GCP Student Living Result of Oversubscribed Issue

 
TIDMDIGS 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR 
INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, 
OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE 
THIS ANNOUNCEMENT OR ANY COPY OF IT. PLEASE SEE THE IMPORTANT NOTICE AT THE END 
OF THIS ANNOUNCEMENT. 
 
GCP STUDENT LIVING PLC 
 
(the "Company", together with its subsidiaries, the "Group") 
 
RESULT OF OVERSUBSCRIBED ISSUE 
 
On 2 February 2017, the Company announced a placing and offer for subscription 
of new ordinary shares (the "Issue Shares") seeking to raise gross proceeds in 
excess of GBP60 million (the "Initial Issue"). 
 
Further to that announcement, the Board is pleased to announce that it has 
received applications from investors substantially exceeding the target gross 
proceeds. In light of the available investment opportunity in a prime central 
London location (the "Target Asset"), the Board has resolved to accept 
applications in respect of 57,545,195 Issue Shares at 140.0 pence per Issue 
Share, raising gross proceeds of GBP80.6 million for the Company. 
 
It is currently intended that the net proceeds of the Initial Issue will be 
used to acquire the Target Asset. 
 
Application has been made for all of the Issue Shares to be admitted to the 
Premium Listing segment of the Official List of the UK Listing Authority and to 
trading on the London Stock Exchange's main market for listed securities (" 
Admission"). It is expected that Admission will take effect, and dealings in 
the Issue Shares will commence, at 8.00 a.m. (London time) on 24 February 2017. 
 
Share certificates in respect of the Issue Shares are expected to be despatched 
in the week commencing 6 March 2017 or as soon as possible thereafter. 
 
Immediately following Admission, the Company will have 335,768,782 ordinary 
shares in issue and therefore the total voting rights in the Company will be 
335,768,782. This figure may be used by shareholders as the denominator for the 
calculations by which they may determine whether or not they are required to 
notify their interest in, or a change to their interest in, the share capital 
of the Company under the FCA's Disclosure Guidance and Transparency Rules. 
 
This announcement contains inside information for the purposes of Article 7 of 
EU Regulation 596/2014. Upon the publication of this announcement, this inside 
information is now considered to be in the public domain. 
 
Capitalised terms used but not defined in this announcement will have the same 
meaning as set out in the prospectus published by the Company on 2 February 
2017. 
 
For further information, please contact: 
 
Gravis Capital Partners LLP                                         [phone] 
 
Tom Ward                             [e-mail] 
 
Nick Barker                          [e-mail] 
 
Dion Di Miceli                       [e-mail] 
 
Stifel Nicolaus Europe Limited                                      [phone] 
 
Neil Winward                         [e-mail] 
 
Mark Young                           [e-mail] 
 
Tom Yeadon                           [e-mail] 
 
Buchanan                                                            [phone] 
 
Charles Ryland                       [e-mail] 
 
Vicky Watkins                        [e-mail] 
 
About GCP Student Living plc 
 
The Company was the first student accommodation REIT in the UK, investing in 
modern, purpose-built, private student residential accommodation and teaching 
facilities. Its investments are located primarily in and around London where 
the Investment Manager believes the Company is likely to benefit from supply 
and demand imbalances for student residential accommodation. 
 
The Group has an estimated total asset value of c.GBP530 million including six 
standing assets, providing c.2,000 modern studios and beds, and one forward 
funded development asset which will provide a further c.580 beds on completion. 
 
The Investment Manager is currently reviewing and conducting due diligence on 
assets in the Company's core markets totalling c.2,800 beds and in respect of 
which c.980 beds in and around London are under future contractual arrangements 
The Company's standing assets are primarily occupied by international students 
and offer high specification facilities and hotel-level concierge type services 
which the Investment Manager believes are attractive to overseas students. 
 
Important Information 
 
The content of this announcement has been prepared by, and is the sole 
responsibility of, GCP Student Living plc. 
 
The information contained in this announcement is given at the date of its 
publication (unless otherwise marked) and is subject to updating, revision and 
amendment from time to time. Neither the content of the Company's website nor 
any website accessible by hyperlinks to the Company's website is incorporated 
in, or forms part of, this announcement.  The distribution of this announcement 
and any other documentation associated with the Initial Issue and/or the 2017 
Placing Programme into jurisdictions other than the United Kingdom may be 
restricted by law.  Persons into whose possession these documents come should 
inform themselves about and observe any such restrictions.  Any failure to 
comply with these restrictions may constitute a violation of the securities 
laws or regulations of any such jurisdiction.  In particular, such documents 
should not be distributed, forwarded to or transmitted, directly or indirectly, 
in whole or in part, in, into or from the United States, Australia, Canada, 
Japan or the Republic of South Africa or any other jurisdiction where to do so 
may constitute a violation of the securities laws or regulations of any such 
jurisdiction. 
 
Stifel Nicolaus Europe Limited, which is authorised and regulated by the 
Financial Conduct Authority, is acting only for the Company in connection with 
the matters described in this announcement and is not acting for or advising 
any other person, or treating any other person as its client, in relation 
thereto and will not be responsible for providing the regulatory protection 
afforded to clients of Stifel Nicolaus Europe Limited or advice to any other 
person in relation to the matters contained herein. 
 
None of the Company, Gravis Capital Partners LLP or Stifel Nicolaus Europe 
Limited, or any of their respective affiliates, accepts any responsibility or 
liability whatsoever for or makes any representation or warranty, express or 
implied, as to this announcement, including the truth, accuracy or completeness 
of the information in this announcement (or whether any information has been 
omitted from the announcement) or for any loss howsoever arising from any use 
of the announcement or its contents. The Company, Gravis Capital Partners LLP 
and Stifel Nicolaus Europe Limited, and their respective affiliates, 
accordingly disclaim all and any liability whether arising in tort, contract or 
otherwise which they might otherwise have in respect of this announcement or 
its contents or otherwise arising in connection therewith. 
 
 
 
END 
 

(END) Dow Jones Newswires

February 22, 2017 02:00 ET (07:00 GMT)