Announcement of Results of Placing

RNS Number : 2303N

Schroder Eur Real Est Inv Trust PLC

24 October 2016

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

24 October 2016

SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC

ANNOUNCEMENT OF RESULTS OF PLACING

Further to the announcement dated 10 October 2016 the Board of Schroder European Real Estate Investment Trust plc (the "Company") is pleased to announce the successful issue of new Ordinary Shares.

Commitments for 12,500,000 new Ordinary Shares were received under the Placing and accordingly, a total of 12,500,000 new Ordinary Shares ("New Shares") have therefore been placed, subject to Admission, by Numis Securities Limited ("Numis") and PSG Capital Proprietary Limited ("PSG Capital") at a price of 120 pence per share, raising gross proceeds of approximately £15 million. The New Shares represent approximately 10.3% of the issued ordinary share capital of the Company prior to the Placing.

The New Shares issued pursuant to the Placing will rank pari passu in all respects with the existing Ordinary Shares (save for any dividends or other distributions declared, made or paid on the Ordinary Shares by reference to a record date prior to the allotment of the relevant New Shares).

Applications will be made to the UK Listing Authority and the London Stock Exchange for the New Shares issued pursuant to the Placing to be admitted to the premium segment of the Official List and to trading on the London Stock Exchange's main market for listed securities as a primary listing. In addition, application will be made to the Johannesburg Stock Exchange ("JSE") for the New Shares issued pursuant to the Placing to be admitted to trading on the JSE's main board for listed securities. It is expected that such admission will take place at commencement of trading on Friday, 28 October 2016 (or such later date as may be agreed between the Company, Numis and PSG Capital).

Following Admission, the number of Ordinary Shares that the Company has in issue will be 133,743,686. The total number of voting rights of the Company will be 133,743,686 and 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 Disclosure Guidance and Transparency Rules.

Sir Julian Berney, Non-Executive Chairman of the Company commented:

"Schroder European Real Estate Investment Trust plc is pleased to announce a capital raise of £15 million from investors to continue the growth of the Company which was listed in December 2015. Together with the existing available cash and the use of moderate leverage, this continues to position the Company well.

Having constructed a portfolio of high quality real estate in the growth cities of continental Europe, it will enable further deployment into the pipeline of new investment opportunities. This will be accretive to returns and will continue to develop the strategy of delivering an attractive income distribution with potential for long-term income and capital growth."

Capitalised terms in this announcement shall (unless expressly stated otherwise) have the meaning given to them in the prospectus issued by the Company dated 11 November 2015 (the "Prospectus"). A copy of the Prospectus is available from the Company's website at www.schroders.co.uk/sereit and is available for inspection during usual business hours on any day (Saturdays, Sundays and public holidays excepted) at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH and at the offices of PSG Capital, 1st Floor Ou Kollege, 35 Kerk Street, Stellenbosch, 7600 and 1st Floor, Building 8, Inanda Greens Business Park, 54 Weirda Road West, Wierda Valley, Sandton, 2196.

Enquiries:

Sponsor, Broker and Placing Agent in the UK

Numis (UK investors)

Tel: [phone]

David Benda (Corporate)

Sponsor and Placing Agent in South Africa

PSG Capital (SA investors)

Tel: [phone]

David Tosi

Willie Honeyball

PR Advisor to Schroder European Real Estate Investment Trust plc

FTI Consulting - UK                                                                              

Tel: [phone]

Dido Laurimore/Ellie Sweeney/Richard Gotla            

FTI Consulting - SA

Tel: [phone]

Max Gebhardt/Trevor Jones                    

Important Information

This announcement has been prepared by, and is the sole responsibility of, Schroder European Real Estate Investment Trust plc.

Numis is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Numis or advice to any other person in relation to the matters contained herein.

PSG Capital is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of PSG Capital or advice to any other person in relation to the matters contained herein.

The Company is not and will not be registered under the US Investment Company Act of 1940, as amended.  The Ordinary Shares have not been, nor will they be, registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States or under the applicable securities laws of Australia, Canada, Japan or the Republic of Ireland.  Subject to certain exceptions, the Ordinary Shares may not be offered or sold in the United States, Australia, Canada, Japan or the Republic of Ireland  or to or for the account or benefit of any national, resident or citizen of Australia, Canada, Japan or the Republic of Ireland  or any person located in the United States. The Placing and the distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

 

END

 

 

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