Residential Secure Income PLC Issue of Ordinary Shares (3583M)
28 July 2017 - 4:00PM
UK Regulatory
TIDMRESI
RNS Number : 3583M
Residential Secure Income PLC
28 July 2017
28 July 2017
RESIDENTIAL SECURE INCOME PLC
(the "Company")
Issue of Ordinary Shares under the Fund Management Agreement and
Total Voting Rights
The Company announces that, in accordance with the terms of the
Fund Management Agreement with ReSI Capital Management Limited (the
"Fund Manager") pursuant to which 25 per cent. of the fund
management fee is payable in new ordinary shares of GBP0.01 each in
the capital of the Company ("Ordinary Shares"), it has today
issued, in aggregate, 213,287 Ordinary Shares (the "Fund Management
Ordinary Shares") to the Fund Manager, subject only to Admission
(defined below).
The issue price per Fund Management Ordinary Share is GBP0.98
(being the prevailing Net Asset Value per share).
An application has been made for the Fund Management Ordinary
Shares to be admitted to the premium segment of the Official List
and to trading on the main market of the London Stock Exchange. It
is expected that dealings in the Fund Management Ordinary Shares
will commence at 8.00 a.m. on 31 July 2017 ("Admission").
The Fund Management Ordinary Shares allotted and issued are
subject to a minimum lock-in period of 12 months from 12 July 2017,
being when the Fund Management Ordinary Shares became due and
deliverable.
Total Voting Rights
Immediately following Admission, the Company's issued share
capital will consist of 180,213,287 Ordinary Shares with voting
rights. 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ReSI Capital Management Limited
Jonathan Slater, Chief Executive
Ken Youngman, Chief Financial
Officer
Ben Fry, Investment Manager +44 (0) 20 7382
Alex Pilato, Director 0900
Jefferies International Limited
Stuart Klein +44 (0) 20 7029
Gary Gould 8000
Newgate Communications +44 (0) 20 7680
James Benjamin 6550
Clotilde Gros Email: resi@newgatecomms.com
Lydia Thompson
NOTES:
The Company intends to invest in portfolios of Homes across
residential asset classes that comprise the stock of Housing
Associations and Local Authorities, comprising Shared Ownership
Homes, Market Rental Homes, Functional Homes and Sub-Market Rental
Homes throughout the UK.
Homes acquired by the Company will predominantly be on a
freehold or long leasehold basis (typically 99 years or more to
maturity) and benefit from long term (typically 20 years plus)
inflation-adjusted cash flows. Acquisitions by the Company will be
limited to Homes with sufficient cashflows, counterparty credit
quality and property security that allow the Fund Manager to
arrange long-term investment grade equivalent debt.
The Company is targeting, on a fully invested and geared basis,
a dividend yield of 5 per cent. per annum based on the issue price
of 100 pence per Ordinary Share, which the Company expects to
increase broadly in line with inflation, and a total return in
excess of 8 per cent. per annum(1) .
The Company expects to make a meaningful contribution to the UK
housing shortage by allowing Housing Associations and Local
Authorities to recycle capital into socially and economically
beneficial new housing.
Further information on Residential Secure Income plc is
available at www.resi-reit.com
1. This is a target only and not a profit forecast and there can
be no assurance that it will be met.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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