18 October 2016
PICTON PROPERTY INCOME LIMITED
(“Picton†or the “Companyâ€)
UPDATE FOLLOWING RECENT DISPOSALS & DEBT REPAYMENTS
Picton (LSE: PCTN), is pleased to provide an update following the repayment of all its 7.25% zero dividend preference shares and revolving credit facility, together with asset disposals announced in August and October:-
In terms of borrowings, on a proforma basis to 30 June 2016, the effect of the debt repayments and disposal proceeds are as follows:-
The Company will be providing further detail in its September NAV statement which is to be issued on 25 October 2016.
Michael Morris, CEO of Picton Capital commented:
“By repaying our ZDP’s and RCF debt, we have reduced our net gearing, lowered our borrowing costs and simplified our structure, all of which we believe are beneficial for the Company. We have minimal cash drag, whilst at the same time having immediate access to funds, should accretive opportunities arise.â€
For further information:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.uk
Picton Capital Limited
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk
Note to Editors
Picton is an income focused property investment company listed on the London Stock Exchange. Picton can invest both directly and indirectly in commercial property across the United Kingdom.
With Net Assets of £418.0 million at 30 June 2016, the Company´s objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors. www.picton.co.uk
ENDS