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Residential Secure (RESI)

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Tuesday 14 January, 2020

Residential Secure

Fund Management Fee

RNS Number : 7876Z
Residential Secure Income PLC
14 January 2020
 

14 January 2020

Residential Secure Income plc

Satisfaction of the Equity Portion of the Fund Management Fee

 

Residential Secure Income plc ("ReSI") (LSE: RESI) announces that, in accordance with the terms of the Fund Management Agreement with ReSI Capital Management Limited (the "Fund Manager") pursuant to which 25 per cent of the fund management fee is payable in the form of Ordinary Shares (the "Equity Portion") rather than cash, it has today purchased 116,600 Ordinary Shares in the secondary market (the "Fund Management Ordinary Shares") at an average price of 99.0 pence.

 

The Fund Management Ordinary Shares are subject to a minimum lock-in period of 12 months from 1 January 2020, being when the Fund Management Ordinary Shares became due and deliverable.

 

               

FOR FURTHER INFORMATION, PLEASE CONTACT: 

 

 

ReSI Capital Management Limited / TradeRisks Limited

Ben Fry

Alex Pilato

Mark Rogers

Jonathan Slater

 

+44 (0) 20 7382 0900

 

 

 

Jefferies International Limited

Stuart Klein

Gary Gould

+44 (0) 20 7029 8000

FTI Consulting               

Richard Sunderland

Claire Turvey

Richard Gotla

+44 (0) 20 3727 1000

Email: [email protected]

 

Residential Secure Income plc (LSE: RESI) is a real estate investment trust (REIT) listed on the premium segment of the Main Market of the London Stock Exchange with the objective of delivering secure inflation linked returns by investing in affordable shared ownership, retirement and Local Authority housing throughout the UK.

ReSI targets a secure, long-dated, inflation-linked dividend of 5.0 pence per share p.a. (paid quarterly) and a total return in excess of 8.0% p.a. and has to date committed c. £300 million, assembling a portfolio of 2,678 properties.

ReSI aims to make a meaningful contribution to alleviating the UK housing shortage by meeting demand from housing developers (Housing Associations, Local Authorities and private developers) for long-term investment partners to accelerate the development of socially and economically beneficial new affordable housing.

ReSI's subsidiary, ReSI Housing Limited, is registered as a for-profit Registered Provider of Social Housing, and so provides a unique proposition to its housing developer partners, being a long term private sector landlord within the social housing regulatory environment. As a Registered Provider, ReSI Housing can acquire affordable housing subject to s106 planning restrictions and housing funded by government grant.

ReSI is managed by ReSI Capital Management Limited, a wholly-owned subsidiary of TradeRisks Limited which has an 18 year track record of executing transactions within the UK social housing sector and, to date, has arranged funding of over £10 billion in the social housing, care and other specialist residential property sectors.

Acquisitions by ReSI are limited to homes with sufficient cashflows, counterparty credit quality and property security to be capable of supporting longterm investment grade equivalent debt.

ReSI does not manage or operate stock and uses experienced and credit-worthy third party managers.

Further information on ReSI is available at www.resi-reit.com 

 


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 [email protected] or visit www.rns.com.
 
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