NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION IN WHOLE OR
IN PART, DIRECTLY OR INDIRECTLY,
IN OR INTO, THE UNITED
STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT OR ANY COPY OF
IT. PLEASE SEE THE IMPORTANT
NOTICE AT THE END OF THIS
ANNOUNCEMENT.
GCP STUDENT LIVING PLC
(the "Company", together with its subsidiaries, the
"Group")
RESULT OF OVERSUBSCRIBED ISSUE
On 2 February 2017, the Company
announced a placing and offer for subscription of new ordinary
shares (the "Issue Shares") seeking to raise gross proceeds
in excess of £60 million (the "Initial Issue").
Further to that announcement, the Board is pleased to announce
that it has received applications from investors substantially
exceeding the target gross proceeds. In light of the available
investment opportunity in a prime central London location (the "Target Asset"),
the Board has resolved to accept applications in respect of
57,545,195 Issue Shares at 140.0
pence per Issue Share, raising gross proceeds of £80.6
million for the Company.
It is currently intended that the net proceeds of the Initial
Issue will be used to acquire the Target Asset.
Application has been made for all of the Issue Shares to be
admitted to the Premium Listing segment of the Official List of the
UK Listing Authority and to trading on the London Stock Exchange's
main market for listed securities ("Admission"). It is
expected that Admission will take effect, and dealings in the Issue
Shares will commence, at 8.00 a.m.
(London time) on 24 February 2017.
Share certificates in respect of the Issue Shares are expected
to be despatched in the week commencing 6
March 2017 or as soon as possible thereafter.
Immediately following Admission, the Company will have
335,768,782 ordinary shares in issue and therefore the total
voting rights in the Company will be 335,768,782. This figure may
be used by shareholders as the denominator for the calculations by
which they may determine whether or not 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 Guidance and
Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Capitalised terms used but not defined in this announcement will
have the same meaning as set out in the prospectus published by the
Company on 2 February 2017.
For further information, please contact:
Gravis Capital Partners LLP |
|
+44 20 7518 1490 |
Tom Ward |
tom.ward@gcpuk.com |
|
Nick Barker |
nick.barker@gcpuk.com |
|
Dion Di Miceli |
dion.dimiceli@gcpuk.com |
|
|
|
|
Stifel Nicolaus Europe Limited |
|
+44 20 7710 7600 |
Neil Winward |
neil.winward@stifel.com |
|
Mark Young |
mark.young@stifel.com |
|
Tom Yeadon |
tom.yeadon@stifel.com |
|
|
|
|
Buchanan |
|
+44 20 7466 5000 |
Charles Ryland |
charlesr@buchanan.uk.com |
|
Vicky Watkins |
victoriaw@buchanan.uk.com |
|
About GCP Student Living plc
The Company was the first student accommodation REIT in the UK,
investing in modern, purpose-built, private student residential
accommodation and teaching facilities. Its investments are located
primarily in and around London
where the Investment Manager believes the Company is likely to
benefit from supply and demand imbalances for student residential
accommodation.
The Group has an estimated total asset value of c.£530 million
including six standing assets, providing c.2,000 modern studios and
beds, and one forward funded development asset which will provide a
further c.580 beds on completion.
The Investment Manager is currently reviewing and conducting due
diligence on assets in the Company’s core markets totalling c.2,800
beds and in respect of which c.980 beds in and around London are under future contractual
arrangements The Company's standing assets are primarily occupied
by international students and offer high specification facilities
and hotel-level concierge type services which the Investment
Manager believes are attractive to overseas students.
Important Information
The content of this announcement has been prepared by, and is
the sole responsibility of, GCP Student Living plc.
The information contained in this announcement is given at the
date of its publication (unless otherwise marked) and is subject to
updating, revision and amendment from time to time. Neither the
content of the Company's website nor any website accessible by
hyperlinks to the Company's website is incorporated in, or forms
part of, this announcement. The distribution of this
announcement and any other documentation associated with the
Initial Issue and/or the 2017 Placing Programme into jurisdictions
other than the United Kingdom may
be restricted by law. Persons into whose possession these
documents come should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws or regulations of
any such jurisdiction. In particular, such documents should
not be distributed, forwarded to or transmitted, directly or
indirectly, in whole or in part, in, into or from the United States, Australia, Canada, Japan
or the Republic of South Africa or
any other jurisdiction where to do so may constitute a violation of
the securities laws or regulations of any such jurisdiction.
Stifel Nicolaus Europe Limited, which is authorised and
regulated by the Financial Conduct Authority, is acting only for
the Company in connection with the matters described in this
announcement and is not acting for or advising any other person, or
treating any other person as its client, in relation thereto and
will not be responsible for providing the regulatory protection
afforded to clients of Stifel Nicolaus Europe Limited or advice to
any other person in relation to the matters contained herein.
None of the Company, Gravis Capital Partners LLP or Stifel
Nicolaus Europe Limited, or any of their respective affiliates,
accepts any responsibility or liability whatsoever for or makes any
representation or warranty, express or implied, as to this
announcement, including the truth, accuracy or completeness of the
information in this announcement (or whether any information has
been omitted from the announcement) or for any loss howsoever
arising from any use of the announcement or its contents. The
Company, Gravis Capital Partners LLP and Stifel Nicolaus Europe
Limited, and their respective affiliates, accordingly disclaim all
and any liability whether arising in tort, contract or otherwise
which they might otherwise have in respect of this announcement or
its contents or otherwise arising in connection therewith.