Sigma Capital Group PLC Bi-annual Subscription for Shares in The PRS REIT (1723X)

TIDMSGM

RNS Number : 1723X

Sigma Capital Group PLC

08 August 2018

8 Augsut 2018

AIM: SGM

Sigma Capital Group plc

("Sigma" or "the Company" or "the Group")

Bi-annual Subscription for Ordinary Shares in The PRS REIT plc

Sigma, the PRS, residential development and urban regeneration specialist, announces that, in accordance with the Development Management Agreement in place between its wholly owned subsidiary, Sigma PRS Management Limited (the "Investment Adviser"), and The PRS REIT plc ("PRS REIT"), it has today subscribed for and been issued with 929,276 new ordinary shares of GBP0.01 each in the capital of the PRS REIT ("Ordinary Shares") at a share price of 104.5 pence per Ordinary Share (being the closing share price on 7 August 2018). This subscription covers the period from 1 January 2018 to 30 June 2018.

Under the Development Management Agreement, the Investment Adviser bi-annually subscribes for Ordinary Shares equating to 50 per cent. of the development management fee in respect of each PRS Development Site (with such amounts subscribed in arrears at the prevailing share price at the time of subscription, providing that the share price is no less than the NAV per share).

Following this purchase, the Investment Adviser's total holding of Ordinary Shares is 1,374,854 representing 0.28 per cent. of the issued share capital of the PRS REIT.

In accordance with the terms of the lock up deed, the Investment Adviser has agreed: (i) not to dispose of any Ordinary Shares issued to, or purchased by it, for a period of 12 months from the date of each issue or purchase without the written consent of the PRS REIT and N+1 Singer; and (ii) for a period of a further 12 months thereafter, only dispose of such Ordinary Shares after prior consultation with N+1 Singer and then through N+1 Singer in such manner as N+1 Singer may reasonably require.

Enquiries:

 
Sigma Capital Group  Graham Barnet, Chief Executive  T: 020 3178 6378 (today) 
 plc 
                     Malcolm Briselden, Finance      T: 0333 999 9926 
                      Director 
 
KTZ Communications   Katie Tzouliadis, Emma          T: 020 3178 6378 
                      Pearson 
 
 
N+1 Singer           James Maxwell, Liz Yong,        T: 020 7496 3000 
 (NOMAD and Broker)   Ben Farrow 
 

NOTES TO EDITORS

About Sigma Capital Group plc

(www.sigmacapital.co.uk)

Sigma Capital Group plc is a private rented sector, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors. Its subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly owned subsidiary of AIM-quoted Sigma Capital Group plc and is the Company's Investment Adviser. It sources investments and manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and the PRS REIT on a day-to-day basis in accordance with the PRS REIT's Investment Policy. The Investment Adviser is an appointed representative (reference number: 776293) of the AIFM.

About The PRS REIT plc

(www.theprsreit.com)

The PRS REIT is a closed-ended real estate investment trust established to invest in the Private Rented Sector and to provide shareholders with an attractive level of income together with the potential for capital and income growth. In its Initial Public Offering, on 31 May 2017, the Company raised GBP250m gross equity capital and, on 20 February 2018, it raised a further GBP250m (gross) through an additional Placing. Both fundraisings were supported by the UK Government's Homes England with direct investments totaling c. GBP30m.

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August 08, 2018 03:00 ET (07:00 GMT)