GCP Student Living Result of Placing
September 21 2018 - 2:00AM
UK Regulatory
TIDMDIGS
GCP STUDENT LIVING PLC
("GCP Student" or the "Company", together with its subsidiaries the "Group")
LEI: 2138004J4ID66FK38H25
RESULT OF PLACING
On 10 September 2018, GCP Student, the UK's first REIT focused on student
residential assets, announced a placing (the "Placing") of new ordinary shares
(the "Placing Shares").
Further to that announcement, the Board is pleased to announce that it has
received applications in respect of 25,512,151 Placing Shares at 149.50 pence
per Placing Share, raising gross proceeds of GBP38.1 million for the Company.
On 25 July 2018, the Company entered into a conditional contract to acquire and
forward fund the construction of Scape Brighton. It is currently intended the
net proceeds of the Placing, together with the Company's existing and/or new
borrowing facilities, will be used to fund the development of Scape Brighton
whilst ensuring its gearing remains at a conservative level.
Application has been made for all of the Placing Shares to be admitted to the
premium 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 Placing
Shares will commence, at 8.00 a.m. (London time) on 25 September 2018.
Share certificates in respect of the Placing Shares are expected to be
despatched in the week commencing 1 October 2018 or as soon as possible
thereafter.
Immediately following Admission, the Company will have 410,576,707 ordinary
shares in issue and therefore the total voting rights in the Company will be
410,576,707. 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.
For further information, please contact:
Gravis Capital Management +44 20 3405
Limited 8500
Tom Ward tom.ward@graviscapital.com
Nick Barker nick.barker@graviscapital.com
Dion Di Miceli dion.dimiceli@graviscapital.com
Stifel Nicolaus Europe +44 20 7710
Limited 7600
Neil Winward neil.winward@stifel.com
Tom Yeadon tom.yeadon@stifel.com
Mark Young mark.young@stifel.com
Buchanan +44 20 7466
5000
Charles Ryland charlesr@buchanan.uk.com
Henry Wilson henryw@buchanan.uk.com
About GCP Student
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.
GCP Student's property portfolio comprises ten assets with c.3,600 beds which
are either currently fully operational or expected to complete construction/
refurbishment over the next two academic years. At 30 June 2018, its property
portfolio was valued at GBP784.4 million.
The Company's operational properties are predominantly 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.
END
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