KCR Residential REIT PLC Exercise of Torchlight options and TVR (4032Q)
October 27 2021 - 1:16AM
UK Regulatory
TIDMKCR
RNS Number : 4032Q
KCR Residential REIT PLC
27 October 2021
27 October 2021
KCR Residential REIT plc
("KCR" or the "Company")
Exercise of Torchlight options and Total voting rights
KCR Residential REIT plc announces that it has received a notice
of exercise from Torchlight Fund LP ("Torchlight") in respect of
13,500,000 options over KCR ordinary shares of 10p each ("Shares")
at a price of 19.982p per Share, calculated by reference to a 5%
discount to KCR's average 30 trading days' VWAP prior to the
notice. The proceeds of this exercise will provide KCR with
additional cash funding of c. GBP2.7 million.
Following this exercise, Torchlight's interest in the Company
shall increase to 23,100,000 Shares, representing 55.4% of the
Company's enlarged issued share capital, and 35,900,000
options.
As detailed in the Company's announcements on 12 July 2019 and
29 July 2019, shareholders have approved a waiver of the
obligations under Rule 9 of the Takeover Code in relation to
Torchlight's shareholding increase. B y virtue of holding more than
50 per cent. of the Company's voting rights, Torchlight will be
entitled to increase its holding or aggregate interest in the
voting rights of the Company without incurring any obligation under
Rule 9 of the Takeover Code to make a general offer to all
Shareholders to acquire their Shares.
Application has been made to the London Stock Exchange for
13,500,000 new Shares to be admitted to trading on AIM
("Admission") and Admission is expected to occur on or around 1
November 2021. The new Shares will, upon issue, rank pari passu
with the existing Shares in the Company.
Following Admission, the Company's enlarged issued share capital
will be 41,669,631 Shares. The Company holds no Shares in Treasury.
This figure of 41,669,631 Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Contacts:
KCR Residential REIT plc info@kcrreit.com
Dominic White, Chief Executive +44 20 3793 5236
Russell Naylor, Executive Director
Arden Partners plc
Richard Johnson +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.
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END
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