Transaction in Own Shares

RNS Number : 5065D

Triple Point Social Housing REIT

26 June 2019

 

26 June 2019

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

TRANSACTION IN OWN SHARES

The Company announces that, on 26 June 2019, it purchased in the market 200,000 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") at a price of 83p per Ordinary Share for treasury.

The Manager continues to evaluate an attractive pipeline of specialist supported housing investment opportunities as it deploys funds drawn down from its Lloyds Bank plc debt facility which was put in place December 2018.  The Board and Manager note, however, the discount to NAV at which the Company's Ordinary Shares are currently trading.  The Board and the Manager are of the view that, as part of the Company's process of establishing how best to deploy capital, share buybacks should be considered alongside the acquisition of new supported housing assets for the Company's portfolio:  share buybacks for investment purposes are particularly attractive when the discount to NAV at which the Company's shares trade is wide given the NAV accretion which it provides to ongoing shareholders.  However, the Company will take a balanced approach to share buybacks taking into account the terms of the Company's debt facilities, the impact of shrinkage on secondary market liquidity and the Company's ongoing charges ratio. 

Total Voting Rights

Following the transaction, the Company has 351,352,210 Ordinary Shares in issue. The Company holds 200,000 shares in treasury, which do not carry any voting rights. Accordingly, the total number of voting rights in the Company is 351,152,210. This figure may be used by shareholders as the denominator for the purposes of calculating whether or not 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 ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP (Delegated Investment Manager)	Tel:  [phone]
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Investec Bank plc (Joint Financial Adviser and Corporate Broker)	Tel: [phone]
Lucy Lewis
Denis Flanagan
Akur Limited (Joint Financial Adviser)	Tel:  [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant

The Company's LEI is 213800BERVBS2HFTBC58.

Further information on the Company can be found on its website at www.triplepointreit.com.

NOTES:

The Company invests in primarily newly developed social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio are subject to inflation-adjusted, long-term (typically from 20 years to 30 years), Fully Repairing and Insuring ("FRI") leases with Approved Providers (being Housing Associations, Local Authorities or other regulated organisations in receipt of direct payment from local government). The portfolio comprises investments into properties which are already subject to an FRI lease with an Approved Provider, as well as forward funding of pre-let developments but does not include any direct development or speculative development.

There is increasing political and financial pressure on Housing Associations to increase their housing delivery and this is creating opportunities for private sector investors to participate in the market. The Group's ability to provide forward financing for new developments not only enables the Company to secure fit for purpose, modern assets for its portfolio but also addresses the chronic undersupply of suitable supported housing properties in the UK at sustainable rents as well as delivering returns to investors.

Triple Point Investment Management LLP (part of the Triple Point Group) is responsible for management of the Group's portfolio (with such functions having been delegated to it by Langham Hall Fund Management LLP, the Company's alternative investment fund manager).

The Company was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017 and was admitted to the premium segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 27 March 2018. The Company operates as a UK Real Estate Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.

 

END

 

 

POSBQLFLKQFBBBX