Assignment and Exercise of Options

RNS Number : 0210G

Irish Residential Prop REIT PLC

20 November 2020

 

 20 November 2020 

Irish Residential Properties REIT plc

 (the "Company" or "IRES")

Assignment of Options under the IRES 2014 Long Term Incentive Plan ("LTIP") to CAPREIT and Exercise of Options by CAPREIT

IRES announces that certain participants in the LTIP have assigned an aggregate of 3,400,000 options to subscribe for shares in IRES (the "Options"), previously granted to them under the LTIP, to CAPREIT through its qualifying investor alternative investment fund, Irish Residential Properties Fund (the "QIAIF").

The Options were initially granted by IRES to certain employees of CAPREIT and its affiliates on 16 April 2014 (the "Participants"). The Options had an exercise price of €1.04 each (the "Exercise Price") and were due to expire on 15 April 2021. The assignment, which occurred earlier today, follows a request by each Participant, pursuant to the Rules of the LTIP for the consent of the Company's Remuneration Committee to the assignment which, after due consideration, was granted by the Remuneration Committee.

Following assignment of the Options, the QIAIF immediately exercised the Options and effected the payment of the Exercise Price to the Company and, accordingly, the QIAIF will be allotted 3,400,000 ordinary shares of nominal value €0.10 each in the capital of the Company ("Ordinary Shares"). The QIAIF has confirmed to the Company that, in consideration for the assignment of their respective Options to the QIAIF, the QIAIF has agreed to pay each of the Participants the amount of € 0.4770   per Option, representing the difference between the Exercise Price and the volume weighted average price of the underlying Ordinary Shares for the five business day period to close of business on 19 November 2020, being the business day immediately prior to the date of assignment.

The Ordinary Shares will be admitted to trading on the Official List of Euronext Dublin under the Company's existing block listing facilities. Following admission to trading of these Ordinary Shares, the enlarged issued Ordinary Share capital of the Company will be 525,078,946 Ordinary Shares and CAPREIT will hold an indirect beneficial interest in 98,910,000 Ordinary Shares, or approximately 18.8% of the Ordinary Shares of the Company. 

CAPREIT is indirectly the Company's largest shareholder and, together with its subsidiary IRES Fund Management Limited, provides asset management and property management services to the Company.

As CAPREIT is a related party of the Company under the Euronext Dublin Listing Rules (the "Listing Rules"), the allotment of the Ordinary Shares to CAPREIT (through the QIAIF) constitutes a smaller Related Party Transaction under LR 11.1.15 of the Listing Rules. For the purpose of LR 11.1.15(2)(a) of the Listing Rules, Davy, as the Company's Sponsor, has confirmed to the Company in writing that it considers the terms of such Related Party Transaction to be fair and reasonable as far as the shareholders of the Company are concerned.

For further information please contact:

Irish Residential Properties REIT plc

Sarah Stokes, Investor Relations   Tel: [phone]

Margaret Sweeney, Chief Executive Officer                                            Tel: [phone]

For Media Requests:

Q4PR

Gerry O'Sullivan      Tel: + 353 (0) 87 259 7644

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc (together with IRES Residential Properties Limited, the "Group") is a growth oriented Real Estate Investment Trust that is focused on acquiring, holding, managing and developing investments primarily focused on private residential rental accommodations in Ireland. The Group currently owns 3,683 apartments and houses for private rental in Dublin and Cork with an additional 69 units due for delivery between now and the end of H1 2022 under pre-purchase contracts. The Company has a further 66 units currently under construction directly on owned sites with planning approval to develop an additional 543 residential units on its existing sites. The Company's shares are listed on Euronext Dublin. Further information in respect of the Company can be obtained from the Company's website at www.iresreit.ie.

Note on forward-looking information

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise including in respect of the Covid-19 pandemic, the uncertainty of its duration and impact, and any government regulations or legislation related to it.

 

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