Issue of Shares under Development Mgmt Agreement
31 January 2018
PRSR.L
The PRS REIT plc
(the "Company" or the "PRS REIT")
Issue of Ordinary Shares under the Development Management Agreement
and Total Voting Rights
The PRS REIT plc, the closed-ended real estate investment trust established to invest in new build homes in the Private Rented Sector ("PRS"), announces that in accordance with the Development Management Agreement with Sigma PRS Management Limited (the "Investment Adviser"), pursuant to which the Investment Adviser subscribes bi-annually for new ordinary shares of £0.01 each in the capital of the Company ("Ordinary Shares"), with this purchase equating to 50 per cent. of the development management fee in respect of each PRS Development Site (with such amounts to be subscribed in arrears at the prevailing share price at the time of subscription, providing that the share price is no less than the NAV per share), the Company has today issued 445,578 Ordinary Shares to the Investment Adviser at a share price of 105 pence per Ordinary Share (being the closing share price on 30 January 2018).
Following this purchase, the Investment Adviser's total holding of Ordinary Shares is 445,578 representing 0.17 per cent. of the issued share capital of the Company.
Application has been made for the new Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. It is expected that dealings in the Ordinary Shares will commence at 8.00 a.m. on 2 February 2018 ("Admission").
The ISIN code is GB00BF01NH51 and the LEI is 21380037Q91HU97WZX58.
In accordance with the terms of a lock-up deed, the Investment Adviser has agreed: (i) not to dispose of any Ordinary Shares issued to, or purchased by, it for a period of 12 months from the date of each issue or purchase without the written consent of the Company and N+1 Singer; and (ii) for a period of a further 12 months thereafter, only dispose of such Ordinary Shares after prior consultation with N+1 Singer and then through N+1 Singer in such manner as N+1 Singer may reasonably require.
Total Voting Rights
The total number of Ordinary Shares in the Company in issue immediately following Admission is 250,445,578, each with equal voting rights. This total voting rights figure can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
For further information, please contact:
|
The PRS REIT plc |
Tel: +44 (0)20 3178 6378 |
|
Sigma PRS Management Limited |
Tel: +44 (0)333 999 9926 |
|
N+1 Singer Michael Taylor (Corporate Broking) |
Tel: +44 (0)20 7496 3000
|
|
Stifel |
Tel: +44 (0)20 7710 7600 |
|
KTZ Communications Katie Tzouliadis, Irene Bermont-Penn, Emma Pearson
|
Tel: +44 (0)20 3178 6378 |
NOTES TO EDITORS
About The PRS REIT plc
(www.theprsreit.com)
The PRS REIT is a closed-ended real estate investment trust established to invest in the Private Rented Sector. In its Initial Public Offering, on 31 May 2017, the Company raised £250 million gross equity capital via a Placing, Offer for Subscription and Intermediaries Offer. The UK Government's Homes England (formerly Homes and Communities Agency) supported the launch of the PRS REIT with a direct investment of c. £25 million. The proceeds of the fundraising have now been fully committed to completed PRS sites and PRS development sites, with the objective of providing shareholders with an attractive level of income together with the potential for capital and income growth. The Company is now seeking to raise further funds via a proposed placing of new Ordinary Shares.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly owned subsidiary of AIM-quoted Sigma Capital Group plc and is the Company's Investment Adviser. It sources investments and manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and the Company on a day-to-day basis in accordance with the Company's Investment Policy. The Investment Adviser is an appointed representative (reference number: 776293) of the AIFM.
About Sigma Capital Group plc
(www.sigmacapital.co.uk)
Sigma Capital Group plc is a private rented sector, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors. Its subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.
This information is provided by RNS
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