F&C Commercial Property Trust has released a statement to the stock market which reads: “The prospectus stated that if the market price of a share in the company was more than 5 per cent below the published net asset value of a share for a continuous period of 90 dealing days of more, the directors would convene an extraordinary general meeting to consider an ordinary resolution for the continuation of the company.”
At close of business yesterday the company had reached the conditions that would trigger the EGM.
F&C says if a resolution to continue the company is not passed, a further extraordinary general meeting will be held within six months to consider either winding up the company or a reconstruction of the business.
F&C head of communications and strategy Jason Hollands says the trust has shown strong performance since its launch in March 2005, but in recent months investor sentiment in property has cooled.
He says: “The board of directors do not expect that the continuation vote will result in the winding up of the company.”