Retirement Disposal Distribution Update
Summary by AI BETAClose X
For immediate release
20 July 2026
Residential Secure Income plc
("RESI" or the "Company", and together with its subsidiaries, the "Group")
Retirement Disposal Distribution Update
Following the Company's announcement on 15 July 2026 of the conditions to the Retirement Disposal having been satisfied and following admission of the LIVE Ordinary Shares (as defined below), on 16 July 2026, the Company today provides an update regarding the Retirement Disposal and distribution in specie of the LIVE Ordinary Shares to the Company's shareholders ("Shareholders").
An aggregate of 66,103,233 newly issued ordinary shares of £0.01 each in the capital of Living REIT plc (the "LIVE Ordinary Shares")(1), were allotted and issued to ReSI Portfolio Holdings Limited ("RPHL") and were admitted to the closed-ended funds segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities at 8.00 a.m. on 16 July 2026. It is expected that the LIVE Ordinary Shares will be distributed in-specie to Shareholders on the register at 6.00 p.m. on 22 July 2026 (the "Record Date") in accordance with the expected timetable set out in this announcement. The exchange ratio of the LIVE Ordinary Shares is approximately 0.3570 LIVE Ordinary Shares to every 1 ordinary share of £0.01 each in the Company held at the Record Date. Shareholders will be entitled to a whole number of LIVE Ordinary Shares, with any entitlement to a fraction of a LIVE Ordinary Share being rounded down to the nearest whole share.
The expected timetable in respect of the distribution in specie of the LIVE Ordinary Shares, is as follows(2)(3):
Event
|
Admission of, and commencement of dealings in, the LIVE Ordinary Shares on the London Stock Exchange
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8.00 a.m. on 16 July 2026 |
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Ex date for the interim distribution in specie of the LIVE Ordinary Shares
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21 July 2026 |
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Record date for the interim distribution in specie of the LIVE Ordinary Shares
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6.00 p.m. on 22 July 2026 |
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Expected date of the interim distribution in specie of the LIVE Ordinary Shares to Shareholders
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23 July 2026 |
Following completion of the Retirement Disposal on 16 July 2026, RPHL also received £45.0 million of cash consideration (the "Cash Consideration") in respect of the Retirement Disposal. The net cash proceeds of the Retirement Disposal will be returned to Shareholders by means of a bonus issue of redeemable B shares ("B Shares") which would then be immediately redeemed by the Company in consideration for a cash payment equal to the amount treated as paid up on the issue of the B Shares (being unlisted, redeemable, fixed rate preference shares with a nominal value of one penny each in the capital of the Company) (the "B Share Scheme"). The Board anticipates completing an initial B Share return of capital to the Company's shareholders under the B Share Scheme in the third quarter of 2026(4).
Further announcements regarding the B Share Scheme and any deferred consideration (of up to £1.0 million, payable in newly issued LIVE ordinary shares of £0.01 each) in respect of the Retirement Disposal will be made in due course.
 |
Notes:
1) The LIVE Ordinary Shares represent approximately £62.3 million worth of consideration at the issue price per LIVE Ordinary Share of 94.23 pence, being the EPRA NTA per LIVE Ordinary Share as at 31 December 2025.
2) All references to time in this announcement are to London time, unless otherwise stated.
3) Each of the times and dates in the above timetable is indicative only and may be subject to change. If any dates and/or times change, the new dates and/or times will be notified to the Financial Conduct Authority and, where appropriate, to the Company's shareholders through a Regulatory Information Service.
4) Any B Share return of capital will be made only after the Board has determined the appropriate amount of cash to be retained to meet the Company's outstanding obligations, including but not limited to: (i) transaction costs and contingent liabilities arising from the Retirement Disposal and any other portfolio disposals (estimated to total £3.9 million); (ii) general working capital requirements of the Company through to the conclusion of the Managed Wind-Down; (iii) the Company's Property Income Distribution obligation for the financial year in which the relevant disposal(s) complete, to the extent required to maintain compliance with the UK REIT regime conditions for the relevant period; and (iv) costs and expenses associated with the Company's orderly exit from the UK REIT regime, including the preparation of REIT financial statements and related filings with HMRC.
For further information please contact:
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Gresham House Real Estate Mike Adams Sandeep Patel
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+44 (0) 20 7382 0900
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Peel Hunt LLP (Broker & Financial Adviser) Luke Simpson Huw Jeremy
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+44 (0) 20 7418 8900 |
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KL Communications Charles Gorman Henry Taylor |
+44 (0) 20 3882 6644 |
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