PRS REIT PLC (The) Issue of Shares under Development Mgmt Agreement (1725X)
08 August 2018 - 5:00PM
UK Regulatory
TIDMPRSR
RNS Number : 1725X
PRS REIT PLC (The)
08 August 2018
8 August 2018
PRSR.L
The PRS REIT plc
(the "Company" or the "PRS REIT")
Issue of Ordinary Shares under the Development Management
Agreement
and Total Voting Rights
The PRS REIT plc, the closed-ended real estate investment trust
established to invest in new build homes in the Private Rented
Sector ("PRS"), announces that in accordance with the Development
Management Agreement with Sigma PRS Management Limited (the
"Investment Adviser"), pursuant to which the Investment Adviser
subscribes bi-annually for new ordinary shares of GBP0.01 each in
the capital of the Company ("Ordinary Shares"), with this purchase
equating to 50 per cent. of the development management fee in
respect of each PRS Development Site (with such amounts to be
subscribed in arrears at the prevailing share price at the time of
subscription, providing that the share price is no less than the
NAV per share), the Company has today issued 929,276 Ordinary
Shares to the Investment Adviser at a share price of 104.5 pence
per Ordinary Share (being the closing share price on 7 August
2018).
Following this purchase, the Investment Adviser's total holding
of Ordinary Shares is 1,374,854 representing 0.28 per cent. of the
issued share capital of the Company.
Application has been made for the new Ordinary Shares to be
admitted to trading on the Specialist Fund Segment of the Main
Market of the London Stock Exchange. It is expected that dealings
in the new Ordinary Shares will commence at 8.00 a.m. on 10 August
2018 ("Admission").
In accordance with the terms of a lock-up deed, the Investment
Adviser has agreed: (i) not to dispose of any Ordinary Shares
issued to, or purchased by, it for a period of 12 months from the
date of each issue or purchase without the written consent of the
Company and N+1 Singer; and (ii) for a period of a further 12
months thereafter, only dispose of such Ordinary Shares after prior
consultation with N+1 Singer and then through N+1 Singer in such
manner as N+1 Singer may reasonably require.
Total Voting Rights
The total number of Ordinary Shares in the Company in issue
immediately following Admission is 495,277,294, each with equal
voting rights. This total voting rights figure can be used by
shareholders as the denominator for the calculations by which they
will determine whether they are required to notify their interest
in the Company under the Disclosure Guidance and Transparency Rules
of the Financial Conduct Authority.
For further information, please contact:
The PRS REIT plc Tel: +44 (0)20 3178 6378
Steve Smith, Non-executive Chairman
Sigma PRS Management Limited Tel: +44 (0)333 999 9926
Graham Barnet
Graeme Hogg
N+1 Singer Tel: +44 (0)20 7496 3000
James Maxwell, Liz Yong, Ben Farrow
Stifel Tel: +44 (0)20 7710 7600
Mark Young, Neil Winward, Gaudi Le Roux
KTZ Communications Tel: +44 (0)20 3178 6378
Katie Tzouliadis, Emma Pearson
NOTES TO EDITORS
About The PRS REIT plc
(www.theprsreit.com)
The PRS REIT is a closed-ended real estate investment trust
established to invest in the Private Rented Sector and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. In its Initial Public
Offering, on 31 May 2017, the Company raised GBP250m gross equity
capital and, on 20 February 2018, it raised a further GBP250m
(gross) through an additional Placing. Both fundraisings were
supported by the UK Government's Homes England with direct
investments totaling c. GBP30m.
Legal Entity Identifier ("LEI"): 21380037Q91HU97WZX58
About Sigma Capital Group plc
(www.sigmacapital.co.uk)
Sigma Capital Group plc is a private rented sector, residential
development, and urban regeneration specialist, with offices in
Edinburgh, Manchester and London. Sigma's principal focus is on the
delivery of large scale housing schemes for the private rented
sector. It has a well-established track record in assisting with
property-related regeneration projects in the public sector, acting
as a bridge between the public and private sectors. Its subsidiary,
Sigma PRS Management Limited, is Investment Adviser to The PRS REIT
plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly owned subsidiary of
AIM-quoted Sigma Capital Group plc and is the Company's Investment
Adviser. It sources investments and manages the assets of The PRS
REIT plc and advises the Alternative Investment Fund Manager
("AIFM") and the PRS REIT on a day-to-day basis in accordance with
the PRS REIT's Investment Policy. The Investment Adviser is an
appointed representative (reference number: 776293) of the
AIFM.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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