Deferral of Interim Results and Trading Update

RNS Number : 2969H

PRS REIT PLC (The)

24 March 2020

 

24 March 2020

PRSR.L

The PRS REIT plc

("PRS REIT" or "the Company" or "the Group")

FCA letter re Temporary Moratorium on Release of Results

&

Trading Update

On 21 March 2020, the Financial Conduct Authority ("FCA") issued guidance requesting public companies to delay the announcement of preliminary results for at least two weeks, due to the challenges caused by the Coronavirus crisis. On 23 March 2020, the Financial Reporting Council ("FRC") issued a statement disclosing, inter alia, that it fully supports the FCA's request and added that it is important that due consideration is given by companies to recent unprecedented events in preparing all reporting, including interim financial statements and final audited financial statements, except where necessary to meet a legal or regulatory requirement.

In light of the above, while the PRS REIT had intended to announce its Interim Results for the six months ended 31 December 2019 today, the Company will follow the FCA and FRC requests and confirms that it will defer the publication of its results until 31 March 2020, subject to any further guidance from the FCA and FRC to the contrary.

In the meantime, the Company is providing the following trading update. 

The Company ended the first half of the financial year with an encouraging trading performance, which had continued into March. While the Coronavirus pandemic is creating macro uncertainties, the Board believes that the Company's business model is resilient and that it has the financial and operational capacity and capability to navigate resultant challenges while also responding to opportunities.

The overriding priority is the welfare of colleagues, tenants and communities, and as the business adapts to new conditions created by the Coronavirus crisis, this remains the case.

 For further information, please contact:

The PRS REIT plc Steve Smith, Non-executive Chairman	Tel: [phone] (c/o KTZ Communications)
Sigma PRS Management Limited Graham Barnet, Malcolm Briselden	Tel: [phone]
N+1 Singer   James Maxwell, James Moat, Ben Farrow	Tel: [phone]
G10 Capital Limited (part of the IQEQ Group as AIFM) Gerhard Grueter	Tel: [phone]
KTZ Communications Katie Tzouliadis, Dan Mahoney	Tel: [phone]

NOTES TO EDITORS

About The PRS REIT plc
( www.theprsreit.com )

The PRS REIT is a closed-ended real estate investment trust established to invest in the Private Rented Sector ("PRS") and to provide shareholders with an attractive level of income together with the potential for capital and income growth.  It has raised a total of £500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments. 

LEI:  21380037Q91HU97WZX58

About Sigma Capital Group plc
( www.sigmacapital.co.uk )

Sigma Capital Group plc ("Sigma") is a PRS, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors. Its subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc. In April 2019, Sigma launched the Sigma Scottish PRS Fund, the first dedicated vehicle to focus on the creation of new rental homes for families in the private rented sector in Scotland, and in October 2019, Sigma announced the expansion of its build-to-rent activities in London. 

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc and is Investment Adviser to The PRS REIT plc. It sources investments and operationally manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in accordance with The PRS REIT plc's Investment Policy. The Investment Manager is G10 Capital Limited. Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN:648953).

 

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