API Abrdn Property Income Trust Limited

 
TIDMSLI 
 
To:      Company Announcements 
 
Date:     12 February 2015 
 
Company:  Standard Life Investments Property Income Trust Limited 
 
Subject:  Intention to issue equity 
 
The Board of Standard Life Investments Property Income Trust Limited (the 
"Company") announces that, pursuant to the Placing Programme announced on 6 
June 2014 and the Company's ability to issue shares under its existing 
disapplication of pre-emption rights authority, the Company is seeking to raise 
in excess of GBP16 million through a cash placing to institutional investors of 
new ordinary shares of 1 pence each in the Company (the "New Shares") (the 
"Placing"). 
 
The Company has entered into an agreement that provides it with exclusivity to 
purchase a modern freehold retail warehouse property, located in Preston, for 
GBP16m (excluding costs) subject to an equity fund raise. This retail warehouse 
offers a yield of 7 per cent. with 16 years remaining on the lease and is 
located adjacent to a major foodstore and next to the dominant retail warehouse 
park in Preston. The tenant is DSG and the lease is subject to fixed increases 
every 5 years. 
 
The Placing is expected to close at 2.00 p.m. (London time) on 19th February 
2015 butmay close earlier or later at the absolute discretion of the Company. 
The issue price per New Share will be 78.1 pence, representing a 5 per cent. 
premium to the Company's unaudited net asset value per share as at 31 December 
2014 (adjusted for the dividend payable on 20 February 2015 to which the New 
Shares will not be entitled). 
 
The Placing will be made to Qualified Investors (as defined in section 86(7) of 
the Financial Services and Markets Act 2000 (as amended)) through Winterflood 
Securities Limited ("Winterflood").The decision to allot New Shares to any 
Qualified Investor and the actual issue size shall be at the absolute 
discretion of the Company and Winterflood. 
 
Application will be made for the New 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 New Shares will commence at 
8.00 a.m. on 25 February 2015. 
 
The New Shares will, when issued, be credited as fully paid and rank pari passu 
with the existing ordinary shares of 1 pence each in the capital of the 
Company, including the right to receive all future dividends and distributions 
declared, made or paid save for the dividend payable on 20 February 2015 to 
shareholders on the register on 6 February 2015. 
 
Any remaining net proceeds of the issue after the proposed acquisition will be 
invested in accordance with the Company's investment policy. 
 
Enquiries: 
 
Standard Life Investments                         +44 (0) 131 245 2735 
Gordon Humphries, Head of Investment Companies 
 
Winterflood Investment Trusts                     +44 (0) 20 3100 0268 
Graeme Caton                                      +44 (0) 20 3100 0258 
Darren Willis 
 
 
 
END 
 

Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jun 2024 to Jul 2024

Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jul 2023 to Jul 2024