Results of Initial Placing and Offer

RNS Number : 6393S

Ediston Property Inv Comp PLC

09 July 2015

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM CANADA, AUSTRALIA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA.

9 July 2015

EDISTON PROPERTY INVESTMENT COMPANY PLC

Results of Initial Placing and Offer for Subscription

The Board of Ediston Property Investment Company plc (the "Company") is pleased to announce that the Company has raised gross proceeds of £35.92 million pursuant to its Initial Placing and Offer for Subscription of Ordinary Shares at a price of 108.0p per Share.  A total of 33,263,931 Shares will be issued (subject to Admission, as defined below), of which 28,309,431 Shares will be issued pursuant to the Initial Placing and 4,954,500 Shares will be issued pursuant to the Offer for Subscription.

Application has been made for these Shares to be admitted to trading on the Main Market of the London Stock Exchange plc and to listing on the premium segment of the Official List of the UK Listing Authority ("Admission"). It is expected that Admission will become effective, and that dealings in the new Ordinary Shares will commence, on 13 July 2015. 

For the avoidance of doubt, the new Ordinary Shares issued pursuant to the Initial Placing and Offer for Subscription will not qualify for any dividends in respect of any period prior to 1 July 2015. The first dividend for which they are expected to qualify is therefore the eighth interim dividend in respect of the period from 1 July 2015 to 31 July 2015, which it is anticipated will be paid in August 2015.

Canaccord Genuity Limited acted as sponsor and placing agent in relation to the Initial Placing and Offer for Subscription and will continue to do so in respect of further issues of Ordinary Shares pursuant to the Company's Placing Programme, which opens on 14 July 2015. The Placing Programme will allow the Company to issue up to 116,736,069 Ordinary Shares (in respect of 6,736,069 of which pre-emption rights have been disapplied) throughout the period from 14 July 2015 to 22 June 2016; and the Company also has a general authority from its shareholders to issue a further 9,500,000 Ordinary Shares by way of tap on a non pre-emptive basis, such authority expiring at the conclusion of the Company's next annual general meeting, or 24 June 2016, whichever is sooner.

William Hill, Chairman, said:

"The EPIC Board is pleased to see the positive response from both existing shareholders and new investors to the Company's fundraising, and believes that the additional monies raised will provide the Investment Adviser with the opportunity to build upon the impressive portfolio performance which shareholders have enjoyed so far."

Enquiries
Ediston Properties Limited Danny O'Neill Calum Bruce Rankin Laing	0131 225 5599
Canaccord Genuity Limited Will Barnett Neil Brierley Dominic Waters Robbie Robertson	020 7523 8000
Important notices Canaccord Genuity Limited is authorised and regulated in the UK by the Financial Conduct Authority, is acting exclusively for the Company and for no-one else in connection with the contents of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to the respective clients of Canaccord Genuity Limited., or for affording advice in relation to the contents of this announcement or any matters referred to herein.  No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by any member of the Company's group, Canaccord Genuity Limited or any of its respective directors, officers, employees or agents.  Subject to the Listing Rules and/or the Prospectus Rules and/or the Disclosure and Transparency Rules and/or the Takeover Code and/or FSMA, neither the delivery of this announcement nor any subscription or acquisition made under it shall, in any circumstances, create any implication that there has been no change in the affairs of the Company's group since the date of this announcement or that the information in it is correct as of any subsequent date. This announcement is for information only and does not constitute or form part of any offer or invitation to issue, acquire or dispose of any securities or investment advice in any jurisdiction.

 

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