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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 | 10.425 | 9.00 | 9.50 | 0.00 | 08:00:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Investment Trust | 1.58M | -166k | -0.0040 | -22.50 | 3.75M |
From Apr 2019 to Apr 2024
TIDMKCR
RNS Number : 0314B
K&C REIT PLC
30 March 2017
30 March 2017
K&C REIT plc
("K&C" or the "Company")
Interim Results for the six months ended 31 December 2016
This announcement contains inside information
K&C REIT plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce its interim results for the six months to 31 December 2016. A copy of the interim report and accounts will be posted to shareholders shortly. A copy will also be available from the Company's website, www.kandc-reit.co.uk.
Highlights:
-- NAV per share of 8.75p at 31 December 2016 -- Revenue up 210% to GBP233,179 (2015: GBP75,227) -- Gross profit up 274% to 173,593 (2015: GBP46,361) -- Share subscription for GBP500,000 by Gravity Investment Group at 10p per share -- Post-period share subscription for GBP50,000 by Ms Qing Xiao at 10.5p per share
Commenting on the results, Michael Davies, Chairman of K&C REIT, said:
"It has been an active period for the business which culminated with the recent strategic investments by Gravity Investment Group and Ms Qing Xiao, with both share subscriptions done at a significant premium to the share price. Operationally, our assets are performing well, with rents and occupancy rates up as a result of asset management initiatives and improved marketing activities. The residential market remains robust and the Group is assessing a number of opportunities that fit its investment criteria, including owning assets in the retirement residential space.
"K&C has decided to reduce the membership of its board from eight to six directors. On 31 March 2017, Tim Oakley and Christopher James will resign as directors of K&C and Patricia Farley will step down as a non-executive director. Tim and Christopher will continue to provide their expertise and skill as members of the executive board of subsidiary companies in the Group. K&C looks forward to using Patricia's unrivalled market knowledge in a consultancy capacity over the coming years. We are immensely grateful to all three of them for the dedication that they have given to the board of K&C since the formation of the Group.
"I am pleased to announce that, with effect from 1 April 2017, Chris Bateman, who owns and controls Gravity Investment Group, will join the board as a non-executive director. I look forward to working with him."
Board changes
With effect from 31 March 2017, Tim Oakley and Christopher James will step down as directors of K&C but will remain members of the executive board of subsidiary companies in the Group. Patricia Farley will step down as a non-executive director but will continue to provide consultancy services to the Group. Chris Bateman from Gravity Investment Group will join the board as a non-executive director.
Chris Bateman, aged 43, has worked in property investment and development for 20 years and is currently CEO of Gravity Investment Group, which targets investments opportunities in property, leisure and technology. Mr Bateman is also the founder and acting CEO of Primus Care, a provider of social care and healthcare for children and adults. Mr Bateman is also founder and CEO of Imperial World Resorts, which is focused on developing luxury hotels and resorts in emerging markets.
Hot Features
Premium
Former directorships
Present directorships / partnerships held
/ partnerships over past five years
Broome Park Estate Ltd Primus Childcare Ltd
Broome Park Golf Resort Primus Elderly Care
Ltd Ltd
Broome Park Leisure Resort Shelf Co 100 Ltd
Ltd
GCH SPV1 Ltd Shelf Co 101 Plc
GCH SPV2 Ltd Shelf Co 010 Ltd
Gloucestershire Care Homes
Ltd
Gloucester Care Homes
Ltd
Gravity Resort Group Tambaba
Ltd
Imperial World Resorts
Plc
Industry Travel Ltd
IWR Caribbean Ltd
IWR Europe Ltd
Look Find Book Ltd
Primus Care Plc
Primus RE SPV1 Ltd
Primus RE SPV2 Ltd
Primus RE SPV3 Ltd
Primus RE SPV4 Ltd
Primus RE SPV5 Ltd
Primus Real Estate Ltd
Primus Reality Ltd
----------------------------- ----------------------
Including through his holding in Gravity Investment Group, Chris holds 2,500,000 Ordinary Shares in the Company and has agreed to subscribe to 15,000,000 Restricted Preference Shares, as previously announced by the Company on 27 January 2017.
Save as disclosed, there are no other disclosures required in relation to Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.
Contacts:
K&C REIT info@kandc-reit.co.uk
Dominic White, Chief executive +44 20 3793 5236
Tim James, Property director +44 7768 833 029
Stockdale Securities (nominated adviser
and joint broker)
Antonio Bossi / Robert Finlay / El
Hanan Lee +44 20 7601 6100
Peterhouse Corporate Finance (joint
broker)
Lucy Williams / Heena Karani +44 20 7469 0933
Yellow Jersey PR
Charles Goodwin/Katie Bairsto +44 7747 788 221
Notes to Editors:
K&C's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in Central London and other key residential areas in the UK.
Chairman's Statement for the six months ended 31 December 2016
Dear shareholder
I have pleasure in reporting to you on the progress of the Group in the period since the year-end.
Market and strategy
K&C REIT plc ("K&C") and its subsidiaries (together the "Group") operates in the UK residential investment market. Since admission to AIM in July 2015, K&C has acquired assets in the Private Rented Sector. K&C is now broadening its activities in the residential sector to include retirement residential, which includes assisted living and residential care. The directors consider that investments in real estate associated with these sub-sectors are increasingly in demand from operators and users, given the fundamental demographic change towards an ageing population in the UK. On average, these sub-sectors deliver higher net income yields than pure residential, which should assist K&C in achieving its target of providing a sustainable, and growing, dividend yield.
As well as aiming to provide income to investors, K&C seeks to acquire residential property assets to which it can add value through asset management activities (quality improvements, rental increases, physical extensions and repositioning, small-scale development) that will increase net asset value per share. In particular, the directors search out residential blocks of apartments held within UK- incorporated companies. These provide an opportunity for K&C, by capitalising on the advantages afforded to REITs, to provide an efficient exit route for vendors that is also accretive to net asset value.
Corporate activity
On 22 December 2016 and 6 January 2017, Gravity Investment Group Limited subscribed for a total of 5.25 million ordinary shares at 10.0p per share. On 1 March 2017, Ms Qing Xiao subscribed for 476,190 ordinary shares at 10.5p per share. We consider both these to be strategic investments and we welcome these important new shareholders.
On 1 January 2017, Dominic White was appointed chief executive. Dominic comes from a real estate investment and private equity environment, having operated in both private and public real estate markets for the last 24 years. We have already benefited from his expertise in both capital and real estate markets.
K&C has decided to reduce the membership of its board from eight to six directors. With effect from 31 March 2017, Tim Oakley and Christopher James will resign as directors of K&C and Patricia Farley will step down as a non-executive director. Tim and Christopher will continue to provide their expertise and skill as members of the executive board of subsidiary companies in the Group. K&C looks forward to working with Patricia in a consultancy capacity over the coming years. We are immensely grateful to all three of them for the dedication that they have given to the board of K&C since the formation of the Group. I am pleased to announce that, with effect from 1 April 2017, Chris Bateman, who owns and controls Gravity Investment Group, will join the board as a non-executive director.
Operations
The Group has not made any acquisitions since 30 June 2016. During the period, our active subsidiaries have traded well:
K&C (Coleherne) Limited has increased rents and occupancy rates as a result of asset management initiatives.
K&C (Osprey) Limited continues to exceed our expectations, with revenue significantly improved compared to the same period last year under its previous ownership, as the company has improved its marketing activities and redesigned and relaunched its website.
Financial
The financial results for the six months to 31 December 2016 show a consolidated loss of GBP415,841. Income for the period was GBP233,179 compared to GBP75,227 in the comparable six months to 31 December 2015.
Net asset value per share declined to 8.75 pence, combining the accretive impact of new capital raised at 10p per share and the negative effect of the loss for the period.
Future prospects
The Group's objective is to build a portfolio of high-quality assets in the residential sector that combine growing rental income and improving property valuation. This combination would support a sustainable dividend and a growth in net asset value per share. K&C's investments last year were the start of building such a portfolio. The widened strategy that now includes owning assets (but not operating businesses) in the retirement residential sub-sector - assisted living and residential care - ought to assist further progress towards that objective. K&C is reviewing several interesting opportunities in the residential sector that fit its rigorous acquisition criteria. I hope to report further developments to you in the near future.
Michael Davies
Chairman
29 March 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 31 DECEMBER 2016 (unaudited)
SIX MONTHS SIX MONTHSEDED YEARED
31 DECEMBER 31 DECEMBER 30 JUNE
2016
2015 2016
(audited)
Notes GBP GBP GBP
Revenue 233,179 75,227 151,417
Cost of sales (59,586) (28,866) (60,240)
------------------------------ ----------------------------- ---------------------------
GROSS PROFIT 173,593 46,361 91,177
Profit on - 17,736 -
disposal of
investment
properties
------------------------------ ----------------------------- ---------------------------
Total profit
before
expenses 173,593 64,097 91,177
Administrative
expenses (348,876) (323,043) (513,367)
Share-based
payment
charge (74,644) (126,561) (212,655)
Revaluation of
investment
properties - - 250,000
------------------------------ ----------------------------- ---------------------------
Operating loss
before
exceptional
items (249,927) (385,507) (384,845)
Gain on bargain
purchase - 364,783 1,541,829
AIM admission
costs - (780,728) (786,578)
Costs of
acquisition
of subsidiaries (8,463) (100,202) (469,848)
Costs associated (61,110) - -
with
third party
fundraising
------------------------------ ----------------------------- ---------------------------
Operating loss 3 (319,500) (901,654) (99,442)
Finance costs (96,347) (36,975) (73,009)
Finance income 6 - 3,138
------------------------------ ----------------------------- ---------------------------
Loss before
taxation (415,841) (938,629) (169,313)
Taxation - - 104,942
------------------------------ ----------------------------- ---------------------------
Loss for the
period/year (415,841) (938,629) (64,371)
------------------------------ ----------------------------- ---------------------------
Total
comprehensive
expense for the
period/year (415,841) (938,629) (64,371)
------------------------------ ----------------------------- ---------------------------
Basic and
diluted loss
per share
(pence) 4 (0.89) (2.20) (0.15)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2016 (unaudited)
31 DECEMBER 31 DECEMBER 30 JUNE
2016 2015 2016
(audited)
Notes GBP GBP GBP
Non current assets
Property, plant and
equipment 2,287 1,453 2,730
Investment properties 5 7,126,000 4,473,198 7,126,000
------------------- ----------------- -------------
7,128,287 4,474,651 7,128,730
------------------- ----------------- -------------
Current assets
Trade and other receivables 49,115 13,676 24,262
Cash and cash equivalents 50,231 486,054 250,650
------------------- ----------------- -------------
99,346 499,730 274,912
------------------- ----------------- -------------
Total assets 7,227,633 4,974,381 7,403,642
------------------- ----------------- -------------
Equity
Shareholders' equity
Share capital 6 492,856 437,856 467,856
Share premium 4,345,984 3,850,984 4,120,984
Capital redemption reserve 67,500 67,500 67,500
Retained deficit (592,124) (1,211,279) (250,927)
------------------- ----------------- -------------
Total equity 4,314,216 3,145,061 4,405,413
------------------- ----------------- -------------
Non-current liabilities
Financial liabilities
- borrowings
Interest bearing loans
and borrowings 2,674,368 1,429,522 2,690,108
Current liabilities
Trade and other payables 208,318 107,832 277,960
Current portion of borrowings 30,731 60,228 30,161
Taxation payable - 3,738 -
Loan notes - 228,000 -
------------------- ----------------- -------------
239,049 399,798 308,121
------------------- ----------------- -------------
Total liabilities 2,913,417 1,829,319 2,998,229
------------------- ----------------- -------------
Total equity and liabilities 7,227,633 4,974,381 7,403,642
------------------- ----------------- -------------
Net asset value per
share (pence) 8.75 7.20 9.42
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 31 DECEMBER 2016 (unaudited)
Capital
Share Share redemption Retained Total
capital premium reserve deficit equity
GBP GBP GBP GBP GBP
Balance at 1
July 2015 7,500 - 67,500 (399,211) (324,211)
Changes in equity
Issue of share
capital 430,356 3,850,984 - - 4,281,340
Total comprehensive
expenses - - - (938,629) (938,629)
Share-based payment
charge - - - 126,561 126,561
========= ========== ============ ============ ==========
Balance at 31
December 2015 437,856 3,850,984 67,500 (1,211,279) 3,145,061
Changes in equity
Issue of share
capital 30,000 270,000 - - 300,000
Total comprehensive
income - - - 874,258 874,258
Share-based payment
charge - - - 86,094 86,094
========= ========== ============ ============ ==========
Balance at 30
June 2016 467,856 4,120,984 67,500 (250,927) 4,405,413
Changes in equity
Issue of share
capital 25,000 225,000 - - 250,000
Total comprehensive
income - - - (415,841) (415,841)
Share-based payment
charge - - - 74,644 74,644
========= ========== ============ ============ ==========
Balance at 31
December 2016 492,856 4,345,984 67,500 (592,124) 4,314,216
========= ========== ============ ============ ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
At 31 December 2016 (unaudited)
SIX MONTHS SIX MONTHS YEAR
31 DECEMBER 31 DECEMBERED
2016 2015 30 JUNE
2016
(audited)
Notes GBP GBP GBP
Cash flows from operating
activities
Loss for the period
Adjustments for
Depreciation charges
Profit on disposal
of investment properties
Increase in taxation
payable (415,841) (938,629) (169,313)
Share-based payment
charge 443 - 686
Revaluation of investment - (17,736 (23,698)
properties - 3,738 -
Gain on bargain purchase 74,644 126,561 212,655
Finance income - - (250,000)
(increase)/decrease - (364,783) -
in trade & other receivables (6) - (1,544,967)
Decrease in trade and (24,853) 232,294 221,708
other payables (69,642) (286,854) (110,738)
------------- -------------- --------------
Net cash used in operating
activities (435,255) (1,245,409) (1,663,667)
------------- -------------- --------------
Cash flows from investing
activities
Purchase of tangible
fixed assets - (1,453) (3,416)
Sale of investment property - 236,094 715,254
Acquisition of subsidiaries - (3,330,000) (4,630,000)
Interest received 6 - 3,138
------------- -------------- --------------
Net cash from/(used
in) investing activities 6 (3,095,359) (3,905,024)
------------- -------------- --------------
Cash flows from financing
activities
Loan repayments in year (15,170) (231,000) (874,000)
Increase in borrowings - 1,489,750 2,720,269
Share issues 250,000 3,566,340 3,981,340
------------- -------------- --------------
Net cash from financing
activities 234,830 4,825,090 5,827,609
(Decrease)/increase
in cash and cash equivalents (200,419) 484,322 248,918
Cash and cash equivalents
at beginning of period 250,650 1,732 1,732
------------- -------------- --------------
Cash and cash equivalents
at end of period 50,231 486,054 250,650
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSED 31 DECEMBER 2016 (unaudited)
1. BASIS OF PREPARATION
The Company is domiciled in England and Wales. The consolidated financial statements for the six months ended 31 December 2016 comprise those of the Company and its 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 IAS 34 Interim Financial Reporting. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the financial performance and position of the Group since the last annual consolidated financial statements for the year ended 30 June 2016. 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 2016 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 29 March 2017.
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 2016.
2. OPERATING SEGMENTS
The Group is involved in UK property ownership and letting and is, therefore, considered to operate in a single geographical and business segment.
3. OPERATING LOSS
The operating loss is stated after charging:
SIX MONTHS SIX MONTHS YEAREDEDED 30 JUNE
31 DECEMBER 31 DECEMBER 2016
2016 2015
GBP GBP GBP
Costs associated with
admission to AIM - 780,728 786,578
Costs associated with
the acquisition of subsidiaries 8,463 100,202 469,848
Costs associated with 61,110 - -
third party fundraising
Directors remuneration 25,750 13,780 23,000
During the period, the Company paid (i) Perry Cane, a consultancy business owned by James Cane, fees of GBP10,000 plus VAT (2015 - GBP61,000), (ii) CD James (Property Consultants) Limited, a company owned by Christopher James, fees of GBP10,000 (2015 - GBPnil) and (iii) DGS Capital Partners LLP, a business partly owned by Michael Davies, fees of GBP20,000 for his services as chairman (2015 - GBPnil).
The directors are considered to be the key management personnel.
4. BASIC AND DILUTED LOSS PER SHARE
The calculation of loss per share for the six months to 31 December 2016 is based on the loss for the period attributable to ordinary shareholders of GBP415,841 divided by the weighted average number of ordinary shares in issue of 46,907,906 (June 2016 - GBP64,371/43,711,358).
In the opinion of the directors, all of the outstanding share options and warrants are anti-dilutive and, hence, basic and fully diluted loss per share are the same.
5. INVESTMENT PROPERTIES
SIX MONTHS SIX MONTHS YEAREDEDED 30 JUNE
31 DECEMBER 31 DECEMBER 2016
2016 2015
GBP GBP GBP
At start of period 7,126,000 691,556 7,126,000
Additions - 4,000,000 -
Disposals - (218,358) -
---------------------- --------------- ----------------------
At end of period 7,126,000 4,473,198 7,126,000
---------------------- --------------- ----------------------
One investment property was valued by an independent valuer who is a Member of the Royal Institution of Chartered Surveyors (MRICS) on an open market value basis as at 30 June 2016. The directors consider that the valuation of the property, on an open market value, at 31 December 2016 was GBP4,250,000 (June 2016 - GBP4,250,000; December 2015 - GBP4,000,000).
The remaining investment properties were valued at GBP2,876,000 by professionally qualified independent external valuers on 27 May 2016. The directors consider that the valuation of the property, on an open market value, at 31 December 2016 was GBP2,876,000 (June 2016 - GBP2,876,000).
6. SHARE CAPITAL
Allotted, issued and fully paid
Number Class Nominal Value 31 December 31 December 30 June
2016 2015 2016
GBP GBP GBP
49,285,623 Ordinary GBP0.01 492,856 437,856 467,856
On 23 December 2016, the Company issued 2,500,000 ordinary shares of GBP0.01 each. The shares were issued at a premium of GBP0.09 per share.
The Company has one class of ordinary share which carries no rights to fixed income.
7. SHARE BASED PAYMENTS
The expense recognised during the period is shown in the following table:
31 31 30
December December June
2016 2015 2016
GBP GBP GBP
Expense arising from share
options 74,644 87,815 155,065
Expense arising from warrants - 38,746 57,950
Total expense 74,644 126,561 212,655
Executive share option arrangements
Under the Group's executive share option arrangements, share options were granted to certain senior executives and directors on admission to trading on AIM at GBP0.01 per share. The share options vest if and when the Group's gross assets under management reach GBP25 million and the Group's net asset value per share reaches GBP0.105 provided the participant remains employed at such time. The share options will not vest if the performance targets are not met and expire on the date immediately preceding the date of the fifth anniversary of the date of vesting. The contractual term of each share option is estimated to be five years. There are no cash settlement alternatives.
The executive directors' interests in share options were as follows:
Balance Balance
at 1 at 31
July Exercised December
Director 2016 or forfeited 2016
James Cane 180,000 -180,000
Christopher James 600,000 -600,000
Timothy James 810,000 -810,000
Timothy Oakley 300,000 -300,000
Oliver Vaughan 810,000 -810,000
300,000 executive share options were in issue to other staff members at the end of 31 December 2016.
Non-executive share option plan
Under the Group's non-executive share option plan, share options were granted to certain non-executive directors on admission to trading on AIM at GBP0.10 per share and to a past non-executive director in July 16 at GBP0.10 per share. There are no vesting conditions. The non-executive share options do not have any performance criteria attached to them and may be exercised at any time during the period commencing one year from the date of admission to trading on AIM and ending on the date immediately preceding the date of the tenth anniversary of the date of admission to trading on AIM.
The non-executive directors' interest in share options are as follows:
Balance Balance
At 1 at 31
July Exercised December
Director 2016 or forfeited 2016
Michael Davies - - -
Patricia Farley 144,493 - 144,493
On 11 July 2016, 460,000 non-executive share options were issued to a past non-executive director.
Founder warrants
On 8 September 2014, 750,000 warrants to subscribe for one ordinary share at GBP0.10 per share at any time before 31 December 2018 were issued to shareholders. The interests of the directors in warrants at 31 December 2016 were as follows:
Name
James Cane 10,000 Michael Davies - Patricia Farley 20,000 Christopher James 100,000 Timothy James 175,000 Timothy Oakley 50,000 Oliver Vaughan 175,000
There have been no changes in the directors' interests in founder warrants since the period-end.
Allenby warrant
On admission, the Company granted Allenby Capital Limited a warrant to acquire 437,856 ordinary shares at GBP0.10 per share, exercisable within five years of admission, namely by 3 July 2020.
Warrants
On 24 May 2016, 1,500,000 warrants were issued to a number of potential lenders to the Company to subscribe for one ordinary shares at GBP0.10 per share at any time before 24 May 2021.
Movements during the period
The following table illustrates the number of, and movements in, share options and warrants during the period:
Executive Non-executive
share share Founder Allenby
options options warrants warrants Warrants
Outstanding at
31 December 2015 3,000,000 144,493 750,000 437,856 -
Granted during
the period - - - - 1,500,000
--------- -------- ------- ------- ---------
Outstanding at
30 June 2016 3,000,000 144,493 750,000 437,856 1,500,000
Granted during
the period - 460,000 - - -
Outstanding at
31 December 2016 3,000,000 604,493 750,000 437,856 1,500,000
The following table lists the inputs to the models used:
Executive Non-executive
share share Founder warrants Allenby Warrants
options options warrants
Share price at grant date
(GBP) 0.10 0.10 0.10 0.10 0.07
Exercise price (GBP) 0.01 0.10 0.10 0.10 0.10
Dividend yield (%) 0.00 0.00 0.00 0.00 0.00
Expected volatility (%) 50.00 50.0 50.0 50.0 43.21
50.0
Risk-free interest rate
(%) 0.950 0.535 0.535 0.535 0.27
Expected life of share
options/warrants (years) 5.00 3.00 2.60 3.00 3.00
Fair value of share
option/warrant (GBP) 0.0907 0.0340 0.0318 0.0340 0.013
The expected lives of the share options and warrants are based on historical data and current expectations and are not indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility of comparator companies over a period similar to the life of the share options is indicative of future trends, which may not necessarily be the actual outcome.
8. POST-BALANCE SHEET EVENTS
Share issues
Since 31 December 2016, the Company has issued ordinary shares as follows:
(a) On 6 January 2017, the Company issued 2,750,000 ordinary shares at 10p per share to Gravity Investment Group Limited for a total consideration of GBP275,000
(b) On 24 February 2017, the Company issued 240,000 ordinary shares at 10p per share in settlement of fees
(c) On 1 March 2017, the Company issued 476,190 ordinary shares at 10.5p per share to Ms Qing Xiao.
Cancellation of executive option arrangements
On 26 January 2017, the Company entered into deeds with each of Timothy James, James Cane, Christopher James, Oliver Vaughan, Timothy Oakley and Benjamin James by which each individual agreed that the executive options granted on admission of the Company to trading on AIM would be cancelled if they were allotted an agreed number of restricted preference shares of one penny each ("Restricted Preference Shares") at one penny per Restricted Preference Share.
New articles of association
On 20 February 2017, the Company in general meeting adopted new articles of association, which can be found on the Company's website (www.kandc-reit.co.uk). The principal change to the articles of association was to set out the rights attaching to Restricted Preference Shares.
Issue of Restricted Preference Shares
On 22 February 2017, the Board approved the allotment of Restricted Preference Shares, at one penny per Restricted Preference Share, to the following directors and entities (which correspond to the amounts set out in the circular posted to shareholders on 27 January 2017 (the "Circular") for those directors and entities:
Restricted
Preference Amount
Shares subscribed
Name No. allotted GBP
------------------------ -------------- ------------
White Amba Limited, a
company controlled by
Dominic White 5,000,000 50,000
James Cane 300,000 3,000
Timothy Oakley 3,000,000 30,000
Oliver Vaughan 8,100,000 81,000
Total 16,400,000 GBP164,000
-------------- ------------
Further allotments to other executives, also in the amounts set out in the Circular, are expected to be made after the announcement of the interim results of the Group in March 2017.
Appointment of joint-broker
On 16 February 2017, the Company appointed Peterhouse Corporate Finance Limited ("Peterhouse") as its joint broker. Peterhouse will focus on non-institutional investors.
Payment to a former director
Further to the Company's announcement dated 11 July 2016 concerning the payment to a former director, Mr George Rolls, of a fee of GBP25,000 conditional on a further fundraising, this fee was paid to Mr Rolls during March 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMGFFGGDGNZM
(END) Dow Jones Newswires
March 30, 2017 06:19 ET (10:19 GMT)
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