Re Fund Management Fee

RNS Number : 9818V

Residential Secure Income PLC

27 July 2018

 

The following replaces the Re Fund Management Fee announcement released 26 July at 17.12 under RNS number 9350V.

The date in the second paragraph referring to when the minimum lock-in period commences has been changed to 1 July 2018.

The full amended text appears below.

27 July 2018

Residential Secure Income plc (the "Company")

Satisfaction of the Equity Portion of the Fund Management Fee

The Company 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 119,718 Ordinary Shares in the secondary market (the "Fund Management Ordinary Shares") at an average price of 93.75 pence.

The Fund Management Ordinary Shares are subject to a minimum lock-in period of 12 months from 1 July 2018, being when the Fund Management Ordinary Shares became due and deliverable.

FOR FURTHER INFORMATION, PLEASE CONTACT: 

ReSI Capital Management Limited  Jonathan Slater  Ben Fry  Alex Pilato	[phone]
Jefferies International Limited  Stuart Klein  Gary Gould	[phone]

FTI Consulting                                                                                                    [phone]

Richard Sunderland                                                                                             Email: [e-mail]

Claire Turvey

Richard Gotla

NOTES:

Residential Secure Income plc (LSE: RESI) is listed on the premium segment of the Official List of the UK Listing Authority and was admitted to trading on the Main Market of the London Stock Exchange in July 2017.

ReSI has been established to invest in portfolios of Homes across residential asset classes that comprise the stock of Housing Associations and Local Authorities, comprising Shared Ownership Homes and Rental Homes (being Market Rental Homes, Functional Homes and Sub-Market Rental Homes) throughout the UK. 

ReSI is managed by ReSI Capital Management Limited, a wholly owned subsidiary of TradeRisks Limited which has a 17 year track record of executing transactions within the UK social housing sector and, to date, has arranged funding of over £10 billion in the social housing, care and other specialist residential property sectors.

ReSI seeks to deliver secure, long-dated, inflation-linked income returns through investment in UK social housing. It aims to meet demand from Housing Associations and Local Authorities for alternative equity-like financing sources that allows them to recycle capital back into socially and economically beneficial new housing, making a meaningful contribution to the UK housing shortage.

Homes acquired by ReSI will predominantly be on a freehold or long leasehold basis (typically 99 years or more to maturity) and benefit from long term (typically 20 years plus) inflation-adjusted cash flows. Acquisitions by ReSI will be limited to Homes with sufficient cashflows, counterparty credit quality and property security that allow the Fund Manager to arrange long-term investment grade equivalent debt.

Further information on ReSI is available at www.resi-reit.com 

 

END

 

 

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