TIDMEPIC
RNS Number : 7052Y
Ediston Property Inv Comp PLC
07 December 2017
7 December 2017
EDISTON PROPERTY INVESTMENT COMPANY PLC (the "Company")
RESULTS OF GENERAL MEETING, CAPITAL RAISING AND PORTFOLIO
ACQUISITION
General Meeting
At a general meeting of the Company's shareholders held today,
the resolutions approving the recommended proposals in respect of
the acquisition of a new portfolio of four retail warehouse parks
(the "Acquisition") and the issue of new Ordinary Shares, including
the 12 month placing programme, were all passed.
Further to the Company's announcement on 6 December 2017, the
Board is pleased to confirm that the Board has today allotted
79,339,806 new ordinary shares in aggregate to subscribers,
including the Stadium Group, (subject only to Admission on 8
December 2017).
The Company will utilise the proceeds raised pursuant to the
Share Issue, approximately GBP52.2 million, to fund the
Acquisition, along with the issue of New Shares to the Stadium
Group. The New Property Subsidiary has completed all the material
conditions precedent in relation to the additional debt facility of
up to GBP54.16 million, which will be fully drawn down to fund the
Acquisition. Interest is payable on the new facility at a fixed
rate (including the margin) of 2.73 per cent. per annum. The
balance of the consideration in respect of the New Portfolio will
be satisfied by the Company's existing cash resources.
Accordingly, all the conditions to the Acquisition and the Share
Issue (with the exception of Admission) have been satisfied and the
Acquisition will complete on Admission. Immediately following
completion of the Acquisition, the Company will have increased its
shares in issue by 60 per cent. and will have an enlarged property
portfolio, valued at approximately GBP318 million, and GBP22
million in cash. The Group will have aggregate borrowings of GBP111
million with a blended fixed interest rate of 2.86 per cent.
Application has been made for the New Shares issued pursuant to
the Share Issue and to the Stadium Group 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, in each case with effect from 8.00 a.m. on 8 December
2017.
The Chairman, William Hill, commented as follows:
"The Board is very pleased with the level of support shown for
the Acquisition and the wider fundraising from both existing
shareholders and new investors. The acquisition of the portfolio
will increase the Group's exposure to the retail warehouse sector
which the Board and Manager consider to offer attractive value
relative to other sectors within the property market. The
Acquisition will also introduce further asset management angles to
exploit which should enhance returns to shareholders. The
Acquisition will also strengthen the Company's dividend cover.
The success of the Proposals represent a significant positive
step in the Company's ambition to provide investors with an
attractive level of income, together with the prospects of income
and capital growth from a diversified portfolio of UK commercial
properties. It also gives the Company a larger platform from which
to develop its initiatives and shareholders with potentially more
liquidity in the secondary market in a Company with a reduced cost
base."
Total voting rights
Following this issue of New Shares the Company will have
210,333,737 Ordinary Shares in issue. Therefore, the total number
of shares with voting rights in the Company will be 210,333,737
Ordinary Shares. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
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.
Further details of the General Meeting
The full text of all the resolutions can be found in the Notice
of Meeting, copies of which are available for viewing at
www.morningstar.co.uk/uk/nsm. It is also available for download
from the Company's website: www.ediston-REIT.com.
The proxy votes cast on the resolutions were as follows:
Resolution 1
Votes "For*": 56,474,475
Votes "Against": 0
Votes "Withheld": 8,671
Resolution 2
Votes "For*": 56,461,735
Votes "Against": 12,740
Votes "Withheld": 8,671
Resolution 3
Votes "For*": 54,813,869
Votes "Against": 1,660,606
Votes "Withheld": 8,671
Resolution 4
Votes "For*": 56,461,735
Votes "Against": 12,740
Votes "Withheld": 8,671
Resolution 5
Votes "For*": 54,813,869
Votes "Against": 1,660,606
Votes "Withheld": 8,671
* the votes "For" include those votes giving the Chairman discretion.
Save as otherwise defined in this announcement or where the
context otherwise requires, terms defined in the prospectus
published by the Company on 20 November 2017 shall bear the same
meaning in this announcement.
For further information please contact:
Ediston Properties Limited 0131 225 5599
Danny O'Neill
Calum Bruce
Canaccord Genuity Limited 020 7523 8000
Will Barnett
Robbie Robertson
Scott Harris UK Ltd 020 7653 0030
Jamie Blewitt
Notes:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via Regulatory Information Service this
information is now considered to be in the public domain.
The information in this announcement is for background purposes
only and does not purport to be full or complete. No reliance may
be placed for any purpose on the information contained in this
announcement or its accuracy or completeness. The material set
forth herein is for information purposes only.
Canaccord Genuity Limited ("Canaccord") is authorised and
regulated in the United Kingdom by the Financial Conduct Authority.
Canaccord is acting exclusively for the Company and for no-one else
in relation to the Share Issue and the placing programme and will
not regard any other person as its client. Apart from the
responsibilities and liabilities, if any, which may be imposed on
Canaccord by the Financial Services and Markets Act 2000 or the
regulatory regime established thereunder, Canaccord will not be
responsible to anyone other than the Company for providing the
protections afforded to its clients or for advising any other
person in relation to the Share Issue, the placing programme, or
any transaction contemplated in or by the prospectus to be
published by the Company.
Dickson Minto W.S. is authorised and regulated in the United
Kingdom by the Financial Conduct Authority. Dickson Minto W.S. is
acting exclusively for the Company and for no-one else in relation
to the share issue and the placing programme and will not regard
any other person as its client. Apart from the responsibilities and
liabilities, if any, which may be imposed on Dickson Minto W.S. by
the Financial Services and Markets Act 2000 or the regulatory
regime established thereunder, Dickson Minto W.S. will not be
responsible to anyone other than the Company for providing the
protections afforded to its clients or for advising any other
person in relation to the share issue, the placing programme, or
any transaction contemplated in or by the prospectus to be
published by the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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