Share Premium Account

RNS Number : 4361V

PRS REIT PLC (The)

02 November 2017

 

2 November 2017

PRSR.L

The PRS REIT plc
(the "Company" or the "PRS REIT")

Share Premium Account

As stated in the Company's prospectus dated 4 May 2017 ("Prospectus"), in order to increase the distributable reserves available to facilitate the payment of future dividends, the Company had resolved that, conditional upon First Admission and the approval of the Court, the amount standing to the credit of the share premium account of the Company immediately following completion of the Issue be cancelled and transferred to a special distributable reserve.

The Company is pleased to announce that, following the approval of the Court on 1 November 2017 and the subsequent registration of the Court order with the Registrar of Companies on 2 November 2017, the cancellation has now become effective. Accordingly, the amount of £242,500,000 previously held in the share premium account has been cancelled and will be transferred to a special distributable reserve.

Capitalised terms used but not defined in this announcement shall have the same meaning as set out in the Prospectus.

For further information, please contact:

 

The PRS REIT plc	Tel: [phone]
Steve Smith, Non-executive Chairman
Sigma PRS Management Limited
Graham Barnet Graeme Hogg	Tel: [phone]
N+1 Singer
James Maxwell, Liz Yong, Michael Taylor	Tel: [phone]
Stifel	Tel: [phone]
Mark Young, Neil Winward, Tunga Chigovanyika
KTZ Communications	Tel: [phone]
Katie Tzouliadis, Irene Bermont-Penn, Emma Pearson

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.  The Company raised £250 million gross equity capital in an initial public offering via a Placing Offer for Subscription and Intermediaries Offer. The UK Government's Homes and Communities Agency supported the launch of the PRS REIT with a direct investment of c. £25 million. The proceeds of the fundraising will be invested in completed PRS sites and PRS development sites to achieve the Company's objective of providing shareholders with an attractive level of income together with the potential for capital and income growth.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly owned subsidiary of AIM quoted Sigma Capital Group plc and is the Company's Investment Adviser. It will source investments and manage the assets of The PRS REIT plc and advise the Company on a day-to-day basis in accordance with the Company's Investment Policy. 

About Sigma Capital Group plc ("Sigma")

www.sigmacapital.co.uk

Sigma is a private rented sector, 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, has been appointed as Investment Adviser to The PRS REIT plc. 

 

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