Correction re Grants to Former Chief Executive

RNS Number : 8157D

K&C REIT PLC

11 July 2016

 

11 July 2016

K&C REIT plc

("K&C" or the "Company")

Correcting Announcement

The announcement released earlier this morning contained an error. The exercise price of the options granted to the former chief executive is 10p per share, not 1p per share as previously stated. The text of the corrected announcement is set out below.

Grant of Options and Conditional Payment to former Chief Executive

K&C REIT plc, the residential real estate investment trust group, announces that the Board has agreed to grant options over ordinary shares of 1p each, as detailed below, to George Rolls, the former non-executive director and then chief executive who left the Board in December 2015.

The Board has also agreed to make a payment of £25,000 to George Rolls, conditional on a further fundraising being completed by the Company.

These grants are in recognition of the significant contribution that George Rolls, whilst unremunerated, made to ensuring that K&C REIT successfully floated on AIM in July 2015.

Former Director	Number of Options Granted	Total Number of Options Held
George Rolls	460,000	460,000

The options have an exercise price of 10p per share and they can be exercised at any time within a five-year period commencing from 11 July 2016.

Contacts:

K&C REIT Tim James, Managing Director	[e-mail] [phone] www.kandc-reit.co.uk
Stockdale Securities Robert Finlay/Rose Ramsden	[phone]
Yellow Jersey PR Philip Ranger/Harriet Jackson	[phone]

Notes to Editors:

K&C's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in Central London and other key residential areas in the UK.

 

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