Custodian REIT PLC Placing result/ Open Offer/ Offer for Subscription (2840H)
30 11월 2015 - 4:00PM
UK Regulatory
TIDMCREI
RNS Number : 2840H
Custodian REIT PLC
30 November 2015
THE INFORMATION IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN
OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC
OF SOUTH AFRICA, ANY EEA STATE (OTHER THAN THE UK) OR ANY OTHER
EXCLUDED TERRITORY.
30 November 2015
GBP44.25 million raised through Placing, Open Offer and Offer
for Subscription
("Custodian REIT" or "the Company")
Result of Placing, Open Offer and Offer for Subscription
Following the announcement of a proposed issue of equity on 5
November 2015, the Board is pleased to announce the placing has
closed, raising GBP44.25 million (before costs and expenses)
through the issue of 42,466,411 new ordinary shares of 1p each in
the capital of the Company ("the New Shares") under the Placing,
Open Offer and Offer for Subscription announced in the Company's
November 2015 prospectus ("the Issue").
A total of 42,466,411 New Shares will be issued at a price of
104.2 pence per share, of which 21,570,763 New Shares will be
issued pursuant to the Open Offer, 9,525,959 New Shares will be
issued pursuant to the Offer for Subscription and 11,369,689 New
Shares will be issued under the Placing.
On 18 November 2015 the Company exchanged contracts to acquire
11 UK commercial properties ("the Target Portfolio") for an
aggregate consideration of GBP69.4 million, subject to the
availability of the net proceeds of the Issue. The acquisition of
the Target Portfolio is expected to be completed in two tranches,
with the Company having unconditionally exchanged contracts to
acquire GBP28 million of assets, funded through a combination of
the Company's existing cash resources and credit facilities. The
successful closing of the Issue will enable the balance of the
Target Portfolio to be acquired. The acquisition is expected to
complete in early January 2016 and will be financed through a
combination of the Issue proceeds and drawing down on the Company's
existing credit facilities.
Commenting on the Issue and expected acquisition, Richard
Shepherd-Cross, Managing Director of the Fund Manager, said:
"We have been delighted by the positive response from existing
shareholders and new investors to the Issue, and thank them warmly
for their support. Since Admission, Custodian REIT has acquired 56
small lot size, regional properties for GBP149.6 million,
consistent with the Company's investment policy and which support
the target dividend. The Board believes the anticipated acquisition
of the balance of the Target Portfolio will enhance returns to
shareholders by deploying cash, undrawn debt facilities and
proceeds from the Issue promptly, further improving dividend
cover."
Applications will be made for 42,466,411 New Shares to be
admitted to the premium segment of the Official List of the UK
Listing Authority and to trading on the London Stock Exchange plc's
main market for listed securities. Admission is expected to become
effective, and dealings in the New Shares to commence, at 8 a.m. on
3 December 2015.
Following this issue, the Company's issued share capital will
comprise 235,772,070 ordinary shares. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company
under the FCA's Disclosure and Transparency Rules.
Unless otherwise defined, capitalised words and phrases in this
Announcement shall have the meaning given to them in the
Prospectus.
An electronic copy of the Prospectus is available on the
National Storage Mechanism website at www.hemscott.com/nsm.do.
- Ends -
For further information, please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Nathan Tel: +44 (0)116
Imlach / Ian Mattioli 240 8740
www.custodiancapital.com
Numis Securities Limited
Nathan Brown / Hugh Jonathan Tel: +44 (0)20
7260 1000
www.numiscorp.com
Camarco
Ed Gascoigne-Pees Tel: +44 (0)20
3757 4984
www.camarco.co.uk
Notes to Editors
Custodian REIT plc is a UK real estate investment trust, which
listed on the main market of the London Stock Exchange on 26 March
2014. Its portfolio comprises properties predominantly let to
institutional grade tenants on long leases throughout the UK and is
characterised by small lot sizes, with individual property values
of less than GBP7.5 million at acquisition.
The Company offers investors the opportunity to access a
diversified portfolio of UK commercial real estate through a
closed-ended fund. By targeting smaller lot size properties, the
Company intends to provide investors with an attractive level of
income with the potential for capital growth.
Custodian Capital Limited is the discretionary investment
manager of the Company.
For more information visit www.custodianreit.com and
www.custodiancapital.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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