Business
Notice of EGM
Notice of EGM.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n RNS Number : 1016G Real Estate Investors PLC 26 January 2010 \n \n26 January 2010\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SWITZERLAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL\n\nReal Estate Investors PLC\n(\"REI\" or the \"Company\")\n\nConditional Placing of £10.1 Million\nand\nNotice of Extraordinary General Meeting\n\nReal Estate Investors PLC (AIM : RLE), the West Midlands based property company, today announces that it has conditionally placed 155,309,834 new Ordinary Shares at a price of 6.5 pence per Ordinary Share, raising gross proceeds of £10.1 million (£9.7 million net), from institutional and other investors.\n\n \nSummary of the Placing\n\n* Placing of 155,309,834 new Ordinary Shares at a Placing Price of 6.5 pence per Ordinary Share, to raise gross proceeds of £10.1 million (£9.7 million, net)\n\n* Net proceeds of the Placing to be used to provide additional resources to take advantage of depressed values in the West Midlands property market. REI will continue to invest in acquisition opportunities in line with its established investing policies. It will acquire assets at attractive valuations, which would be expected to deliver accretive internal rates of return and future net asset value growth \n\n* Paul Bassi, Chief Executive of REI will invest £0.4 million to acquire 6,600,507 new Ordinary Shares pursuant to the Placing. Following completion of the Placing, Paul Bassi will own 18.1 per cent. of the Company's enlarged issued share capital following the Placing\n\n* The Placing Price represents a premium of 6.1 per cent. to the closing middle market price of 6.125 pence per Ordinary Share on 22 January 2010, being the latest practicable date prior to this announcement\n\n* The Placing Shares will represent approximately 45.6 per cent. of the Company's issued share capital\n \n\nPaul Bassi, Chief Executive of REI, commented: \"We are delighted to have had such a ...