Results of Capital Raising & Portfolio Acqu...
To: RNS
From: Standard Life Investments Property Income Trust Limited
Date: 18 December 2015
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (the "Company")
Results of capital raising & portfolio acquisition
The Board is pleased to announce that the Company has raised gross proceeds of £75.7 million pursuant to its Initial Placing and Offer for Subscription of Ordinary Shares at a price of 82.0p per Ordinary Share. The Board has today allotted 92,303,259 Ordinary Shares to subscribers (subject to Admission, as defined below), of which 66,303,441 Ordinary Shares will be issued pursuant to the Initial Placing and 25,999,818 Ordinary Shares will be issued pursuant to the Offer for Subscription.
As announced earlier today, the Company has also completed the sale of the property situated at St James House, Cheltenham for £13.95 million, which is at a premium to the most recent valuation. In addition, the Property Subsidiary has completed all the material conditions precedent in relation the additional debt facility of up to £=70.6 million of which it is expected that approximately £55 million will be drawn down.
Accordingly, all the conditions to the Proposals, including the Acquisition of the portfolio of 22 UK real estate properties, have been satisfied and the Acquisition is expected to complete shortly after Admission.
Application has been made for these Ordinary Shares to be admitted to trading on the Main Market of the London Stock Exchange plc and to listing on the premium segment of the Official List of the UK Listing Authority ("Admission"), in each case with effect from 8.00 a.m. on 21 December 2015.
The Chairman, Dick Barfield commented as follows:
"The Board of the Company is delighted with level of support for the Company and the Acquisition shown by existing and new investors. The acquisition of this portfolio presents an excellent opportunity to diversify further the Company's existing property portfolio with properties which are complementary to the existing assets and which introduce a number of asset management initiatives to enhance portfolio returns. The acquisition will also strengthen the Company's dividend cover."
Total voting rights
Following this issue of Ordinary Shares the Company will have 380,690,419 Ordinary Shares in issue. Therefore the total number of shares with voting rights in the Company is 380,690,419 Ordinary Shares. 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 FCA's Disclosure and Transparency Rules.
For further information please contact:
Jason Baggaley/Gordon Humphries, Standard Life Investments
Tel: 0131 245 2833/0131 245 2735
Graeme Caton, Winterflood Investment Trusts
Tel: 020 3100 0268
Douglas Armstrong, Dickson Minto W.S.
Tel: 020 7649 6823
*Neither the NSM website nor the Company’s website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of, this announcement.
Important notices
Winterflood Securities Limited is authorised and regulated in the UK by the Financial Conduct Authority, is acting exclusively for the Company and for no-one else in connection with the contents of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to the respective clients of Winterflood Securities Limited., or for affording advice in relation to the contents of this announcement or any matters referred to herein.
No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by any member of the Company's group, Winterflood Securities Limited or any of its respective directors, officers, employees or agents. Subject to the Listing Rules and/or the Prospectus Rules and/or the Disclosure and Transparency Rules and/or the Takeover Code and/or FSMA, neither the delivery of this announcement nor any subscription or acquisition made under it shall, in any circumstances, create any implication that there has been no change in the affairs of the Company group since the date of this announcement or that the information in it is correct as of any subsequent date.
This announcement is for information only and does not constitute or form part of any offer or invitation to issue, acquire or dispose of any securities or investment advice in any jurisdiction.
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