Consolidation; TVR; Directors' Interests

RNS Number : 6938K

Real Estate Investors PLC

20 July 2011

 



20 July 2011

Real Estate Investors plc

("REI" or the "Company")

Completion of Share Consolidation

Total Voting Rights

Directors' Interests

Real Estate Investors plc (AIM: RLE), the West Midlands based property group, announces that, following the consolidation of the Company's ordinary share capital into ordinary shares of 10p each in the Company ("New Denomination Ordinary Shares") ("Share Consolidation"), trading on AIM of the 71,420,598 New Denomination Ordinary Shares will commence at 8.00 a.m. today.

The ISIN for the New Denomination Ordinary Shares is GB00B45XLP34, the new Sedol number is B45XLP3 and the ticker, RLE, remains unchanged.

Total Voting Rights

Following admission of the New Denomination Ordinary Shares to trading on AIM, the Company's total issued share capital will consist of 71,420,598 New Denomination Ordinary Shares, each with voting rights.  There are no New Denomination Ordinary Shares held in treasury.

Therefore, the number 71,420,598 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Services Authority's Disclosure and Transparency Rules, with immediate effect.

Directors' Interests

Following completion of the placing and the Share Consolidation, the interests of the Directors are as follows:

Director		Number of New Denomination Ordinary Shares	Percentage of issued share capital
John Crabtree		50,000	0.07%
John Jack 1		200,000	0.28%
William Wyatt 2		23,500	0.03%
Paul Bassi 3, 5		9,000,000	12.60%
Marcus Daly 4, 5		685,000	0.96%
Notes:
1	Mr Jack also holds warrants with the right to subscribe for 62,500 New Denomination Ordinary Shares at a price of 120p per share.
2	In addition, Mr Wyatt is Chief Executive Officer of Caledonia Investments plc which, following the placing and the Share Consolidation, has an interest in 20,131,312 New Denomination Ordinary Shares, representing 28.19 per cent. of the Company's issued share capital.
3	Mr Bassi also holds warrants with the right to subscribe for 621,250 New Denomination Ordinary Shares at a price of 120p per share.
4	Mr Daly also holds warrants with the right to subscribe for 67,500 New Denomination Ordinary Shares at a price of 120p per share.
5	At the time of their appointment as Directors, the Panel on Takeovers and Mergers deemed Mr Bassi, Mr Daly and certain other individuals who invested in the Company at the same time to be members of a concert party. Following completion of the placing and the Share Consolidation, the concert party holds approximately 14 per cent. of the Company's issued share capital.

For further information:

Real Estate Investors  Paul Bassi	[phone]
Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant	[phone]
Liberum Capital  Chris Bowman / Richard Bootle	[phone]
Tavistock Communications Jeremy Carey	[phone]

Notes to Editors

1.      REI is an AIM listed property investment company specialising in commercial and residential property principally in the West Midlands and central England.

2.      REI is focused on delivering shareholder value through returns generated from strong yields and capital enhancements. This is achieved by targeting investments in orphaned, distressed, part-let and underperforming commercial and residential property assets.

3.      REI is led by respected property investor Paul Bassi CBE, who has over 25 years of property experience in the West Midlands. Mr Bassi is also founder and chairman of Bond Wolfe and chairman of CP Bigwood Chartered Surveyors.

4.      REI was admitted to trading on AIM in June 2004 and has subsequently raised a total of £47 million in further equity issues as well as debt financing to grow its property portfolio.  As at 31 December 2010, its portfolio and inventories were valued at £56 million.

5.      Further information on REI can be found at www.reiplc.com.

 

END

 

 

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