ADMISSION OF CELL SHARES AND ESTIMATED NAV
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
11 August 2011
REAL ESTATE CREDIT INVESTMENTS LIMITED
ADMISSION OF CELL SHARES AND ESTIMATED NET ASSET VALUE
Further to the announcements regarding the proposed conversion of Real Estate Credit Investments Limited (the "Company") to a protected cell company and the creation of one cell to be known as the 'European Residual Income Investments Cell', the Board of the Company announces that the Cell Shares will be admitted to trading on the Specialist Funds Market of the London Stock Exchange at 8.00 a.m. today ("Admission"). The Cell Shares will trade under the ticker ERII (ISIN GG00B6SKJ171).
Upon Admission, eight Residual Income Positions held within the Company's current Investment Portfolio will be attributed to the Cell. All other assets will remain outside the Cell and will continue to be held by the Company.
The Company originally set out in its Prospectus of 11 July 2011 an expected NAV per Existing Ordinary Share (in the Core) following Admission of €1.55 per Existing Ordinary Share[1] and an expected NAV per Cell Share following Admission of €0.52 per Cell Share.1
The Board of the Company has undertaken an internal valuation based on cash movements and changes in asset values since the date of issue of its Prospectus and estimates that, as at 31 July 2011 expected NAV per Existing Ordinary Share (in the Core) following Admission would be €1.54 and an unchanged expected NAV per Cell Share following Admission would be €0.52.
Terms set out in this announcement but not defined are as defined in the Prospectus dated 11 July 2011.
-ENDS-
For further information:
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Public Relations:
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James Wallis +44(0)20 7920 2329 Kate Ruck Keene +44(0)20 7920 2322
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Investor Relations: |
Natalie Withers +44(0)20 7968 7348 Nicole Von Westenholtz +44(0)20 7968 7482
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Liberum Capital Limited: (Financial Adviser) |
Chris Bowman +44(0)20 3100 2000 Tom Fyson Richard Bootle
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RBS Hoare Govett Limited: (Corporate Broker) |
Stuart Klein +44 (0)20 7678 8000 Gary Gould |
[1] Calculated by reference to published 31 March 2011 NAV as adjusted to take into account of (in so far as relevant):
(i) unaudited Real Estate Debt Investment valuation as at 30 June 2011;
(ii) unaudited cash balances as at 30 June 2011;
(iii) the Residual Income Position valuation as at 31 March 2011 but assuming an estimated
amortisation up to 30 June 2011.
This information is provided by RNS
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