Sigma Capital Group PLC Bi-annual Subscription for Shares in The PRS REIT (1723X)
August 08 2018 - 3:00AM
UK Regulatory
TIDMSGM
RNS Number : 1723X
Sigma Capital Group PLC
08 August 2018
8 Augsut 2018
AIM: SGM
Sigma Capital Group plc
("Sigma" or "the Company" or "the Group")
Bi-annual Subscription for Ordinary Shares in The PRS REIT
plc
Sigma, the PRS, residential development and urban regeneration
specialist, announces that, in accordance with the Development
Management Agreement in place between its wholly owned subsidiary,
Sigma PRS Management Limited (the "Investment Adviser"), and The
PRS REIT plc ("PRS REIT"), it has today subscribed for and been
issued with 929,276 new ordinary shares of GBP0.01 each in the
capital of the PRS REIT ("Ordinary Shares") at a share price of
104.5 pence per Ordinary Share (being the closing share price on 7
August 2018). This subscription covers the period from 1 January
2018 to 30 June 2018.
Under the Development Management Agreement, the Investment
Adviser bi-annually subscribes for Ordinary Shares equating to 50
per cent. of the development management fee in respect of each PRS
Development Site (with such amounts subscribed in arrears at the
prevailing share price at the time of subscription, providing that
the share price is no less than the NAV per share).
Following this purchase, the Investment Adviser's total holding
of Ordinary Shares is 1,374,854 representing 0.28 per cent. of the
issued share capital of the PRS REIT.
In accordance with the terms of the lock up deed, the Investment
Adviser has agreed: (i) not to dispose of any Ordinary Shares
issued to, or purchased by it, for a period of 12 months from the
date of each issue or purchase without the written consent of the
PRS REIT and N+1 Singer; and (ii) for a period of a further 12
months thereafter, only dispose of such Ordinary Shares after prior
consultation with N+1 Singer and then through N+1 Singer in such
manner as N+1 Singer may reasonably require.
Enquiries:
Sigma Capital Group Graham Barnet, Chief Executive T: 020 3178 6378 (today)
plc
Malcolm Briselden, Finance T: 0333 999 9926
Director
KTZ Communications Katie Tzouliadis, Emma T: 020 3178 6378
Pearson
N+1 Singer James Maxwell, Liz Yong, T: 020 7496 3000
(NOMAD and Broker) Ben Farrow
NOTES TO EDITORS
About Sigma Capital Group plc
(www.sigmacapital.co.uk)
Sigma Capital Group plc is a private rented sector, residential
development, and urban regeneration specialist, with offices in
Edinburgh, Manchester and London. Sigma's principal focus is on the
delivery of large scale housing schemes for the private rented
sector. It has a well-established track record in assisting with
property-related regeneration projects in the public sector, acting
as a bridge between the public and private sectors. Its subsidiary,
Sigma PRS Management Limited, is Investment Adviser to The PRS REIT
plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly owned subsidiary of
AIM-quoted Sigma Capital Group plc and is the Company's Investment
Adviser. It sources investments and manages the assets of The PRS
REIT plc and advises the Alternative Investment Fund Manager
("AIFM") and the PRS REIT on a day-to-day basis in accordance with
the PRS REIT's Investment Policy. The Investment Adviser is an
appointed representative (reference number: 776293) of the
AIFM.
About The PRS REIT plc
(www.theprsreit.com)
The PRS REIT is a closed-ended real estate investment trust
established to invest in the Private Rented Sector and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. In its Initial Public
Offering, on 31 May 2017, the Company raised GBP250m gross equity
capital and, on 20 February 2018, it raised a further GBP250m
(gross) through an additional Placing. Both fundraisings were
supported by the UK Government's Homes England with direct
investments totaling c. GBP30m.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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