Fund Management Fee

RNS Number : 3665V

Residential Secure Income PLC

04 April 2023

 

4 April 2023

Residential Secure Income plc

Satisfaction of the Equity Portion of the Fund Management Fee

Residential Secure Income plc ("ReSI") (LSE: RESI) announces that, in accordance with the terms of the Fund Management Agreement with ReSI Capital Management Limited (the "Fund Manager") pursuant to which 25 per cent of the fund management fee is payable in the form of Ordinary Shares (the "Equity Portion") rather than cash, it has purchased 167,791 Ordinary Shares in the secondary market (the "Fund Management Ordinary Shares") at an average price of 67 pence on 3 April 2023.

The Fund Management Ordinary Shares are subject to a minimum lock-in period of 12 months from 1 April 2023,  being when the Fund Management Ordinary Shares became due and deliverable.

For further information, please contact:

ReSI Capital Management Limited /  Gresham House Real Estate Ben Fry Brandon Holloway	[phone]
Peel Hunt LLP Luke Simpson Huw Jeremy	[phone]
KL Communications Charles Gorman Charlotte Francis Millie Steyn	[e-mail] [phone]

About ReSI plc

Residential Secure Income plc ("ReSI plc" LSE: RESI) is a real estate investment trust (REIT) focused on delivering secure, inflation-linked returns with a focus on two resident sub-sectors in UK residential - independent retirement rentals and shared ownership - underpinned by an ageing demographic and untapped and strong demand for affordable home ownership.

ReSI plc targets a secure, long-dated, inflation-linked dividend of 5.16 pence per share p.a. [i] (paid quarterly) and a total return in excess of 8.0% per annum. As at 31 December 2022, including committed acquisitions, ReSI plc's portfolio comprises 3,303 properties, with an (unaudited) IFRS fair value of £364mn [ii] .

ReSI plc's purpose is to deliver affordable, high-quality, safe homes with great customer service and long-term stability of tenure for residents. We achieve this through meeting demand from housing developers, housing associations, local authorities, and private developers for long-term investment partners to accelerate the development of socially and economically beneficial affordable housing.

ReSI plc's subsidiary, ReSI Housing Limited, is registered as a for-profit Registered Provider of social housing, and so provides a unique proposition to its housing developer partners, being a long-term private sector landlord within the social housing regulatory environment. As a Registered Provider, ReSI Housing can acquire affordable housing subject to s106 planning restrictions and housing funded by government grant.

About Gresham House and Gresham House Real Estate

Gresham House is a London Stock Exchange quoted specialist alternative asset manager committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.

Gresham House Real Estate has an unparalleled track record in the affordable housing sector over 20 years, with senior members having an average of c.30 years' experience.

Gresham House Real Estate offers long term equity investments into UK housing, through listed and unlisted housing investment vehicles, each focused on addressing different areas of the affordable housing problem. Each fund aims to deliver stable and secure inflation-linked returns whilst providing social and environmental benefits to its residents, the local community, and the wider economy.

Further information on ReSI plc is available at www.resi-reit.com , and further information on Gresham House is available at www.greshamhouse.com

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[i] The dividend target and total return target are targets only and are not profit forecasts. There can be no assurance that either target will be met, and they should not be taken as an indication of the Company's future results.

[ii] Excluding the finance lease gross up and including £2mn of committed acquisitions.

 

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