Triple Point Social Housing REIT Purchase of Management Shares (2363V)
April 04 2023 - 4:00AM
UK Regulatory
TIDMSOHO
RNS Number : 2363V
Triple Point Social Housing REIT
04 April 2023
4 April 2023
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
PURCHASE OF ORDINARY SHARES UNDER THE INVESTMENT MANAGEMENT
AGREEMENT
The Company announces that, in accordance with the terms of the
Investment Management Agreement with Triple Point Investment
Management LLP ("Triple Point" or the "Investment Manager"),
pursuant to which the Investment Manager shall procure that 25 per
cent. of the management fee (net of applicable tax) shall be
applied by subscribing for or acquiring Ordinary Shares in the
capital of the Company ("Management Shares"), the Investment
Manager purchased 652,661 Ordinary Shares in the market at an
average price of 43.24 pence per Ordinary Share on 3 April 2023.
This purchase of Management Shares was made by Perihelion One
Limited ("Perihelion"), a company in the Triple Point Group.
In March 2021, the Investment Manager introduced a Product
Ownership Scheme, under which partners and employees of Triple
Point are able to use some or all of their discretionary
remuneration to acquire Ordinary Shares from the Investment
Manager. The partners and employees of Triple Point are subject to
the Triple Point Personal Account Dealing Code which governs the
ability of such individuals to deal in the Ordinary Shares. Under
the scheme, employees are incentivised to hold the Ordinary Shares
for at least 12 months but are not subject to any formal lock-in
arrangements.
Perihelion has transferred a total of 895,426 Ordinary Shares to
partners and employees under the Product Ownership Scheme. The
Investment Manager and its staff currently hold a total of
3,432,377 Ordinary Shares in the Company*.
(*) Figure only includes Management Shares acquired from
Perihelion and not Ordinary Shares otherwise acquired by such
individuals.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Max Shenkman
Isobel Gunn-Brown
Akur Capital (Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser Tel: 020 7710 7600
and Corporate Broker)
Mark Young
Mark Bloomfield
Rajpal Padam
Madison Kominski
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website
at www.triplepointreit.com .
NOTES:
The Company focuses on investing in newly developed social
housing assets in the UK, with a particular focus on specialised
supported housing. The majority of the assets within the portfolio
are subject to inflation-linked, long-term, 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
a 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 pressure and social need to
increase housing supply across the UK which is creating
opportunities for private sector investors to help deliver this
housing. The Group's ability to provide forward funding 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.
The Company is a UK Real Estate Investment Trust ("REIT") listed
on the premium segment of the Official List of the UK Financial
Conduct Authority and is a constituent of the FTSE EPRA/NAREIT
index.
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END
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