Fund Management Fee

RNS Number : 8275E

Residential Secure Income PLC

09 July 2021

 

09 July 2021

Residential Secure Income plc

Satisfaction of the Equity Portion of the Fund Management Fee

Residential Secure Income plc ("ReSI") (LSE: RESI) announces that, in accordance with the terms of the Fund Management Agreement with ReSI Capital Management Limited (the "Fund Manager") pursuant to which 25 per cent of the fund management fee is payable in the form of Ordinary Shares (the "Equity Portion") rather than cash, it has today issued 106,596 Ordinary Shares of the shares held in Treasury (the "Fund Management Ordinary Shares") to the Fund Manager.

The issue price per Fund Management Ordinary Share is 105.08 (being the prevailing Net Asset Value per share).

The Fund Management Ordinary Shares are subject to a minimum lock-in period of 12 months from 1 July 2021,  being when they became due and deliverable.

The total number of Ordinary Shares in issue following the sale of treasury shares referred to above will be 180,324,377 ordinary shares, of which 9,198,133 ordinary shares are held in treasury. The Company's total voting rights, excluding treasury shares, is 171,126,244 ordinary shares. This figure may be used by shareholders 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 Company under the FCA's Disclosure Guidance and Transparency Rules.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ReSI Capital Management Limited / Gresham House Housing Ben Fry Alex Pilato Diane Abeyawickrama	[phone]
Jefferies International Limited Stuart Klein Gary Gould	[phone]
KL Communications Charles Gorman Camilla Esmund Alex Hogan	[e-mail] [phone]

NOTES:

Residential Secure Income plc (LSE: RESI) is a real estate investment trust (REIT) listed on the premium segment of the Main Market of the London Stock Exchange with the objective of delivering secure inflation linked returns by investing in affordable shared ownership, retirement and Local Authority housing throughout the UK.

ReSI targets a secure, long-dated, inflation-linked dividend of 5.0 pence per share p.a. (paid quarterly) and a total return in excess of 8.0% per annum. Including recent committed acquisitions, ReSI's portfolio comprises 3,060 properties, with an (unaudited) IFRS fair value of £346m [i] .

ReSI aims to make a meaningful contribution to alleviating the UK housing shortage by meeting demand from housing developers (Housing Associations, Local Authorities and private developers) for long-term investment partners to accelerate the development of socially and economically beneficial new affordable housing.

ReSI's subsidiary, ReSI Housing Limited, is registered as a for-profit Registered Provider of Social Housing, and so provides a unique proposition to its housing developer partners, being a long term private sector landlord within the social housing regulatory environment. As a Registered Provider, ReSI Housing can acquire affordable housing subject to s106 planning restrictions and housing funded by government grant.

Acquisitions by ReSI are limited to homes with sufficient cashflows, counterparty credit quality and property security to be capable of supporting long ‑ term investment grade equivalent debt. ReSI does not manage or operate stock and uses experienced and credit-worthy managers.

ReSI is managed by ReSI Capital Management Limited, whose immediate parent company, TradeRisks Limited, has been active within the social housing sector for over 20 years as a funding arranger and advisor and, over the last four years, as an investor through ReSI.

ReSI Capital Management and its parent, TradeRisks, were acquired by Gresham House in March 2020, further increasing the investment expertise available to ReSI. The housing investment team at Gresham House has 15 members and growing, with an average of 20 years' relevant experience, covering fund management, housing investment, social housing management and financial and risk expertise.

Gresham House plc is a London Stock Exchange quoted specialist alternative asset manager committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.

Further information on ReSI is available at  www.resi-reit.com  

Further information on Gresham House is available at www.greshamhouse.com

 

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[i] excluding the finance lease gross up and including committed acquisitions

 

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