To:
RNS
From: Standard Life Investments Property
Income Trust Limited
Date: 18
December 2015
STANDARD LIFE INVESTMENTS PROPERTY
INCOME TRUST LIMITED (the "Company")
Results of capital raising &
portfolio acquisition
The Board is pleased to announce that the Company has raised
gross proceeds of £75.7 million pursuant to its Initial Placing and
Offer for Subscription of Ordinary Shares at a price of 82.0p per
Ordinary Share. The Board has today allotted 92,303,259
Ordinary Shares to subscribers (subject to Admission, as defined
below), of which 66,303,441 Ordinary Shares will be issued pursuant
to the Initial Placing and 25,999,818 Ordinary Shares will be
issued pursuant to the Offer for Subscription.
As announced earlier today, the Company has also completed the
sale of the property situated at St James House, Cheltenham for
£13.95 million, which is at a premium to the most recent valuation.
In addition, the Property Subsidiary has completed all the material
conditions precedent in relation the additional debt facility of up
to £=70.6 million of which it is expected that approximately £55
million will be drawn down.
Accordingly, all the conditions to the Proposals, including the
Acquisition of the portfolio of 22 UK real estate properties, have
been satisfied and the Acquisition is expected to complete shortly
after Admission.
Application has been made for these Ordinary Shares to be
admitted to trading on the Main Market of the London Stock Exchange
plc and to listing on the premium segment of the Official List of
the UK Listing Authority ("Admission"), in each case with
effect from 8.00 a.m. on 21 December
2015.
The Chairman, Dick Barfield
commented as follows:
"The Board of the Company is
delighted with level of support for the Company and the Acquisition
shown by existing and new investors. The acquisition of this
portfolio presents an excellent opportunity to diversify further
the Company's existing property portfolio with properties which are
complementary to the existing assets and which introduce a number
of asset management initiatives to enhance portfolio returns.
The acquisition will also strengthen the Company's dividend
cover."
Total voting
rights
Following this issue of Ordinary Shares the Company will have
380,690,419 Ordinary Shares in issue. Therefore the total
number of shares with voting rights in the Company is 380,690,419
Ordinary Shares. 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 FCA's Disclosure and
Transparency Rules.
For further information please
contact:
Jason Baggaley/Gordon Humphries, Standard Life Investments
Tel: 0131 245 2833/0131 245 2735
Graeme Caton, Winterflood
Investment Trusts
Tel: 020 3100 0268
Douglas Armstrong, Dickson Minto W.S.
Tel: 020 7649 6823
*Neither the NSM website nor the Company’s website nor the
content of any website accessible from hyperlinks on those websites
(or any other website) is (or is deemed to be) incorporated into,
or forms (or is deemed to form) part of, this announcement.
Important notices
Winterflood Securities Limited is authorised and regulated in
the UK by the Financial Conduct Authority, is acting
exclusively for the Company and for no-one else in connection
with the contents of this announcement and will not be responsible
to anyone other than the Company for providing the protections
afforded to the respective clients of Winterflood Securities
Limited., or for affording advice in relation to the contents of
this announcement or any matters referred to herein.
No person has been authorised to give any information or to make
any representations other than those contained in this announcement
and, if given or made, such information or representations must not
be relied on as having been authorised by any member of the
Company's group, Winterflood Securities Limited or any of its
respective directors, officers, employees or agents. Subject
to the Listing Rules and/or the Prospectus Rules and/or the
Disclosure and Transparency Rules and/or the Takeover Code and/or
FSMA, neither the delivery of this announcement nor any
subscription or acquisition made under it shall, in any
circumstances, create any implication that there has been no change
in the affairs of the Company group since the date of this
announcement or that the information in it is correct as of any
subsequent date.
This announcement is for information only and does not
constitute or form part of any offer or invitation to issue,
acquire or dispose of any securities or investment advice in any
jurisdiction.