The Premier Diversified Property Fund plc International House, Castle Hill, Victoria Road, Douglas, Isle of Man IM2 4RB Telephone: +44 (0) 1624 661020 Fax: +44 (0) 1624 617823 e-mail: [email protected] web: www.premierdiversifiedpropertyfund.com The Premier Diversified Property Fund plc Sales queries: Telephone: +44 (0) 1624 699677 Fax: +44 (0) 1624 660352 March 2014 Dear Shareholder The Premier Diversified Property Fund plc (the “Fund”) The Premier Diversified Property Fund L.P (the “LP”) Property Update Since our last update the LP has sold further properties and repaid all of its bank debt. This was achieved by the end of 2013 in line with the lender requirements and the Fund Board is now able to operate the Fund in an unfettered manner for the sole benefit of its shareholders (and not the lenders). Share Price Update As at the 31st January 2014 the Net Asset Value of the Fund was approximately £40m and the corresponding share prices as at the same date are as follows:the Sterling Sub-Fund (sedol code 3191008) - £0.288 the Dollar Sub-Fund (sedol code B01FLK0) - $0.247 the Euro Sub-Fund (sedol code 3191019) - €0.258 Shareholder Circular As you are aware a Shareholder Circular was sent out on 18th October 2013 asking for feedback on the future of the Fund. Although the response rate was relatively low with just over a quarter of shareholders responding, the majority of those shareholders opted for a full redemption of their shares. Prospects for the future of the Fund A Board meeting was held on the 19th February where the future of the Fund was discussed in detail. The Board agreed that, as the commercial property market in general was looking more positive, a quick winding up and selling of the remaining properties at this time would not provide the best value for shareholders. Further property management and selling of properties at advantageous prices will provide better returns. With that in mind, and taking into account the responses received from shareholders, the Board have agreed to a managed wind down of the Fund. As such, it will continue to market the Fund’s property portfolio in order to obtain the best sale prices it can, whilst actively managing the properties both in terms of ongoing maintenance and lease negotiations, in order to add further value Directors: J C Bourbon, The Earl Cowley, C C Myers, A J Parry, I S Paul, L R J Portnoi. Incorporated in the Isle of Man No. 106342C The Premier Diversified Property Fund plc International House, Castle Hill, Victoria Road, Douglas, Isle of Man IM2 4RB Telephone: +44 (0) 1624 661020 Fax: +44 (0) 1624 617823 e-mail: [email protected] web: www.premierdiversifiedpropertyfund.com The Premier Diversified Property Fund plc Sales queries: Telephone: +44 (0) 1624 699677 Fax: +44 (0) 1624 660352 Redemptions Since the redemption freeze was placed on the Fund, requests received have been queued in accordance with the relevant clauses in the Fund’s governing documents. However, as the Board has now decided to implement a managed wind down of the Fund, legal advice is being sought as to how the Board should best deal with redemption requests received to date whilst endeavouring to act in the best interests of all shareholders. Once legal advice has been received we will write to you again informing you of the redemption strategy. Should you have any questions or queries you should in the first instance contact your financial adviser. Yours faithfully The Earl Cowley Director Directors: J C Bourbon, The Earl Cowley, C C Myers, A J Parry, I S Paul, L R J Portnoi. Incorporated in the Isle of Man No. 106342C
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