Last checked at 16 Sep 2010 12:10
To: London Stock Exchange
Attention: RNS
Date: 16 September 2010
From: F&C Asset Management plc
STATEMENT RE: F&C COMMERCIAL PROPERTY TRUST LIMITED- RETENTION OF MANDATE
On 9 June 2010 we disclosed that the Group, through one of its subsidiaries, had received six months' notice from the Board of F&C Commercial Property Trust Limited ("FCPT") terminating its contract to manage FCPT.
We are pleased to note today's announcement by the Board of FCPT that, following the rejection by independent shareholders of the proposed merger with UK Commercial Property Trust Limited, it has agreed new terms on which F&C REIT Property Asset Management plc will continue to manage FCPT's property portfolio.
The existing termination notices served by FCPT have been withdrawn, subject to execution of the amended investment management agreements, and the amended management arrangements set out in FCPT's announcement will take effect from 1 October.
We look forward to continuing to work with the Board of FCPT to deliver value to all shareholders through strong investment performance.
F&C press enquiries
Jason Hollands +44 (0) 20 7011 4168
Head of Corporate Affairs
Note to editors
F&C REIT is a global property asset manager which is part of the listed F&C Asset Management group.
Following the proposed merger of FCPT and UK Commercial Property Trust, F&C REIT have been advised throughout the process by Canaccord Genuity.
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