Result of EGM

RNS Number : 5684K

Real Estate Investors PLC

18 July 2011

 



18 July 2011

Real Estate Investors plc

("REI" or the "Company")

Result of General Meeting

Real Estate Investors plc (AIM: RLE), the West Midlands based property group, announces that, at the General Meeting held earlier today, all resolutions put to Shareholders were duly passed.

As set out in the circular published on 1 July 2011, 218,181,821 new ordinary shares of 1p each ("Ordinary Shares") are expected to be admitted to trading on AIM at 8.00 a.m. on 19 July 2011.

In addition, it is expected that the proposed consolidation of the Ordinary Shares to create ordinary shares of 10p each in the Company ("New Denomination Ordinary Shares") on the basis of 1 New Denomination Ordinary Share for every 10 Ordinary Shares ("Share Consolidation") will proceed at 8.00 a.m. on 20 July 2011.  The record time and date for the Share Consolidation is 5.00 p.m. on 19 July 2011.

The Company intends, following the passing of the resolutions, to proceed with an application to the Court for the reduction of the share premium account and a further announcement in respect of this application will be made in due course.

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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