TIDMWAFR
RNS Number : 6363E
Walls & Futures REIT PLC
13 February 2018
Walls & Futures REIT plc
(Epic: WAFR)
Entitlement and Open Offer of up to 1,115,109 shares at 94p
to raise GBP1,048,202
Walls & Futures REIT plc ("WAFR") is pleased to announce an
Open Offer of new ordinary shares to raise up to GBP1,048 million
through the issue of up to 1,115,109 at a price of 94 pence per New
Share to make further investments in the Supported Housing
Sector.
A circular containing detailed information about the Open Offer
is being posted to shareholders in the Company today and will be
available from the Company's website - www.wallsandfutures.com - in
due course.
Details of the Open Offer
The Company is raising up to GBP1.048 million (before expenses)
through the issue of up to 1,115,109 Open Offer Shares at the Issue
Price of 94p per share. The Issue Price represents a premium of
11.24 per cent to the Company's mid-market price of 84.5p per share
as at close of business on 9th February 2018.
Qualifying Shareholders may subscribe for Open Offer Shares in
proportion to their holdings of Existing Ordinary Shares held on
the Record Date. Qualifying Shareholders subscribing for their full
entitlement under the Open Offer may also request additional Open
Offer Shares. Non Qualifying investors may also request Open Offer
Shares.
Open Offer Statistics
Issue Price 94p per Open Offer
Share
Open Offer: Basic Entitlement 1 Open Offer Share
for every 4 Existing
Ordinary Shares
Number of Ordinary Shares in issue as at
the date of this Circular 3,290,225
Maximum number of Open Offer Shares to
be issued pursuant to the Placing and Open
Offer 1,115,109
Enlarged Share Capital* 4,405,334
Gross proceeds of the Open Offer* GBP1,048,202
Estimated net proceeds of the Open Offer GBP995,999
receivable by the Company*
Maximum percentage of the Enlarged Issued
Share Capital that the Open Offer Shares
will represent 25.31%
Expected Timetable of Principal Events
Record Date and time for entitlements under Close of business
the Open Offer on 9 February 2018
Announcement of the Open Offer 12 February 2018
Publication of the Circular and Application 12 February 2018
Forms
Existing Ordinary Shares marked 'ex' entitlement 12 February 2018
by NEX Exchange
Deadline for receipt of Application Forms 26 March 2018
Expected date of Admission and commencement 8am on 27 March 2018
of dealings in Open Offer Shares
Expected date for CREST accounts to be 27 March 2018
credited with Open Offer Shares
Share certificates in relation to Open 9 April 2018
Offer Shares (where applicable) dispatched
by
Background to the Offer
Walls & Futures provides homes for some of the most
vulnerable people in society. We strive to make a difference by
delivering homes that are adapted to meet the needs of each
individual, enabling them to lead more fulfilling lives.
The Company is currently focused on delivering additional
capacity in Supported Housing for people with a range of
disabilities including autism learning and physical disabilities
and mental health needs. Collaborating with our customers and
strategic partners we design, fund, build and deliver quality homes
throughout the UK.
We are building a portfolio of high yielding residential
properties let on long term leases, with rents increasing in line
with inflation, to quality tenants including charities and housing
associations. Our financial target is to deliver a long-term annual
net return of 7-9% of which 3-4% will be paid in the form of a
dividend.
We seek to generate a measurable and beneficial social impact
alongside a financial return.
Basic Entitlement
Qualifying Shareholders are being given the opportunity to
subscribe for Open Offer Shares under the Open Offer at the Issue
Price, payable in full on application and free of all expenses pro
rata to their existing shareholdings on the following basis:
1 Open Offer Share for every 4 Existing Ordinary Shares
In order to be eligible, Qualifying Shareholders need their
Existing Ordinary Shares to be registered in their name at the
Record Date. The Open Offer is not being made to Overseas
Shareholders.
The Open Offer Shares must be paid for in full on application.
The latest time and date for application and payment in respect of
the Open Offer is 11.00 a.m. on 26th March 2018.
Excess Application
Existing shareholders and new investors may apply for additional
Open Offer Shares to the extent that Open Offer Shares are not
taken up by Qualifying Shareholders.
Recommendation
The Directors unanimously believe that the Open Offer is in the
best interests of the Company and its Shareholders as a whole and
recommend that Qualifying Shareholders take up the Open Offer.
The directors of the issuer accept responsibility for the
contents of this announcement
For further information please contact:
WALLS & FUTURES REIT plc
Joe McTaggart 0333 700 7171
joe@wallsandfutures.com
Walls & Futures REIT plc
3rd Floor
111 Buckingham Palace Road
London
SW1W 0SR
www.wallsandfutures.com
CITY & MERCHANT
David Papworth 0207 101 7676
info@cityandmerchant.com
City & Merchant
Level 17 Dashwood House
69 Old Broad Street
London
EC2M 1RX
Note to Editors:
Walls & Futures provides homes for some of the most
vulnerable people in society. It strives to make a difference by
delivering homes adapted to meet the needs of each individual,
enabling them to lead more fulfilling lives.
Collaborating with customers and strategic partners the Company
designs, funds, builds and delivers quality homes throughout the
UK. It are currently focused on delivering additional capacity in
Supported Housing for people with a range of disabilities including
autism, learning and physical disabilities and mental health
needs.
It is building a portfolio of high yielding residential
properties let on long term leases, with rents increasing in line
with inflation, to quality tenants including charities and housing
associations. The financial target is to deliver a long-term annual
net return of 7-9% of which 3-4% will be paid in the form of a
dividend.
Walls & Futures REIT plc is a Real Estate Investment Trust
(REIT) and is quoted on the NEX Growth Exchange. It is a member of
the Social Stock Exchange which is Europe's only regulated exchange
dedicated to businesses and investors seeking to achieve a positive
social and environmental impact through their activities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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