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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pacific Ind | LSE:PILR | London | Ordinary Share | GB00BYV8MN78 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 119.00 | 117.00 | 121.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPILR
RNS Number : 1837O
Pacific Industrial & Log REIT PLC
16 August 2017
THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS RESTRICTED, AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT HAS BEEN ISSUED BY AND IS THE SOLE RESPONSIBILITY OF THE COMPANY.
16 August 2017
Pacific Industrial & Logistics REIT plc
(the "Company")
Results of General Meeting and completion of placing
The board of directors of Pacific Industrial & Logistics REIT plc (AIM: PILR), the specialist UK industrial and logistics properties REIT, is pleased to announce that at a general meeting of the Company held earlier today all resolutions were duly passed.
Accordingly, and as set out in the announcement of the Company dated 31 July 2017 (the "Previous Announcement"), the Company now has the requisite authority to complete the placing to raise gross proceeds of approximately GBP53 million.
Application has been made for 46,607,514 new ordinary shares ("Ordinary Shares"), consisting of 46,086,957 Placing Shares and 520,557 LTIP Shares (see the Previous Announcement for further details), to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on 17 August 2017. Following Admission, the Company will have 68,064,724 Ordinary Shares in issue.
Following Admission, the Directors and Management Team will be interested in the following Ordinary Shares:
Following Admission No. of Placing Number of Percentage Shares being Ordinary Shares of Enlarged subscribed Share Capital for Nigel Rich* 108,695 183,695 0.3% Richard Moffitt** 56,521 356,521 0.5% Mark Johnson**,*** 43,478 193,478 0.3% Bruce Anderson 17,391 37,391 0.1% Jonathan Gray 20,000 40,000 0.1% Christopher Turner** 86,956 286,956 0.4%
* Shortly after Admission, Mr. Rich will transfer 32,000 Placing Shares held in a self-invested personal pension ('SIPP') into an individual savings account ('ISA'), both of which he is the beneficiary.
** Messrs Moffitt, Johnson and Turner are members of Pacific Industrial LLP and, accordingly, will be interested in aggregate in a further 520,557 Ordinary Shares following the issue of the LTIP Shares (see the Previous Announcement for further detail).
*** Shortly after Admission, Mr. Johnson will transfer his Placing Shares registered in his own name into an individual savings account ('ISA') of which he is the beneficiary.
Capitalised terms in this announcement have the same meaning as the Previous Announcement unless the context otherwise requires.
Further enquiries:
Pacific Industrial & Logistics REIT Plc Richard Moffitt Christopher Turner Sam Tucker +44 (0) 207 591 1600 Canaccord Genuity - Nominated Adviser, Joint Financial Adviser and Sole Bookrunner Bruce Garrow / Charlie Foster +44 (0)20 7523 8000 Kinmont- Joint Financial Advisor Mat Thackery +44 (0)20 7087 9100 FTI - Financial PR and IR adviser to the Company Claire Turvey/Richard Gotla +44 (0)20 3727 1241
About Pacific Industrial & Logistics REIT
Pacific Industrial & Logistics REIT plc is a property investment company, quoted on the AIM market of the London Stock Exchange.
The Company has been established to invest in UK based industrial and logistics properties with a view to delivering attractive dividends and capital returns to its shareholders. The investment strategy is focused on smaller single let industrial and logistics properties in key geographical locations servicing high quality tenants. Investment returns will be generated by an experienced management team focusing on quality stock selection, and active asset management.
A number of structural and commercial factors currently support the attractive opportunity in the last mile/regional industrial and logistics real estate sub-sectors targeted by the Company including strong occupier demand (in particular due to growth in e-commerce and investment by retailers in their associated supply chain) and a decline in the supply of lettable space in industrial and logistics real estate across the UK ( being more than one third lower than the most recent peak of 2009).
Acquisitions are targeted in the 6.5 to 7.5 per cent. Net Initial Yield bracket (with affordable underlying rents in the region of GBP4.50 to GBP5.50 per square foot), on an overall LTV of 35 to 40 per cent. with a significant margin over financing costs, thus presenting an attractive income, capital growth and total return proposition.
The Directors believe the Company is the only closed-ended quoted or listed company in the UK with this sole investment focus, a competitive advantage which the Directors believe will increase as the Company grows.
The Company's results for the period from IPO on 13(th) April 2016 to 31(st) March 2017 saw a 22.6 per cent total shareholder return, including aggregate dividends of 6 pence per ordinary share on an IPO price of 100p.The net proceeds of the Placing will be used to fund acquisitions from the Company's existing pipeline of potential transaction opportunities.
This information is provided by RNS
The company news service from the London Stock Exchange
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August 16, 2017 09:01 ET (13:01 GMT)
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