PRS REIT PLC (The) Issue of Shares under Development Mgmt Agreement (5116D)
01 February 2018 - 1:01AM
UK Regulatory
TIDMPRSR TIDMSGM
RNS Number : 5116D
PRS REIT PLC (The)
31 January 2018
31 January 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 445,578 Ordinary
Shares to the Investment Adviser at a share price of 105 pence per
Ordinary Share (being the closing share price on 30 January
2018).
Following this purchase, the Investment Adviser's total holding
of Ordinary Shares is 445,578 representing 0.17 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 Ordinary Shares will commence at 8.00 a.m. on 2 February
2018 ("Admission").
The ISIN code is GB00BF01NH51 and the LEI is
21380037Q91HU97WZX58.
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 250,445,578, 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
Steve Smith, Non-executive 6378
Chairman
Sigma PRS Management Limited Tel: +44 (0)333 999
Graham Barnet 9926
Graeme Hogg
N+1 Singer Tel: +44 (0)20 7496
James Maxwell, Liz Yong, James 3000
Hopton (Corporate Finance)
Michael Taylor (Corporate Broking)
Stifel Tel: +44 (0)20 7710
Mark Young, Neil Winward, Tunga 7600
Chigovanyika
KTZ Communications Tel: +44 (0)20 3178
Katie Tzouliadis, Irene Bermont-Penn, 6378
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. In its Initial
Public Offering, on 31 May 2017, the Company raised GBP250 million
gross equity capital via a Placing, Offer for Subscription and
Intermediaries Offer. The UK Government's Homes England (formerly
Homes and Communities Agency) supported the launch of the PRS REIT
with a direct investment of c. GBP25 million. The proceeds of the
fundraising have now been fully committed to completed PRS sites
and PRS development sites, with the objective of providing
shareholders with an attractive level of income together with the
potential for capital and income growth. The Company is now seeking
to raise further funds via a proposed placing of new Ordinary
Shares.
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 Company on a day-to-day basis in accordance with
the Company's Investment Policy. The Investment Adviser is an
appointed representative (reference number: 776293) of the
AIFM.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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