Business
Placing for Cash and Notice of GM
Placing for Cash and Notice of GM.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n \nRNS Number : 1869D Real Estate Investors PLC 26 March 2014 \n \n\n26 March 2014\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 \n \nREAL ESTATE INVESTORS PLC\n(\"REI\" or the \"Company\") \n \nPlacing of new Ordinary Shares\nand \nNotice of General Meeting\n \nReal Estate Investors plc (AIM:RLE), the West Midlands based property group, announces that it has conditionally placed 40,000,000 new Ordinary Shares at a price of 50 pence per Ordinary Share, raising gross proceeds of £20 million (£19.47 million, net), from institutional and other investors. \n \nSummary of the Placing\n \n* Placing of 40,000,000 new Ordinary Shares at a Placing Price of 50 pence per Ordinary Share, to raise gross proceeds of £20 million (£19.47 million, net)\n \n* Net proceeds of the Placing to be used to provide additional resources to capitalise on acquisition opportunities in the West Midlands property market \n \n* The Placing Price represents a premium of 1.01 per cent. to the closing middle market price of 49.50 pence per Ordinary Share on 25 March 2014, being the latest practicable date prior to the initial announcement of the Placing\n \n* The Placing Shares will represent approximately 35.90 per cent. of the Company's enlarged issued share capital\n \n* Liberum acted as sole broker and bookrunner and Smith & Williamson as Nominated Adviser to the Placing\n \nThe Placing is conditional, inter alia, on the approval by Shareholders in a general meeting. A circular setting out the details of the Placing and other proposals (the \"Circular\"), incorporating a notice convening the General Meeting, will be posted to shareholders today. The Circular and Form of Proxy will also be available on the Company's website later today.\n \nInformation extracted from the Circular is set out below.\n \n-ENDS-\n \nEnquiries:\n\n\n\n\nReal Estate Investors Plc\nPaul Bassi\n \n\n\n \nT: +44 (0)121 265 6400\n\n\n\n\nSmith & Williamson Corporate Finance Limited\nAzhic Basirov / Siobhan Sergeant\n \n\n\n&nbs...