Real Estate Credit Investments Ltd Result of EGM (2229A)
23 March 2017 - 12:11AM
UK Regulatory
TIDMRECI TIDMRECP TIDMTTM
RNS Number : 2229A
Real Estate Credit Investments Ltd
22 March 2017
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO ANY US PERSONS OR INTO, THE UNITED
STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY OTHER
JURISDICTION, OR TO ANY PERSON, WHERE DOING SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
22 March 2017
Real Estate Credit Investments Limited
(the "Company")
Results of Extraordinary General Meeting
The Board of Directors of the Company is pleased to announce
that, at the Extraordinary General Meeting of the Company held
today (the "EGM"), each of the resolutions in connection with the
Proposed Initial Placing and Placing Programme and Change of
Investment Objective and Policy of the Company, details of which
were set out in the Notice of Extraordinary General Meeting
included in the circulate dated 23 February 2017 (the "Circular"),
were duly passed by shareholders by a vote on a show of hands.
In accordance with LR 9.6.18, details of those resolutions
passed at the EGM are as follows:
Resolutions Votes Against Withheld
For (including
Discretionary)
--------------------------------------- ---------------- -------- ---------
Extraordinary Resolution
--------------------------------------- ---------------- -------- ---------
1. That, without prejudice
to any authorities granted
to the Directors at the annual
general meeting on 16 September
2016, the Directors be and
are hereby authorised to allot
and issue equity securities
(within the meaning of the
Articles) for cash pursuant
to article 5 of the Articles
or by way of a sale of treasury
shares as if article 6 of the
Articles did not apply to any
such allotment and issue, provided
that this power shall be limited
to the allotment and issue
as described in the Prospectus
of up to an aggregate number
of 65 million New Ordinary
Shares in connection with the
Placing Programme and that
such disapplication authority
shall expire on 22 February
2018 (being the end of the
Placing Programme) (unless
previously renewed, varied
or revoked by the Company in
general meeting), save that
the Company shall be entitled
to make offers or agreements
before the expiry of such power
which would or might require
equity securities to be allotted
and issued after such expiry
and the Directors shall be
entitled to allot and issue
equity securities pursuant
to any such offer or agreement
as if the power conferred hereby
had not expired. 28,527,625 542,861 170,324
--------------------------------------- ---------------- -------- ---------
Ordinary Resolutions
--------------------------------------- ---------------- -------- ---------
2. That, in accordance with
Listing Rule 15.4.11, if the
unaudited the Net Asset Value
per Existing Ordinary Share
calculated as at 28 February
2017 is greater than the Initial
Placing Price, the Directors
be and are hereby authorised
to allot and issue equity securities
(within the meaning of the
Articles) for cash pursuant
to article 5 of the Articles
or by way of a sale of treasury
shares at the Initial Placing
Price per New Ordinary Share
in relation to the Initial
Placing. 28,691,358 542,861 6,591
--------------------------------------- ---------------- -------- ---------
3. That, the Company's investment
objective and policy be amended
so that the Existing Investment
Objective and Policy is replaced
by the Proposed Investment
Objective and Policy. If Resolution
3 is passed, the Proposed Investment
Objective and Policy will only
come into force immediately
following the EGM. 29,036,433 34,053 170,324
--------------------------------------- ---------------- -------- ---------
Application has been made to the Financial Conduct Authority
("FCA") and to the London Stock Exchange for the 15,546,613 New
Ordinary 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's Main Market for listed securities
respectively. It is expected that Admission will become effective
and that dealings for normal settlement in the New Ordinary Shares
will commence at 8.00 a.m. on 23 March 2017.
Following Admission, the number of Ordinary Shares that the
Company has in issue will be 88,365,109. No Ordinary Shares are
held in treasury. The total number of voting rights of the Company
will be 88,365,109 and 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 Company under the Disclosure and Transparency
Rules of the FCA.
Bob Cowdell, Chairman of Real Estate Credit Investments Limited,
commented: "The Board appreciates the support of our Shareholders
at the EGM and, alongside new investors, in contributing to a
successful GBP25.2 million Initial Placing to commence our Placing
Programme."
Terms used in this announcement shall have the same meaning as
set out in the Circular.
For further information please contact:
+44 (0)20
Cheyne Capital Management (UK) LLP 7968 7482
Nicole Von Westenholz (Investor Relations)
+44 (0)20
Liberum Capital Limited 3100 2222
Shane Le Prevost
Richard Crawley
Richard Bootle
Ben Roberts
-----END-----
This information is provided by RNS
The company news service from the London Stock Exchange
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