R.E.A. Holdings plc: Placing of preference shares
October 09 2017 - 3:50AM
UK Regulatory
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release.
R.E.A. Holdings plc (RE.)
R.E.A. Holdings plc: Placing of preference shares
09-Oct-2017 / 09:48 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
R.E.A. Holdings plc ("REA" or the "company")
Placing of new 9 per cent cumulative preference shares and purchase of
sterling notes
In the company's half yearly report 2017 published in September 2017, the
directors stated that, to the extent that markets permitted, they would seek
to refinance a proportion of the GBP8.3 million nominal of 9.5 per cent
guaranteed sterling notes 2015/17 issued by the subsidiary company, REA
Finance N.V. ("REAF") and falling due for redemption on 31 December 2017
("2017 sterling notes"), by placing additions to existing issues of fixed
interest securities.
REA announces that Guy Butler Limited ("Guy Butler") has today placed firm
for cash 8,358,768 new 9 per cent cumulative preference shares of GBP1 each
(the "new preference shares") at a price per share of GBP1 plus accrued
dividend up to the date of settlement.
At the same time, the company has today purchased through Guy Butler
GBP248,000 nominal of 2017 sterling notes at 100 per cent of their principal
amount, together with accrued interest up to and including the date of
settlement.
The date of settlement for the placing of the new preference shares and the
purchase of 2017 sterling notes is expected to be 16 October 2017.
The new preference shares are fungible with, and amount to 13.1 per cent of,
the existing preference shares already admitted to trading. In accordance
with the Prospectus Rules issued by the Financial Conduct Authority in
compliance with relevant European law, no prospectus is required to be
published, and it should be noted that the company is not publishing a
prospectus, in connection with the placing of new preference shares.
The placing remains conditional only upon the new preference shares being
admitted to the standard listing segment of the Official List and to trading
on the London Stock Exchange's main market for listed securities.
Application for admission is being made and it is expected that admission
will become effective, and that dealings in the new preference shares will
commence, on 16 October 2017.
The preference shares entitle the holders to be paid out of the profits of
the company available for dividend and resolved to be distributed, in
priority to the payment of any dividend to the holders of any other class of
shares in the capital of the company, a fixed cumulative preferential
dividend of 9 per cent per annum on the nominal amount paid up on such
preference shares payable half-yearly in equal amounts on 30 June and 31
December. The preference shares are not redeemable.
The new preference shares will, upon issue, rank pari passu in all respects
with the preference shares already in issue, including as regards payment of
the preferential dividend due for payment in respect of the six month period
to 31 December 2017.
As a result of the issue of new preference shares, REA's issued share
capital will comprise 40,509,529 ordinary shares of 25p each and 72,000,000
9 per cent cumulative preference shares of GBP1 each. The number of votes that
may ordinarily be cast on a poll at a general meeting of REA and that attach
to the issued ordinary shares is 40,509,529 (of which 132,500 are currently
held as treasury shares) and to the issued preference shares is nil.
The above figures may be used by REA shareholders for the calculations by
which they determine whether they are required to notify their interest in,
or change of interest in, shares of REA, under the Financial Conduct
Authority's Disclosure and Transparency Rules.
Enquiries:
R.E.A. Holdings plc
Tel: 020 7436 7877
ISIN: GB0002349065
Category Code: MSCH
TIDM: RE.
LEI Code: 213800YXL94R94RYG150
Sequence No.: 4712
End of Announcement EQS News Service
616867 09-Oct-2017
(END) Dow Jones Newswires
October 09, 2017 04:50 ET (08:50 GMT)
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