THIS ANNOUNCEMENT CONTAINS INFORMATION WHICH, PRIOR TO ITS DISCLOSURE, WAS INSIDE INFORMATION FOR THE PURPOSE OF THE MARKET ABUSE REGULATION
23 November 2017
K&C REIT plc
Further re. Proposed Placing
Further to the announcement of 24 October 2017, K&C REIT plc, the residential real estate investment trust, announces that the proposed Placing has been delayed by investor request.
The Company carried out marketing meetings with over 80 institutional investors and wealth managers and received very positive feedback regarding its strategy and management team. Although a number of material offers of investment were received, the overwhelming view from potential investors was for the Company to complete one or more acquisitions from its pipeline alongside the closing of the Placing.
As a result, the board of K&C have taken the decision to defer the proposed Placing whilst they negotiate and carry out due diligence on such an acquisition. The General Meeting convened for 24 November will still be taking place in expectation of such a transaction in the future.
The Company's 5,275,182 consolidated ordinary shares of 10p each will be admitted to trading on AIM on 27 November, subject to shareholder approval at the General Meeting, under the name KCR Residential REIT plc.
Dominic White, CEO of K&C REIT, commented:
"The marketing roadshow has been a very productive exercise for the Company and we have established strong institutional support for our vision, model and acquisition plan. The Company is now focused on bringing to fruition the first of the acquisitions in its pipeline to meet investor appetite."
For further information, please contact:
K&C REIT plc Dominic White, Chief executive |
[email protected] +44 20 3793 5236 |
Arden Partners plc William Vandyk Steve Douglas Tim Dainton |
+44 20 7614 5917 |
Yellow Jersey PR Charles Goodwin |
+44 7747 788 221 |
Definitions used in this announcement have the same meaning as those used in the announcement of 24 October 2017
