Placing of Shares

RNS Number : 3010P

Invista Foundation Property Tst Ltd

13 July 2010

 



THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN  WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S. PERSONS.  THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE INCLUDING IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA.

13 July 2010

Invista Foundation Property Trust Limited

(the "Company" or "IFPT")

The Company is pleased to announce the successful completion of the placing announced earlier today (the "Placing").

A total of 32,327,062 new Ordinary Shares in the Company (the "Placing Shares") have been conditionally placed by J.P. Morgan Cazenove and Numis Securities Limited at a price of 38 pence per Ordinary Share, raising gross proceeds of approximately £12.3 million. The Placing Shares represent 9.99 per cent. of the Company's issued Ordinary Shares prior to the Placing.

Application will be made to the Financial Services Authority for admission of the Placing Shares to the Official List maintained by the UK Listing Authority and to the London Stock Exchange (the "LSE") for admission to trading of the Placing Shares on the LSE's main market for listed securities and to the Channel Islands Stock Exchange ("CISX") for admission to trading of the placing shares on the CISX (together "Admission"). It is expected that Admission will take place on 11 August 2010, conditional upon Shareholder approval of the Placing at the Company's Extraordinary General Meeting expected to be held on 10 August 2010 (or any adjournment thereof), and that dealings in the Placing Shares on the LSE's main market for listed securities and on the CISX will commence at the same time.

Such new shares will rank pari passu with the existing Ordinary Shares of the Company.

Commenting, Duncan Owen, CEO, Invista Real Estate Investment Management, said,

"The successful equity raising of £12.3 million provides us with the financial firepower to take advantage of income enhancing opportunities and accretive acquisitions, which are intended to support the growth of the Company's income and dividend cover.

We are particularly pleased that so many of the current shareholders supported this issue. We now look forward to rapidly deploying the new equity into already identified opportunities that we believe will support the long term growth of the Company."

For further information, please contact:

Invista Real Estate Investment Management                                           020 7153 9300    

Duncan Owen / Nick Montgomery        

J.P. Morgan Cazenove                                                                                  020 7588 2828

William Simmonds                      

Numis Securities Limited                                                                             020 7260 1000  

Heraclis Economides / David Benda

Northern Trust                                                                                               01481 745529

David Sauvarin                      

Financial Dynamics                                                                                       020 7831 3113    

Dido Laurimore / Rachel Drysdale /    

Olivia Goodall                        

 

END

 

 

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