K&C REIT PLC Share Subscription Update (5992T)
09 January 2017 - 6:00PM
UK Regulatory
TIDMKCR
RNS Number : 5992T
K&C REIT PLC
09 January 2017
9 January 2017
K&C REIT plc
("K&C REIT" or the "Company")
Share Subscription Update
Further to the announcement of 22 December 2016, K&C REIT
confirms that Gravity Investment Group Limited ("Gravity")
subscribed on 6 January 2017 for the second and final tranche of
2,500,000 new ordinary shares of GBP0.01 ("Ordinary Shares") issued
at 10p per share ("Second Tranche Shares").
Following this transaction, Gravity now holds 5,000,000 Ordinary
Shares representing 9.66% of the issued share capital of the
Company.
Application has been made for the 2,500,000 Second Tranche
Shares to be admitted to trading on AIM and it is expected that
admission will occur on 10 January 2017 ("Admission").
Following Admission, the Company's enlarged issued share capital
will comprise 51,785,623 Ordinary Shares, with voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore,
the total number of Ordinary Shares in the Company with voting
rights will be 51,785,623. This figure may be used by shareholders
in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change in their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
Gravity also provided interest-free and undated loan finance to
the Company of GBP25,000 on 6 January 2017. At the request of
Gravity, the directors of K&C are considering a request that
this loan be converted into Ordinary Shares, for which the Company
would apply for admission to trading on AIM. Further information
will be provided when appropriate.
*ENDS*
Contacts:
K&C REIT plc info@kandc-reit.co.uk
Tim James, Managing Director +44 7768 833 029
Stockdale Securities
Robert Finlay / David Coaten +44 20 7601 6115
Yellow Jersey PR
Charles Goodwin +44 7747 788 221
Notes to editors:
K&C REIT's objective is to build a substantial residential
property portfolio that generates secure income flow for
shareholders through the acquisition of property-owning SPVs
(Special Purpose Vehicles). The Directors intend that the group
will acquire, develop and manage residential property assets in
Central London and other key residential areas in the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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