Triple Point Social Housing REIT Transaction in Own Shares (5065D)
June 26 2019 - 6:04AM
UK Regulatory
TIDMSOHO
RNS Number : 5065D
Triple Point Social Housing REIT
26 June 2019
26 June 2019
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
TRANSACTION IN OWN SHARES
The Company announces that, on 26 June 2019, it purchased in the
market 200,000 ordinary shares of 1p each in the capital of the
Company ("Ordinary Shares") at a price of 83p per Ordinary Share
for treasury.
The Manager continues to evaluate an attractive pipeline of
specialist supported housing investment opportunities as it deploys
funds drawn down from its Lloyds Bank plc debt facility which was
put in place December 2018. The Board and Manager note, however,
the discount to NAV at which the Company's Ordinary Shares are
currently trading. The Board and the Manager are of the view that,
as part of the Company's process of establishing how best to deploy
capital, share buybacks should be considered alongside the
acquisition of new supported housing assets for the Company's
portfolio: share buybacks for investment purposes are particularly
attractive when the discount to NAV at which the Company's shares
trade is wide given the NAV accretion which it provides to ongoing
shareholders. However, the Company will take a balanced approach to
share buybacks taking into account the terms of the Company's debt
facilities, the impact of shrinkage on secondary market liquidity
and the Company's ongoing charges ratio.
Total Voting Rights
Following the transaction, the Company has 351,352,210 Ordinary
Shares in issue. The Company holds 200,000 shares in treasury,
which do not carry any voting rights. Accordingly, the total number
of voting rights in the Company is 351,152,210. This figure may be
used by shareholders as the denominator for the purposes of
calculating whether or not they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8976
LLP
(Delegated Investment Manager)
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Investec Bank plc (Joint Financial Tel: 020 7597 4000
Adviser and Corporate Broker)
Lucy Lewis
Denis Flanagan
Akur Limited (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website
at www.triplepointreit.com.
NOTES:
The Company invests in primarily newly developed social housing
assets in the UK, with a particular focus on supported housing. The
assets within the portfolio are subject to inflation-adjusted,
long-term (typically from 20 years to 30 years), Fully Repairing
and Insuring ("FRI") leases with Approved Providers (being Housing
Associations, Local Authorities or other regulated organisations in
receipt of direct payment from local government). The portfolio
comprises investments into properties which are already subject to
an FRI lease with an Approved Provider, as well as forward funding
of pre-let developments but does not include any direct development
or speculative development.
There is increasing political and financial pressure on Housing
Associations to increase their housing delivery and this is
creating opportunities for private sector investors to participate
in the market. The Group's ability to provide forward financing for
new developments not only enables the Company to secure fit for
purpose, modern assets for its portfolio but also addresses the
chronic undersupply of suitable supported housing properties in the
UK at sustainable rents as well as delivering returns to
investors.
Triple Point Investment Management LLP (part of the Triple Point
Group) is responsible for management of the Group's portfolio (with
such functions having been delegated to it by Langham Hall Fund
Management LLP, the Company's alternative investment fund
manager).
The Company was admitted to trading on the Specialist Fund
Segment of the Main Market of the London Stock Exchange on 8 August
2017 and was admitted to the premium segment of the Official List
of the Financial Conduct Authority and migrated to trading on the
premium segment of the Main Market on 27 March 2018. The Company
operates as a UK Real Estate Investment Trust ("REIT") and is a
constituent of the FTSE EPRA/NAREIT index.
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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