Last checked at 19 Jun 2008 15:39

RIS ANNOUNCEMENT
F&C COMMERCIAL PROPERTY TRUST LIMITED
19 June 2008
THE MALL FUND ANDÂ SALEÂ OF UNITS
Further to the announcement by F&C Commercial Property Trust Limited ("FCPT") on 30 May 2008 and to the announcement earlier today by The Mall Fund, the board of FCPT confirms that unitholders in The Mall Unit Trust have approved the open offer proposed by The Mall Unit Trust and referred to in the announcement by FCPT on 30 May 2008.
The subscription for units in The Mall Unit Trust by Norwich Union Life and Pensions and CGNU Life Assurance, both clients of Morley Fund Management Limited (which is the fund manager of The Mall Unit Trust), and which underwrote the open offer, is expected to become unconditional shortly. The Mall Fund has indicated that the proceeds of this subscription will be used principally to repay borrowings of The Mall Fund to avoid a breach of the loan to value covenant. Following repayment of this debt, The Mall Fund will not be subject to a loan to value covenant in respect of its debt but will be subject to an interest cover covenant.
In connection with the open offer, The Mall Fund has agreed to make a number of changes to the terms of the fund which include a proposal to introduce a new corporate governance structure, including an independent board of directors of the general partner of The Mall Limited Partnership and a continuation vote in 2011 on the extension of the fund beyond 2012.
As a result of these amendments to the terms of the fund, the Board of FCPT resolved to vote in favour of the open offer but, based on advice received from FCPT's investment manager, decided not to subscribe for any further units in The Mall Unit Trust under the open offer.
The Board of FCPT is pleased to confirm that it has agreed to sell 4,834,775 units in The Mall Unit Trust at an average price of 104p per unit (which includes up to £160,000 of deferred consideration based on additional income expected to be distributed by The Mall Unit Trust during the remainder of 2008).
Following the sale, FCPT will hold 15,870,456 units in The Mall Unit Trust.
All enquiries:
Douglas Armstrong, Dickson Minto W.S.
020 7628 4455
Richard Kirby, F&C Investment Business Limited
020 7628 8000