Update on Financing

RNS Number : 4579B

KCR Residential REIT PLC

07 June 2019

 

7 June 2019

KCR Residential REIT plc

("KCR" or "the Company")

Financing

Further to the announcement of 1 April 2019, KCR Residential REIT plc, the residential REIT group, announces that Oliver Vaughan, a non-executive director, has extended the term of his unsecured interest-free working capital loan of £150,000 to the Company. The loan is now repayable on 30 June 2019. There is no right of conversion into equity. A fee of £10,000 is payable in relation to the extension.

Related Party Transaction

The loan from Oliver Vaughan is considered a related-party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The directors (other than Oliver Vaughan) consider, having consulted with Arden Partners, the Company's nominated adviser, that the terms of the loan extension and fee are fair and reasonable in so far as KCR's shareholders are concerned.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:

KCR Residential REIT plc
[e-mail]

Dominic White, Chief executive
[phone]

Arden Partners plc (Nominated adviser and broker)
Tom Price / Benjamin Cryer (Corporate Finance)
Aimee Kerslake (Sales)
[phone]


Notes to editors:

KCR's objective is to build a substantial low-to-mid-priced residential property portfolio that generates both secure income flow and increasing net asset value for shareholders. KCR acquires blocks of studio, one-and two-bed apartments that are close to transport links, shopping and leisure.

 

END

 

 

MSCEAAKKEEPNEAF