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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kcr Residential Reit Plc | LSE:KCR | London | Ordinary Share | GB00BYWK1Q82 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.00 | 8.00 | 10.00 | 9.50 | 9.00 | 9.50 | 0.00 | 08:00:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 1.58M | -166k | -0.0040 | -22.50 | 3.75M |
TIDMKCR
RNS Number : 4385D
K&C REIT PLC
26 April 2017
K&C REIT plc
("K&C REIT" or the "Company")
Further allotment of Restricted Preference Shares
K&C REIT plc, the residential REIT group, announces that, following the passing of the resolutions at the Company's general meeting on 20 February 2017, the directors on 26 April 2017 approved the further allotment of Restricted Preference Shares, fully paid, to the following directors and executives (which correspond to the amounts as set out in the circular posted to shareholders on 27 January 2017 (the "Circular") for those directors and executives)
Restricted Preference Shares Amount subscribed Name No. allotted GBP ------------------- -------------- ------------------ Timothy James 9,600,000 96,000 Christopher James 6,000,000 60,000 Benjamin James 3,000,000 30,000 Total 18,600,000 GBP186,000 -------------- ------------------
Following the allotment of such Restricted Preference Shares, the interests of Timothy James, Christopher James and Benjamin James in shares in the Company will be as follows:
Number % of issued Number of of Ordinary voting Number Restricted Shares share of warrants Preference Name of Director held capital held Shares held ------------------ ------------- ------------ ------------- ------------- Timothy James 3,275,000 6.21 175,000 9,600,000 Christopher James 3,350,001 6.35 100,000 6,000,000 Benjamin James 1,050,000 1.99 - 3,000,000
Gravity Investment Group Limited has decided not to exercise its right to subscribe for 15 million Restricted Preference Shares.
The Restricted Preference Shares, their terms and the rights attaching to them are described in the Circular, and the full terms of the Restricted Preference Shares are set out in the new articles of association (the "New Articles") adopted by the Company at the general meeting held on 20 February 2017. Copies of the Circular and of the New Articles can be found on the Company's website www.kandc-reit.co.uk.
Under the terms of the Cancellation Deeds (as defined in the Circular), the issue of the Restricted Preference Shares to Timothy James, Christopher James and Benjamin James in the amounts set out above automatically resulted in the cancellation of the Executive Option Arrangements for those individuals.
The Restricted Preference Shares only vest in stages. In order for all the Restricted Preference Shares to vest in full, Assets under Management must exceed GBP100 million and the NAV Per Share must exceed 15p, both more demanding Milestones than those required under the Executive Option Arrangements. Full details of the Milestones are set out in the Circular and in the announcement issued by the Company on 27 January 2017
For further information, please contact:
K&C REIT plc info@kandc-reit.co.uk +44 20 3793 Dominic White, Chief executive 5236 +44 7768 833 Tim James, Property director 029 +44 20 7601 Stockdale Securities (nominated adviser and joint broker) 6100 Antonio Bossi / Robert Finlay / David Coaten +44 20 7469 Peterhouse Corporate Finance Limited (joint broker) 0933 Lucy Williams / Heena Karani +44 7747 788 Yellow Jersey PR 221 Charles Goodwin
Notes to editors:
The Group operates in the residential private rented sector (PRS), with an emphasis on Central London. The residential sector has several sub-categories, including PRS, which was K&C's original focus, retirement residential, residential care and social housing. K&C's operations in the market broadened following the acquisition of K&C (Osprey) to include the retirement residential sub-category in London and the southeast of the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHUNVORBKASUAR
(END) Dow Jones Newswires
April 26, 2017 10:03 ET (14:03 GMT)
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