Results of Initial Placing and Offer

RNS Number : 5250H

Picton Property Income Limited

20 May 2014

 



THIS ANNOUNCEMENT (INCLUDING THE IMPORTANT INFORMATION) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

20 May 2014

Picton Property Income Limited

Results of Initial Placing and Offer for Subscription

The Board of Picton Property Income Limited (the "Company" or "Picton") is pleased to announce the results of the Initial Placing and Offer for Subscription (together the "Initial Offers"). The Initial Placing and Offer for Subscription were oversubscribed and following a scaling back exercise an aggregate of 59,322,034 New Shares will be issued at the Issue Price of 59 pence per share.

Application will be made for the new shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority (the "FCA") and to trading on the main market for listed securities of the London Stock Exchange ("Admission"). It is expected that Admission will take place at 8.00am on 23 May 2014 (or such later date as may be agreed between the Company and the Joint Bookrunners).

Following Admission, the number of ordinary shares that the Company has in issue will be 439,191,763. The total number of voting rights of the Company will be 439,191,763 and this 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 to their interest in the Company, under the Disclosure and Transparency Rules.

Commenting, Nick Thompson, Chairman of Picton said:

"We are pleased that the first phase of this £100 million fundraising was oversubscribed and also to have received support from new and existing shareholders.  Through this process we have established a Placing Programme aimed at effectively funding future property acquisitions which meet the Company's investment objective.  We look forward to updating the market as the capital is deployed".

For further information:

Picton Property Income Limited David Sauvarin	Telephone: [phone]
Picton Capital Limited Michael Morris	Telephone: [phone]
Oriel Securities Limited Roger Clarke Tom Yeadon	Telephone: [phone]
J.P.Morgan Cazenove William Simmonds Ed Murray	Telephone: [phone]
Tavistock Communications Jeremy Carey James Verstringhe	Telephone: [phone]

Important Information

Definitions used in the Prospectus issued by the Company dated 1 May 2014 shall have the same meanings when used in this announcement unless the context otherwise requires.

The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and, therefore, any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. Failure to comply with any such restrictions may constitute a violation of the securities laws of any jurisdiction.

Each of Oriel Securities Limited ("Oriel"), which is authorised and regulated by the Financial Conduct Authority, and J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and which is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority, is acting exclusively for the Company and for no-one else in connection with the Initial Placing and Offer for Subscription and will not be responsible to any other person for providing the protections afforded to clients of Oriel or J.P. Morgan Cazenove or for providing advice in connection with the Initial Placing and Offer for Subscription, the contents of this announcement or any matters referred to in this announcement. Neither Oriel nor J.P. Morgan Cazenove is responsible for the contents of this announcement. This does not exclude or limit any responsibilities which either Oriel or J.P. Morgan Cazenove may have under FSMA or the regulatory regime established thereunder.

No person has been authorised to give any information or make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied upon as having been authorised by the Company, Oriel or J.P. Morgan Cazenove.  None of the Company, Oriel or J.P. Morgan Cazenove takes any responsibility for, or can provide assurance as to the reliability of, other information that you might be given. 

This announcement has been prepared for the purposes of complying with applicable law and regulation in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom.

The expected timetable including the date of Admission may be influenced by a range of circumstances such as market conditions. There is no guarantee that Admission will occur and you should not base your financial decisions on the Company's intentions in relation to the Initial Offers, the Placing Programme and Admission at this stage. Acquiring New Ordinary Shares to which this Announcement relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making such an investment should consult an authorised person specialising in advising on such investments. This Announcement does not constitute a recommendation concerning the Capital Raise. The value of New Ordinary Shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the Issue for the person concerned. Past performance or information in this Announcement or any of the documents relating to the Capital Raise cannot be relied upon as a guide to future performance.

 

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