TIDMKCR
RNS Number : 0239U
KCR Residential REIT PLC
31 March 2021
31 March 2021
KCR Residential REIT plc
("KCR" or the "Company")
Interim Results
KCR Residential REIT plc, the residential REIT group, is pleased
to announce its unaudited consolidated interim results for the six
months to 31 December 2020.
Operational Highlights
-- Revenue for the six months increased to GBP475,407 (H1 2019:
GBP427,057) and gross profit improved by 44% to GBP465,030 (H1
2019: GBP323,994).
-- Portfolio level occupancy remains high (>95%), rental
values have further improved and capital values remain firm.
-- Ongoing internalisation of property management activity has
reduced third party management costs resulting in improved gross
margins.
-- Secured bank borrowings at period end of GBP11.1 million (31
December 2019: GBP9.5 million), although average debt cost fell
following property refinancing in February 2020.
-- Net total assets were marginally higher GBP24.2m (31 December
2019: GBP23.6m) and net asset value per share was lower at 40.86p
(31 December 2019: 47.84p).
-- Working to achieve positive monthly cashflow in the next 12 months.
Contacts:
KCR Residential REIT plc info@kcrreit.com
Dominic White, Chief Executive +44 20 3793 5236
Arden Partners plc
Richard Johnson
Benjamin Cryer +44 20 7614 5900
Notes to Editors:
KCR's objective is to build a substantial residential property
portfolio that generates secure income flow for shareholders. The
Directors intend that the group will acquire, develop and manage
residential property assets in a number of jurisdictions including
the UK.
A copy of the Interim Results will be available at
www.kcrreit.com .
CHAIRMAN'S STATEMENT
FOR THE SIX MONTHSED 31 DECEMBER 2020
KCR Residential REIT plc ("KCR" or the "Company") and its
subsidiaries (together the "Group") currently operate in the
private rented residential investment market in London and the
South East. The Company acquires whole blocks of studio, one- and
two-bed apartments that are rented to private tenants and also
operates and owns freeholds of a portfolio of retirement living
accommodation, and other properties sold on long leases.
It is a pleasure to become Chairman during this period in
succession to Michael Davies and we would all like to thank him for
his contributions to the Group.
Since we reported last September for the year to 30 June 2020,
the UK entered into a second COVID-19 driven lock-down of
increasing severity, and, in December 2020 a Brexit transaction was
agreed such that on 31 December 2020 the UK left the single market
and customs union.
The impact of COVID-19 on economic demand and supply, consumer
and business confidence continued to be negative in the second half
of 2020. However, since the roll-out of international vaccine
programmes which have been particularly successful in the UK, there
is increasing optimism. The UK Government has now targeted June
2021 for the full opening of the economy.
The macro-economic backdrop to the Group's performance in this
period has therefore not been particularly easy and it is possible
that, in the short term, further friction in the economy following
the Brexit agreement and the ongoing travel restrictions will have
a negative impact on the economy and the demand for short-let
accommodation. Additional residential stock has come to the market
for longer term lease that was previously being used for short-let
occupancy. This additional supply has so far had a minimal impact
on KCR's occupancy profile and rentals. Rents have overall remained
stable and occupancy high.
The Group's operating performance continued to improve with
considerable progress towards achieving breakeven from the existing
portfolio. The strategies adopted and continuously executed by the
smaller executive team since the Torchlight transaction of August
2019 are bearing fruit. They can be summarised as:
-- improving rental revenue from the existing portfolio;
-- upgrading the overall portfolio quality, and expanding
ownership and development opportunity within the retirement
portfolio;
-- internalising management fees to reduce the cost of sales; and,
-- a strong focus on reducing administrative costs.
Each of these activities has delivered pleasing results which
are detailed in the Chief Executive's report below.
The UK residential rented property market remains fundamentally
under-supplied and KCR continues to target a specific segment of
rented residential that is in high demand, underpinning our
confidence in the long-term future of the Group.
CHIEF EXECUTIVE'S REPORT
FOR THE SIX MONTHSED 31 DECEMBER 2020
We are pleased to report on the progress of the Group in the
six-month period to 31 December 2020.
Property portfolio
KCR has continued to progress the implementation of its two
operating strategies.
1. Residential apartments letting strategy. Developed or
refurbished to a high modern specification, furnished and let on a
Walk-In-Walk-Out (WIWO) basis (utilities, internet, furniture,
council tax included in the rental payment) for a frictionless and
flexible letting experience. Rental contracts may be from a week to
multi-year.
-- The property at Coleherne Road, Earls Court, London, which
comprises ten studio and one-bedroom flats, is undergoing a
refurbishment to significantly improve the interior and exterior
quality of the property. The majority of site works are expected to
be completed during April 2021. Following full completion of all
works, a substantial increase in rental income from the property is
expected to be generated. This, combined with a reduction in direct
operating costs (particularly maintenance) due to the improved
quality and efficiency of the building, will greatly increase the
contribution that the property makes to net income. The property is
expected to be fully rental income producing by the end of
September 2021.
-- The Southampton block of 27 residential units at Deanery
Court, Chapel Riverside is 96% occupied with viewings underway to
let the single vacant unit. A number of units are rented to
short-let operators. As KCR receives these units back from the
tenants, mostly within the next 12 months, it intends to explore
renting them on a WIWO basis which is expected to result in an
increased revenue from the property.
-- The Ladbroke Grove portfolio of 16 units is 81% occupied. The
three vacant units have viewings underway. In line with many of
central London's landlords, the Company is experiencing longer
vacancies between lettings at its London properties.
-- The flat in Harrow that was acquired with the Ladbroke Grove
portfolio has been sold subject to contract. The current
expectation is that the sale will be completed within the next two
months.
2. 4* retirement living property and other properties let on
long leases. The Osprey retirement living portfolio and other
properties consists of 159 flats and 13 houses let on long leases
in six locations, together with an estate consisting of 30 freehold
cottages in Marlborough where Osprey delivers estate management and
sales services.
The key asset in the portfolio representing 68% of the Osprey
portfolio value is the freehold block at Heathside, Golders Green,
where 29 of the 37 residential units are held on long leases. The
strategy continues to be to selectively acquire long-leasehold
units in the block, subject to pricing, refurbish the units to a
high level and let them in the open market subject to assured
shorthold tenancies. This strategy has been successful; 100% of the
eight acquired units are let, with those that have had
refurbishment works completed achieving materially higher rental
levels than the un-refurbished apartments.
The Company continues to investigate the potential to enhance
value through redevelopment and roof extensions at four of the
seven sites. Outline proposals and discussions with planning
authorities have been positively received. Legal, structural and
economic viability work continues at each project.
Rental and occupancy performance
KCR increased rental revenue by 11% for the six months to
GBP475,407 (2019: GBP427,057) and gross profit improved 44% to
GBP465,030 (2019: GBP323,994). This was a particularly good result
given that the property in Coleherne Road is being refurbished.
Portfolio level occupancy is high (>95%), rental values
achieved have marginally increased and capital values hold firm.
There is an ongoing internalisation of property management activity
which has reduced third party management costs resulting in
improved gross margins.
Financial
Revenue and gross margins improved in the six months to 31
December 2020. Administration costs were significantly lower.
-- Revenue increased to GBP475,407 (2019: GBP427,057) an increase of 11%
-- Gross profit improved by 44% to GBP465,030 (2019: GBP323,994)
-- Operating loss before separately disclosed items improved to GBP121,780 (2019: GBP382,180)
-- Operating loss reduced to GBP620,745 (2019: GBP2,282,696)
which included GBP498,965 of property refurbishment costs
-- Loss for the period was GBP859,476 (2019: GBP2,510,682) and
loss per share reduced to 3.12p (2019: 9.94p)
KCR's property portfolio value was marginally higher than the
comparative half year at GBP23.7 million (2019: GBP23.4 million).
The Group's current assets increased to GBP464,836 (2019:
GBP152,073). Trade and other payables are by contrast much reduced
at GBP257,495 (2019: GBP754,944). Current liabilities are higher at
GBP1,843,683 (2019: GBP930,062) due to one of KCR's debt facilities
moving from non-current to a current liability. The Company is
actively pursuing the refinancing of this facility and expects to
achieve this prior to the end of the current financial year.
Following a refinancing of part of the portfolio in January 2020 by
Hodge Bank, secured bank borrowings were higher GBP11.1 million
(2019: GBP9.5 million) although average debt cost fell.
Total assets were marginally higher GBP24.2m (2019: GBP23.6m)
and net asset value per share was lower at 40.86p (2019:
47.84p).
Corporate activity
In July 2020 the Company announced that together with its
advisors, it had determined that it was no longer necessary for it
to maintain its Alternative Investment Fund Manager (AIFM) status.
Accordingly, KCR deregistered as an AIFM. This has had no impact on
either the Company's REIT status or its operations.
KCR's near term focus remains on achieving a profitable overall
position by improving rental income from existing assets through a)
the WIWO letting strategy, and b) refurbishment to improve building
quality, and enhancing gross rental returns while optimising
property management to reduce costs. The strategy to reduce
corporate overheads has almost completed. Further discussions to
reduce the cost of debt finance and refinance short term borrowings
are underway. The gap between costs and revenue has been greatly
reduced and we are working to achieve positive monthly cashflow in
the next 12 months.
The Board looks forward to updating shareholders on these
activities in due course.
Covid-19
The Directors have also considered the impact of Covid-19 on the
financial statements. To date this has not resulted in a material
disruption to Group operations. The scale and duration of these
developments remains uncertain at the date of this report and the
Directors continue to monitor the situation.
For and on behalf of the board
Dominic White
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2020 (unaudited)
Six months Six months
ended 31 ended 31 Year ended
December December 30 June
2020 2019 2020 (audited)
Notes GBP GBP GBP
Revenue 2 475,407 427,057 1,035,816
Cost of sales (10,377) (103,063) (152,605)
----------- ------------ ----------------
Gross profit 465,030 323,994 883,211
Administrative expenses (591,818) (706,174) (1,610,547)
Other operating income 5,008 - 14,576
Fair value through profit and
loss - Revaluation of investment
properties - - (311,888)
Operating loss before separately
disclosed items (121,780) (382,180) (1,024,648)
Share-based payment charge 7 - (1,599,681) (1,599,681)
Costs of refurbishment of investment
properties 3 (498,965) - -
Costs associated with third-party
fundraising and issue of shares
Costs associated with refinancing 3 - (300,835) (317,875)
3 - - (137,327)
----------- ------------ ----------------
Operating loss (620,745) (2,282,696) (3,079,531)
Finance costs (239,392) (229,527) (483,932)
Finance income 661 1,541 2,645
----------- ------------ ----------------
Loss before taxation (859,476) (2,510,682) (3,560,818)
Taxation - - -
----------- ------------ ----------------
Loss for the period/year (859,476) (2,510,682) (3,560,818)
----------- ------------ ----------------
Total comprehensive expense for the
period/year (859,476) (2,510,682) (3,560,818)
=========== ============ ================
Loss per share expressed in pence 4
per share
Basic (3.12) (9.94) (13.48)
Diluted (1.11) (9.94) (4.98)
=========== ============ ================
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2020 (unaudited)
31
31 December December 30 June 2020
2020 2019 (audited)
Notes GBP GBP GBP
Non-current assets
Property, plant and equipment 34,892 57,927 46,410
Investment properties 5 23,662,120 23,385,000 23,592,000
23,697,012 23,442,927 23,638,410
------------ ------------ -------------
Current assets
Trade and other receivables 63,623 127,855 63,889
Cash and cash equivalents 401,213 24,218 1,535,946
------------ ------------ -------------
464,836 152,073 1,599,835
------------ ------------ -------------
Total assets 24,161,848 23,595,000 25,238,245
============ ============ =============
Equity
Shareholders' equity
Share capital 6 2,756,963 2,756,963 2,756,963
Share premium 13,535,468 13,535,468 13,535,468
Capital redemption reserve 344,424 344,424 344,424
Other reserves - 14,930 14,930
Retained earnings (5,371,109) (3,461,500) (4,511,633)
------------ ------------ -------------
Total equity 11,265,746 13,190,285 12,140,152
------------ ------------ -------------
Non-current liabilities
Interest bearing loans and
borrowings 11,052,419 9,474,653 11,052,419
------------ ------------ -------------
Current liabilities
Trade and other payables 257,495 754,944 374,416
Interest bearing loans and
borrowings 1,586,188 175,118 1,671,258
1,843,683 930,062 2,045,674
------------ ------------ -------------
Total liabilities 12,896,102 10,404,715 13,098,093
------------ ------------ -------------
Total equity and liabilities 24,161,848 23,595,000 25,238,245
============ ============ =============
Net asset value per share
(pence) 40.86 47.84 44.03
============ ============ =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2020 (unaudited)
Capital
redemption Retained
Share capital Share premium reserve earnings Other reserves Total equity
GBP GBP GBP GBP GBP GBP
Balance at
1 July 2019 2,029,178 10,018,986 67,500 (2,550,496) 14,930 9,580,098
Changes in
equity
Transactions
with owners:
Issue of share
capital 727,785 3,516,482 - - - 4,244,267
Shares gifted
to company - - 276,924 - - 276,924
Share-based
payment charge - - - 1,599,678 - 1,599,678
-------------- -------------- ------------ -------------- --------------- --------------
Total transactions
with owners: 727,785 3,516,482 276,924 1,599,678 - 6,120,869
-------------- -------------- ------------ -------------- --------------- --------------
Total comprehensive
expense - - - (2,510,682) - (2,510,682)
Balance at
31 December
2019 2,756,963 13,535,468 344,424 (3,461,500) 14,930 13,190,285
-------------- -------------- ------------ -------------- --------------- --------------
Changes in
equity
Total comprehensive
expense - - - (1,050,133) - (1,050,133)
-------------- -------------- ------------ -------------- --------------- --------------
Balance at
30 June 2020 2,756,963 13,535,468 344,424 (4,511,633) 14,930 12,140,152
-------------- -------------- ------------ -------------- --------------- --------------
Changes in
equity
Equity element
of loan finance - - - - (14,930) (14,930)
Total comprehensive
expense - - - (859,476) - (859,476)
-------------- -------------- ------------ -------------- --------------- --------------
Balance at
31 December
2020 2,756,963 13,535,468 344,424 (5,371,109) - 11,265,746
============== ============== ============ ============== =============== ==============
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 DECEMBER 2020 (unaudited)
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2020 2020
2019 (audited)
GBP GBP GBP
Cash flows from operating activities
Loss for the period/year from continuing
operations (859,476) (2,510,682) (3,560,818)
Adjustments for
Depreciation charges 11,518 11,621 23,138
Share-based payment charge - 1,599,681 1,599,681
Revaluation of investment properties - - 311,888
Finance costs 239,392 229,527 483,932
Finance income (661) (1,541) (2,645)
(Increase)/decrease in trade and
other receivables 266 (50,777) 13,189
Decrease in trade and other payables (116,921) (1,982,069) (423,327)
Cash used in operations (725,882) (2,704,240) (1,554,962)
Interest paid (239,392) (229,527) (483,932)
Net cash used in operating activities (965,274) (2,933,767) (2,038,894)
------------- ------------- ------------
Cash flows from investing activities
Purchase of property, plant and
equipment - (8,178) (8,178)
Repayment of other borrowings - - (1,738,076)
Purchase of investment properties - - (518,888)
Improvements to investment properties (70,120) - -
Disposal of investment properties - 538,000 538,000
Interest received 661 1,541 2,645
------------- ------------- ------------
Net cash from/(used in) investing
activities (69,459) 531,363 (1,724,497)
------------- ------------- ------------
Cash flows from financing activities
Loan repayments in period (100,000) (2,123,867) (6,658,130)
New loans in year - - 7,868,169
Shares issued - 4,521,191 4,060,000
------------- ------------- ------------
Net cash from financing activities (100,000) 2,397,324 5,270,039
------------- ------------- ------------
Increase/(decrease) in cash and
cash equivalents (1,134,733) (5,080) 1,506,648
------------- ------------- ------------
Cash and cash equivalents at beginning
of period 1,535,946 29,298 29,298
============= ============= ============
Cash and cash equivalents at end
of period 401,213 24,218 1,535,946
============= ============= ============
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31 DECEMBER 2020 (unaudited)
1. Basis of preparation
The Company is registered in England and Wales. The consolidated
interim financial statements for the six months ended 31 December
2020 comprise those of the Company and subsidiaries. The Group is
primarily involved in UK property ownership and letting.
Statement of compliance
This consolidated interim financial report has been prepared in
accordance with the measurement principles of International
Financial Reporting Standards as adopted within UK GAAP. AIM-listed
companies are not required to comply with IAS 34 Interim Financial
Reporting and the Group has taken advantage of this exemption.
Selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in financial performance and position of the Group since
the last annual consolidated financial statements for the year
ended 30 June 2020. This consolidated interim financial report does
not include all the information required for full annual financial
statements prepared in accordance with International Financial
Reporting Standards. The financial statements are unaudited and do
not constitute statutory accounts as defined in section 434(3) of
the Companies Act 2006.
A copy of the audited annual report for the year ended 30 June
2020 has been delivered to the Registrar of Companies. The
auditor's report on these accounts was unqualified and did not
contain statements under s498(2) or s498(3) of the Companies Act
2006.
This consolidated interim financial report was approved by the
Board of Directors on 17 March 2021.
Significant accounting policies
The accounting policies applied by the Group in this
consolidated interim financial report are the same as those applied
by the Group in its consolidated financial statements for the year
ended 30 June 2020.
Basis of consolidation
The interim financial statements include the financial
statements of the Company and its subsidiary undertakings. The
subsidiaries included within the consolidated financial statements,
from their effective date of acquisition, are K&C (Newbury)
Limited, K&C (Coleherne) Limited, K&C (Osprey) Limited, KCR
(Kite) Limited and KCR (Southampton) Limited.
Going Concern
The directors have adopted the going-concern basis in preparing
the interim financial statements.
The Group has a near term debt maturity of GBP1,586,188 which
has not yet been refinanced. This near term maturity creates some
uncertainty as to whether the Group can continue as a going
concern.
The Group is actively pursuing both refinancing and an increase
in the debt facility to unlock additional capital. Whilst a binding
agreement is yet to be entered into, the Directors have a
reasonable expectation that the Group will be successful in
refinancing and increasing the size of this facility. As well as
debt refinancing, the Group has other potential sources of capital
available to extinguish this liability including the sale of a
property asset or raising fresh equity from its shareholders.
Given the reasonable expectation that refinancing will be
successful and the existence of other alternate avenues, the
Directors have concluded that it remains appropriate to prepare
these interim financial statements on a going concern basis.
2. Operating segments
The Group is involved in UK property ownership and letting and
is considered to operate in a single geographical and business
segment.
Revenue analysed by class of business:
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2020 2019 2020 (audited)
GBP GBP GBP
Rental income 358,556 344,121 727,859
Management fees 43,013 38,181 74,218
Resale commission 50,500 28,500 39,043
Ground rents 10,635 10,755 13,655
Leasehold extension income 12,703 5,500 168,916
Other income - - 12,125
------------- ------------- ----------------
475,407 427,057 1,035,816
============= ============= ================
3. Operating loss
The loss before taxation is stated after charging:
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2020 2019 2020 (audited)
GBP GBP GBP
Costs of refurbishment of investment 498,965 - -
properties
Costs associated with third party
fundraising - 300,835 317,875
Costs associated with refinancing - - 137,327
Directors' remuneration 75,000 137,050 258,387
During the six months ended 31 December 2020, the Group incurred
costs of GBP498,965 relating to major refurbishment of properties
at Coleherne Road, London and Heathside, London.
During the six months ended 31 December 2019, the Group incurred
costs of GBP300,835 relating to the Torchlight Fund transaction.
This increased to GBP317,875 in the year ended 30 June 2020. The
transaction with Torchlight Fund LP was reported in detail in the
Circular (12 July 2019) and outlined in the year end accounts to 30
June 2019 post balance sheet events.
On 12 February 2020 KCR successfully completed a GBP7.9m
refinancing of its Coleherne Road, Ladbroke Grove and Lomond Court
portfolios, all assets in London. The costs of refinancing totalled
GBP137,327.
During the 6 month period, the Company paid DGS Capital Partners
LLP, a business partly owned by Michael Davies, fees of GBP10,800
(December 2019 - GBP43,200); Naylor Partners, a business owned by
Russell Naylor, fees of GBP24,000 (December 2019 - GBP20,000); and
Artefact Partners, a business owned by Richard Boon, fees of
GBP18,900 (December 2019 - GBP9,000).
The directors are considered to be key management personnel.
4. Basic and diluted loss per share
Basic
The calculation of loss per share for the six months to 31
December 2020 is based on the loss for the period attributable to
ordinary shareholders of GBP859,476 divided by a weighted average
number of ordinary shares in issue.
The weighted average number of shares used for the six months
ended 31 December 2020 was 27,569,631 (June 2020 - 26,411,154)
(December 2019 - 25,265,268).
Diluted
The calculation of loss per share for the six months to 31
December 2020 is based on the loss for the period attributable to
ordinary shareholders of GBP859,476 divided by a weighted average
number of ordinary shares in issue, adjusted for dilutive share
options held by Torchlight.
The weighted average number of shares used for the six months
ended 31 December 2020 was 77,569,631 (June 2020 - 76,411,154)
(December 2019 - 75,265,268).
5. Investment properties
Six months Six months
ended 31 ended 31 Year ended
December December 30 June
2020 2019 2020 (audited)
GBP GBP GBP
At start of period 23,592,000 23,923,000 23,923,000
Additions 70,120 - 518,888
Disposals - (538,000) (538,000)
Revaluations - - (311,888)
----------- ----------- ----------------
At end of period 23,662,120 23,385,000 23,592,000
=========== =========== ================
Investment properties were valued by professionally qualified
independent external valuers at the date of acquisition and were
recorded at the values that were attributed to the properties at
acquisition date. The investment properties were independently
valued at, or within three months of the financial year ended 30
June 2020. The Directors have further considered the values as at
31 December 2020 and concluded that they remain appropriate.
Fair value is based on current prices in an active market for
similar properties in the same location and condition. The current
price is the estimated amount for which a property could be
exchanged between a willing buyer and willing seller in an arm's
length transaction after proper marketing wherein the parties had
each acted knowledgeably, prudently and without compulsion.
Valuations are based on a market approach which provides an
indicative value by comparing the property with other similar
properties for which price information is available. Comparisons
have been adjusted to reflect differences in age, size, condition,
location and any other relevant factors.
The fair value for investment properties has been categorised as
a Level 3 inputs under IFRS 13.
The valuation technique used in measuring the fair value, as
well as the significant inputs and significant unobservable inputs
are summarised in the following table -
Fair Value Valuation Technique Significant Significant Unobservable
Hierarchy Inputs Used Inputs
Level Income capitalisation Adopted gross 3.00% - 5.60%
3 and or capital value yield
on a per square foot
basis
Adopted rate
per square foot GBP303 - GBP1,018
6. Share capital
31 December 31 30 June
2020 December 2020 (audited)
Allotted, issued and fully paid: 2019
Nominal
Number: Class: value: GBP GBP GBP
27,569,631 Ordinary GBP0.10 2,756,963 2,756,963 2,756,963
2,756,963 2,756,963 2,756,963
============ ========== ================
At 1 July 2020, the Company had 27,569,631 Ordinary shares of
GBP0.10 each in issue.
The Ordinary shares carry no rights to fixed income.
7. Share-based payments
The expense recognised during the period is shown in the
following table:
Six months Six months
ended 31 ended 31 Year ended
December December 30 June
2020 2019 2020 (audited)
GBP GBP GBP
Expense arising from restricted
preference shares - 1,599,681 1,599,681
============ =========== ================
In August 2019, in order to simplify the share structure of the
Company, the Company entered into an agreement with the holders of
the Restricted Preference Shares whereby 5 out of every 13
Restricted Preference Shares held would be converted into Ordinary
Shares. The remaining Restricted Preference Shares were acquired by
the Company for nil consideration and subsequently cancelled. Due
to the conversion and cancellation of the Restricted Preference
Shares, the vesting period was accelerated and the share-based
payment charge was recognised fully in the 2019 interim financial
statements.
8. Convertible Loan Notes
As at 1 July 2020, the Company had GBP100,000 convertible loan
notes in issue. In July 2020, the convertible loan notes were
repaid in full.
9. Related Party Transactions
Details of remuneration and fees paid to directors are disclosed
on note 3 of these interim financial statements.
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BLGDXLBXDGBG
(END) Dow Jones Newswires
March 31, 2021 02:00 ET (06:00 GMT)
Kcr Residential Reit (LSE:KCR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kcr Residential Reit (LSE:KCR)
Historical Stock Chart
From Apr 2023 to Apr 2024
