**Summary**
Value and Indexed Property Income Trust PLC (the "Company") announced the publication of a circular on September 2, 2025, outlining several proposals aimed at providing shareholders with options regarding their investments. The key proposals include
1. **Tender Offer**Shareholders (excluding Overseas Persons) can sell up to 30% of their shares (9,059,280 shares) at a price of 204 pence per share, representing a 5% discount to the 31 March NAV. This offer allows shareholders to exit partially or fully without diluting the NAV for remaining shareholders. Excess tenders beyond the basic entitlement will be satisfied pro-rata based on demand from the Mix and Match Facility.
2. **Mix and Match Facility**Shareholders can purchase additional shares, with the number available depending on the shares tendered under the Tender Offer.
3. **Treasury Issuance**The Company plans to issue up to 3,300,000 treasury shares at the Tender Price, prioritizing existing shareholders and then new investors, if there is demand.
4. **Fixed Life and Discount Control Policy**: The Board proposes amending the Company’s Articles to fix its life, requiring a wind-up or exit proposal by March 31, 2033. Additionally, a discount control policy will be adopted to maintain the share price discount to NAV between 0% and 10%.
5. **Quarterly Valuations**Independent valuations of the property portfolio will be conducted quarterly instead of half-yearly.
The proposals are subject to shareholder approval at a General Meeting scheduled for September 25, 2025. The Circular, containing detailed information and timelines, is available on the National Storage Mechanism and the Company’s website. The expected timetable outlines key dates for proxy submissions, tender offer results, and settlement processes.