Business
Capital structure simplification
Capital structure simplification.
About this update from Kcr Residential Reit Plc
[{"type":"text","content":"\n \nRNS Number : 7165F KCR Residential REIT PLC 23 February 2018 \n\n23 February 2018\nKCR Residential REIT Plc\nCapital structure simplification and Director's subscription for preference shares\nKCR Residential REIT plc (\"KCR\" or the \"Company\") announces that it has cancelled all outstanding warrants and share options (collectively, \"the Options\") and allotted fully paid-up ordinary shares (\"Shares\") to holders of the Options. \n1. Cancellation of the Options and allotment of Shares\nAt the present time, KCR has in issue 75,000 Founder warrants, 460,000 Non-executive share options, 43,786 Allenby warrants and 150,000 Prospective Lender warrants (as set out in the 2017 Annual Report of the Company, as adjusted by the subsequent share consolidation). In order to simplify the capital structure of the Company, KCR has agreed with all the holders of the Options to cancel the Options and allot 74,889 Shares in their stead, representing 1.42 per cent of KCR's current issued ordinary share capital.\nThe Share-for-Option exchange has been completed using the valuation of the Options set out in the 2017 Annual Report, which was confirmed by Messrs Wilkins Kennedy, chartered accountants, as reasonable as at 31 December 2017, in their report dated 16 February 2018, which, in accordance with the requirements of the Companies Act 2006, was sent to each holder of the Options and has been filed at Companies House. That report also confirms that, since 31 December 2017, there was no material change in the value to KCR of the cancellation of the Options.\nThose transactions involving directors or persons discharging managerial responsibilities (PDMRs) are listed below:\n\n\n\n\nDirector\n\n\nOption holding\n\n\nAllotment of ordinary shares\n\n\nEnlarged holding of ordinary shares\n\n\nPercentage of enlarged issued share capital held\n\n\n\n\n\n\nOliver Vaughan (*)\n\n\n17,500\n\n\n5,565\n\n\n73,065\n\n\n1.37%\n\n\n\n\nTimothy James\n\n\n17,500\n\n\n5,565\n\n\n333,065\n\n\n6.23%\n\n\n\n\nJames Cane\n\n\n1,000\n\n\n318\n\n\n1,318\n\n\n0.02%\n\n\n\n\nPDMR\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nChristopher James\n\n\n10,000\n\n\n3,180\n\n\n338,180\n\n\n6.32%\n\n\n\n\nTimothy Oakley\n\n\n5,000\n\n\n1,590\n\n\n36,590\n\n\n0.68%\n\n\n\n\n(*) including a h...