Secure Income REIT PLC Issue of Shares (3055U)
March 28 2019 - 5:00AM
UK Regulatory
TIDMSIR
RNS Number : 3055U
Secure Income REIT PLC
28 March 2019
28 March 2019
Secure Income REIT Plc
(the "Company")
Issue of Shares in connection with pre-existing arrangements
As disclosed in the Company's annual results announcement issued
on 6 March 2019, the Company has an obligation to issue shares to
the Company's Investment Adviser under arrangements entered into at
the time of the Company's listing in June 2014. This follows the
Company reporting total accounting return for the 2018 financial
year of 11.9%, which is in excess of the shareholders' priority
return hurdle. Consequently, the Company will issue 1,287,242 new
ordinary shares of 10 pence each ("Shares") to Prestbury Incentives
Limited.
Details of the calculation of the fee entitlement are disclosed
in the Company's annual results announcement. Following the issue
of the Shares, Prestbury Incentives will have a total shareholding
in the Company of 19,059,132 ordinary shares, representing 5.9% of
the Company's voting rights. The Shares received by Prestbury
Incentives will not be permitted to be disposed for a minimum of 18
months and up to 42 months from 31 March 2019, save under certain
limited circumstances including a sale of shares if required to
fund payment of the tax liability arising on receipt of the fee. It
is not currently intended that shares will be sold to meet the tax
liability arising as the management team will finance the tax
liability from their own cash resources.
Application has been made for the 1,287,242 Shares to be
admitted to trading on AIM and admission is expected to be
effective at 8.00 a.m. on or around 29 March 2019.
Following the allotment of the Shares and in accordance with the
Disclosure Guidance and Transparency Rules, the Company's issued
voting ordinary share capital will comprise 322,850,595 ordinary
shares. There are no Shares held in treasury. The above 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 in their interest in, the ordinary share
capital of the Company under the Disclosure and Transparency
Rules.
For further information on the Company, please contact:
Secure Income REIT Plc +44 20 7647 7647
Sandy Gumm enquiries@SecureIncomeREIT.co.uk
Stifel Nicolaus Europe Limited +44 20 7710 7600
(Nominated Adviser) stifelsecureincomereit@stifel.com
Mark Young
Stewart Wallace
Tom Yeadon
FTI Consulting LLP +44 20 3727 1000
Dido Laurimore SecureIncomeREIT@fticonsulting.com
Claire Turvey
Eve Kirmatzis
About Secure Income REIT Plc
Secure Income REIT specialises in generating long term,
inflation protected, secure income from real estate investments.
Its investment strategy is designed to satisfy investors' growing
requirements for high quality, safe, inflation protected income
flows.
At 31 December 2018, the Group's investment property portfolio
was valued at GBP2.3 billion, producing GBP125 million per annum of
rental income from long term leases with a weighted average
unexpired term to expiry of 20.9 years with no breaks. All rental
income is subject to fixed uplifts or RPI upwards only rent
reviews. The Group's portfolio comprises key operating assets let
to strong businesses in defensive sectors with high barriers to
entry. The RPI-linked rent reviews and fixed rental uplifts combine
with fixed cost debt to drive healthy dividend growth, creating
attractive and predictable returns.
The Company is advised by Prestbury Investments LLP which was
adviser to Max Property Group plc until August 2014, when all of
the assets of Max Property Group plc were sold to Blackstone Group.
Prestbury Investments LLP is a partnership of real estate and
finance professionals including Nick Leslau, Mike Brown, Tim Evans,
Ben Walford and Sandy Gumm.
The Company's Board is chaired by Martin Moore together with
three further independent Directors: Leslie Ferrar, Jonathan Lane
and Ian Marcus, as well as three members of the Prestbury Team:
Nick Leslau, Mike Brown and Sandy Gumm.
The Company is a UK REIT which floated on the AIM market of the
London Stock Exchange in June 2014.
The Company's LEI is 213800M1VI451RU17H40
Further information on Secure Income REIT is available at
www.SecureIncomeREIT.co.uk.
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END
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