Real Estate Credit Investments Ltd Result of EGM (2229A)

TIDMRECI TIDMRECP TIDMTTM

RNS Number : 2229A

Real Estate Credit Investments Ltd

22 March 2017

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY US PERSONS OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY OTHER JURISDICTION, OR TO ANY PERSON, WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

22 March 2017

Real Estate Credit Investments Limited

(the "Company")

Results of Extraordinary General Meeting

The Board of Directors of the Company is pleased to announce that, at the Extraordinary General Meeting of the Company held today (the "EGM"), each of the resolutions in connection with the Proposed Initial Placing and Placing Programme and Change of Investment Objective and Policy of the Company, details of which were set out in the Notice of Extraordinary General Meeting included in the circulate dated 23 February 2017 (the "Circular"), were duly passed by shareholders by a vote on a show of hands.

In accordance with LR 9.6.18, details of those resolutions passed at the EGM are as follows:

 
 Resolutions                                   Votes        Against   Withheld 
                                           For (including 
                                           Discretionary) 
---------------------------------------  ----------------  --------  --------- 
 Extraordinary Resolution 
---------------------------------------  ----------------  --------  --------- 
 1. That, without prejudice 
  to any authorities granted 
  to the Directors at the annual 
  general meeting on 16 September 
  2016, the Directors be and 
  are hereby authorised to allot 
  and issue equity securities 
  (within the meaning of the 
  Articles) for cash pursuant 
  to article 5 of the Articles 
  or by way of a sale of treasury 
  shares as if article 6 of the 
  Articles did not apply to any 
  such allotment and issue, provided 
  that this power shall be limited 
  to the allotment and issue 
  as described in the Prospectus 
  of up to an aggregate number 
  of 65 million New Ordinary 
  Shares in connection with the 
  Placing Programme and that 
  such disapplication authority 
  shall expire on 22 February 
  2018 (being the end of the 
  Placing Programme) (unless 
  previously renewed, varied 
  or revoked by the Company in 
  general meeting), save that 
  the Company shall be entitled 
  to make offers or agreements 
  before the expiry of such power 
  which would or might require 
  equity securities to be allotted 
  and issued after such expiry 
  and the Directors shall be 
  entitled to allot and issue 
  equity securities pursuant 
  to any such offer or agreement 
  as if the power conferred hereby 
  had not expired.                             28,527,625   542,861    170,324 
---------------------------------------  ----------------  --------  --------- 
 Ordinary Resolutions 
---------------------------------------  ----------------  --------  --------- 
 2. That, in accordance with 
  Listing Rule 15.4.11, if the 
  unaudited the Net Asset Value 
  per Existing Ordinary Share 
  calculated as at 28 February 
  2017 is greater than the Initial 
  Placing Price, the Directors 
  be and are hereby authorised 
  to allot and issue equity securities 
  (within the meaning of the 
  Articles) for cash pursuant 
  to article 5 of the Articles 
  or by way of a sale of treasury 
  shares at the Initial Placing 
  Price per New Ordinary Share 
  in relation to the Initial 
  Placing.                                     28,691,358   542,861      6,591 
---------------------------------------  ----------------  --------  --------- 
 3. That, the Company's investment 
  objective and policy be amended 
  so that the Existing Investment 
  Objective and Policy is replaced 
  by the Proposed Investment 
  Objective and Policy. If Resolution 
  3 is passed, the Proposed Investment 
  Objective and Policy will only 
  come into force immediately 
  following the EGM.                           29,036,433    34,053    170,324 
---------------------------------------  ----------------  --------  --------- 
 

Application has been made to the Financial Conduct Authority ("FCA") and to the London Stock Exchange for the 15,546,613 New Ordinary Shares to be admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's Main Market for listed securities respectively. It is expected that Admission will become effective and that dealings for normal settlement in the New Ordinary Shares will commence at 8.00 a.m. on 23 March 2017.

Following Admission, the number of Ordinary Shares that the Company has in issue will be 88,365,109. No Ordinary Shares are held in treasury. The total number of voting rights of the Company will be 88,365,109 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the Disclosure and Transparency Rules of the FCA.

Bob Cowdell, Chairman of Real Estate Credit Investments Limited, commented: "The Board appreciates the support of our Shareholders at the EGM and, alongside new investors, in contributing to a successful GBP25.2 million Initial Placing to commence our Placing Programme."

Terms used in this announcement shall have the same meaning as set out in the Circular.

For further information please contact:

 
                                               +44 (0)20 
 Cheyne Capital Management (UK) LLP             7968 7482 
 Nicole Von Westenholz (Investor Relations) 
 
                                               +44 (0)20 
 Liberum Capital Limited                        3100 2222 
 Shane Le Prevost 
 Richard Crawley 
 Richard Bootle 
 Ben Roberts 
 

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This information is provided by RNS

The company news service from the London Stock Exchange

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March 22, 2017 09:11 ET (13:11 GMT)