CHANNEL ISLANDS PROPERTY FUND LIMITED
("the Company")
Registration No: 52324
Registered office: East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3PP
Telephone: +44 1481 749771
Email: cipf@aztecgroup.co.uk
SHARE BUYBACK PROGRAMME AND PROPERTY DISPOSALS
Share buyback programme
The Company wishes to announce a share buyback (the "Buyback Programme") of up to 6.25m shares at a price of 80p representing a total consideration of £5m. This share buyback will be completed on the market from shareholders who have expressed an interest to sell their shares.
Any shareholders who wish to participate in the buyback should contact their broker. In the event the full buyback is allocated, the Company's total shares in issue will reduce from 159,892,798 to 153,642,798.
The Buyback Programme is in accordance with the terms of the Company's authority to make market purchases of its own Ordinary Shares granted to it by shareholders on 20 February 2024 (the "Authority"), including that the maximum number of Ordinary Shares that may be purchased is less than 14.99% of the Ordinary Shares in issue and the maximum price paid per Ordinary Share shall not exceed 105% of the average of the middle market quotations (as derived from the Official List of The International Stock Exchange for such shares for the five business days immediately preceding the date of purchase).
No Ordinary Shares will be sold by any member of the Board or the Investment Manager as part of the Buyback Programme.
The Buyback Programme will be effected within the parameters of the TISE Equity Market Listing Rules and all applicable market abuse and insider dealing laws and regulations.
The Company will make further announcements in due course following any share purchases conducted through the Buyback Programme.
The Company confirms that it currently has no unpublished price sensitive information.
Property disposals
The Company also wishes to announce that it has disposed of two properties from the portfolio.
The sale of Fort Anne located in Douglas, Isle of Man completed on 31 December 2024 and was sold to the existing tenant, Döhle Shipping. A total of £7m of the total proceeds received from the sale were utilised in a reduction of the bank loan from £123.5m to £116.5m. In addition, to this debt repayment the Company has cancelled the remaining £1.5 undrawn loan facility.
On 21 February 2025, the Company completed the sale of 17-18 Esplanade located in St Helier, Jersey. This property became vacant on 31 October 2024, following the previous tenant exiting the building and has been sold to an owner occupier. It is intended that the proceeds will be utilised to make a further loan repayment of £7m reducing the Company's total bank debt to £109.5m and the Company's loan to value to 47.8%.
The Company will retain part of the total disposal proceeds for capital expenditure purposes on the portfolio in 2025 and 2026.
Enquiries to the Listing Sponsor:
Aztec Financial Services (Guernsey) Limited
East Wing, Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3PP
Tel: +44 1481 749771
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