The UK’s largest property investment trust is to ask shareholders if it should continue trading after a slump in its share price.

The £960m F&C Commercial Property Trust, managed by Richard Kirby, said today it was convening an extraordinary general meeting of shareholders to be held in late September to approve the continuation of the trust.

The move comes because the trust stated in March 2005 that, if the price of its shares was more than 5% below its net asset value for a continuous period of 90 dealing days or more, it would call for a shareholder meeting. The 90-day period of the share price discount ended at the close of trading yesterday. The trust’s shares have been trading at below 130p, compared with an NAV at 30 June of 147p a share.

If shareholders to not vote to continue the trust, then a second EGM will be held within six months to consider the winding up of the trust or a reconstruction, which would offer shareholders the opportunity to realise their investment.

‘The directors do not expect that the continuation vote will result in the winding up of the company,’ the trust said.

The trust’s portfolio was valued at £1.3bn at the end of June. It includes St Christopher’s Place, just off London’s Oxford Street, Cassini House in London’s St James’s and Newbury Retail Park.

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