6 March 2024.

As set out in the Scheme Document, New LondonMetric Shares held in uncertificated form are expected to be credited to CREST accounts on or after 8.00 a.m. on 6 March 2024 and LondonMetric will procure the despatch of share certificates in respect of New LondonMetric Shares held in certificated form within 14 days of the Effective Date, being today, 5 March 2024.

https://www.investegate.co.uk/announcem ... ve/8071288

Ian.

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NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON THE LONDON STOCK EXCHANGE

At the request of the company the following securities have been cancelled from admission to trading on London Stock Exchange with effect from the time and date of this notice.

https://www.investegate.co.uk/announcem ... lc/8073315

Ian.

[idpickering]

NOTICE OF REMOVAL OF LISTING FROM THE OFFICIAL LIST

The Financial Conduct Authority ("the FCA") removes the securities set out below from the Official List effective from 06/03/2024 08:00:

https://www.investegate.co.uk/announcem ... lc/8073312

Ian.