Replacement: Q1 2023 Dividend and LTIP Awards

Real Estate Investors PLC

29 June 2023

 

The following replaces the announcement released on 29 June 2023 at 07:00 under RNS number 2999E (the "Prior Announcement").

The Prior Announcement incorrectly stated that the record date for the declared Q1 2023 dividend would be 1 July 2023. The Prior Announcement should have stated that the record date for the declared Q1 2023 dividend is 7 July 2023.

All other details remain unchanged and the full amended text is shown below.

Real Estate Investors Plc

("REI" or the "Company")

Q1 2023 Dividend Declaration / Grant and Vesting of LTIP Awards

Real Estate Investors Plc (AIM:RLE), the UK's only Midlands-focused Real Estate Investment Trust (REIT), with a portfolio of 1.37 million sq ft of commercial property across all sectors, is pleased to announce that in accordance with its progressive dividend policy, REI will pay a fully covered Q1 2023 dividend of 0.625 pence per share for the period 1 April 2023 to 30 June 2023 (Q1 2022: 0.8125 pence per share). The payment will be made on 28 July 2023 to all shareholders on the register as at 7 July 2023.  The ex-dividend date will be 6 July 2023.  This dividend will be an Ordinary Distribution.

The Company also announces that on 28 June 2023 it granted annual awards to two Directors and other employees under the Real Estate Investors Plc Senior Executives Long Term Incentive Plan adopted in 2021. The awards under the Plan give rights to certain Directors to acquire a total of 2,306,452 ordinary shares of 10p each in the Company ("Ordinary Shares") as detailed below at a price of 1p per share (in the case of an issue of new Ordinary Shares) or nil (in the case of a transfer of existing Ordinary Shares).  The vesting of 50% of the award is subject to a performance condition based on total shareholder return, with 50% subject to a performance condition based on net asset value per share growth including dividends paid. The performance conditions will be measured over the three years up to the vesting date with full vesting if 12% levels of annual return/growth are achieved.

Award Holder	Number of Ordinary Shares under Award	Expected Vesting Date
Paul Bassi	1,419,355	April 2025
Marcus Daly	887,097	April 2025

In addition, share awards made on 27 March 2020 to directors of the Company vested yesterday at 50% (based on performance conditions) in the following amounts: Paul Bassi (Chief Executive) 628,571 ordinary shares; and Marcus Daly (Finance Director) 392,857 ordinary shares.  The directors now have the right to be issued with the shares awarded (for nil or nominal consideration) although such issues have not yet occurred and remain subject to the exercise by the directors of their right.

The notifications below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.

Enquiries:

Real Estate Investors Plc Paul Bassi/Marcus Daly	[phone]
Cenkos Securities (Nominated Adviser) Katy Birkin/Ben Jeynes	[phone]
Liberum (Broker) Jamie Richards/William King	[phone]

About Real Estate Investors Plc

Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.37 million sq ft of mixed-use commercial property, managed by a highly-experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.  The Company's strategy is to invest in well located, real estate assets in the established and proven markets across the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings.  The portfolio has no material reliance on a single asset or occupier.  On 1st January 2015, the Company converted to a REIT.  Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.  The Company aims to deliver capital growth and income enhancement from its assets, supporting its dividend policy.  Further information on the Company can be found at www.reiplc.com.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.    Paul Bassi 2.    Marcus Daly
2	Reason for the notification
a)	Position/status	1.    Chief Executive 2.    Finance Director
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Real Estate Investors Plc
b)	LEI	21380015X5JMEGUHPD83
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 10p each
	Identification code	GB00B45XLP34
b)	Nature of the transaction	Award of share options Real Estate Investors Plc Senior Executives Long Term Incentive Plan
c)	Price(s) and volumes(s)	Price(s)	Volume(s)
		1.    Nil  2.    Nil	1.    1,419,355 2.    887,097
d)	Aggregated information
	Aggregated volume	N/A
	Price	N/A
e)	Date of the transaction	28 June 2023
f)	Place of the transaction	Outside of a trading venue

 

END