Business
Proposed Placing to Raise £150 million
Proposed Placing to Raise £150 million.
About this update from Kcr Residential Reit Plc
[{"type":"text","content":"\n \nRNS Number : 4243U K&C REIT PLC 24 October 2017 \n\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR NEW ZEALAND OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDICES, IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT AND THE APPENDICES DO NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF K&C REIT PLC OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.\nTHIS ANNOUNCEMENT CONTAINS INFORMATION WHICH, PRIOR TO ITS DISCLOSURE, WAS INSIDE INFORMATION FOR THE PURPOSE OF THE MARKET ABUSE REGULATION\n \nK&C REIT plc\nProposed Placing to Raise £150,000,000\nChange of Name\nShare Consolidation\nNotice of General Meeting\n \nK&C REIT plc (AIM: KCR), the residential real estate investment trust, today announces its intention to raise £150 million by way of an issue of new ordinary shares at 100 pence per share. In addition, the Company is pleased to announce that Duncan Walker, previously Investment Director at Helical Plc, will be appointed as an additional non-executive director of the Company upon Admission. In due course, the Company intends to apply for the admission of its ordinary shares to the premium segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange. \nIn conjunction with the Placing, the Company is undertaking a consolidation of its existing share capital on the basis of every 10 Ordinary Shares into 1 New Ordinary Share. The new funds are intended to help support the business in executing larger acquisitions from its pipeline. In conjunction with the Placing, the Company has agreed in principle new debt facilities of up to £100 million to assist with the acquisition of residential property portfolios.\nThe Company also proposes a name change ...