Share Buyback Programme

RNS Number : 8222T
Schroder Real Estate Inv Trst Ld
27 July 2022
 

For release 27 July 2022

 

Schroder Real Estate Investment Trust Limited

 

SHARE BUYBACK PROGRAMME

 

Schroder Real Estate Investment Trust Limited (the “Company”) announces that it has appointed J.P. Morgan Securities plc ( which conducts its UK investment banking activities as J.P. Morgan Cazenove)  to act as its broker to commence market purchases of its own shares.

Following recent transactions the Company has cash of £16.4 million and a net loan to value of 29.0% as at 30 June 2022. The Company also has undrawn revolving credit facilities of £28.7 million. As a result of this strong financial position, the Board and Manager believe that investment in the Company’s shares at the prevailing price and discount to net asset value offers attractive value for its shareholders. The Company therefore intends to recommence its share buy-back programme from its own resources.

The buy-backs will be made under the authority granted at the annual general meeting of the Company held on 9 September 2021, pursuant to which it has authority to repurchase a maximum of 73,612,937 of its ordinary shares (being its outstanding shareholder authority). Such authority lasts until the next annual general meeting of the Company (or other such general meeting of shareholders at which authority to buy back shares is obtained).

No maximum consideration payable has been determined by the Company, but the Company is unable to pay a price for any shares pursuant to the buy-backs which would equate to a premium on the net asset value of such shares.

This arrangement is in accordance with Chapter 12 of the Financial Conduct Authority’s Listing Rules and the Company’s general authority to repurchase shares.

The Company is amending its disclosure policy to include on a regulatory information services details of its share buyback powers which it renews annually. It is expected similar announcements will be made every time the share buyback authority is renewed.

 

-ENDS-

 

For further information:

 

Schroder Real Estate Investment Management Limited:
Nick Montgomery / Bradley Biggins / Matthew Riley

020 7658 6000

FTI Consulting:

Dido Laurimore / Richard Gotla / Ollie Parsons

020 3727 1000

J.P. Morgan Cazenove:

 

William Simmonds, Jérémie Birnbaum (Corporate Finance)

Tel: +44 (0)20 7742 4000

 

 

James Bouverat (Sales) 

Email: james.e.bouverat@jpmorgan.com

 

Carrie Fox (Sales Trader)    

Email: carrie.fox@jpmorgan.com

 

Charlotte Twigden (Sales Trader)  

Email: charlotte.twigden@jpmorgan.com

 

 

020 7742 4000

 

 

 

 

 

020 7134 2223

 

 

020 7742 4463

 

 

020 7742 8805

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
POSSEDFMMEESESW
UK 100

Latest directors dealings