Business
CONVERSION OF C SHARES
CONVERSION OF C SHARES.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n \nRNS Number : 1355T Triple Point Social Housing REIT 29 June 2018 \n\n \n29 June 2018\nTriple Point Social Housing REIT plc\n(the \"Company\" or, together with its subsidiaries, the \"Group\")\n \nCONVERSION OF C SHARES\n \n \nFollowing the acquisitions announced by Triple Point Social Housing REIT plc (tickers: SOHO; SOHC) on 29 June 2018, the Board is pleased to announce that the net proceeds of the C Share issue undertaken by the Company in March 2018 (further details of which are set out in the prospectus published in connection therewith on 7 March 2018 (the \"Prospectus\")) have been substantially invested. \n \nThe Group has now invested or committed £44 million (including costs) to supported housing properties across the UK. These assets have been attributed to the C Share Pool and include £24.1 million of assets relating to the acquisition by the Company of TP Social Housing Investments Limited (\"TPSHIL\"), in respect of which the Company has convened a general meeting of Ordinary Shareholders for 11 July 2018 (further details of which can be found in the Circular to shareholders published on 22 June 2018).\n \nAs a result, the Directors have determined that the Calculation Date for the conversion of the C shares into Ordinary Shares will be 29 June 2018 (being the final business day of the month in which at least 90 per cent. of the net proceeds of the C Share issue have been invested or committed). Accordingly, conversion will be made by reference to the respective net asset values of the C Shares and the Ordinary Shares at close of business on the Calculation Date in accordance with the terms of the C Shares (as set out in the Company's Articles of Association and replicated in the Prospectus) (\"Conversion\").\n \nDealings in the new Ordinary Shares arising on Conversion are currently expected to commence, and the listing of the C shares to be cancelled, on Thursday, 30 August 2018 (the \"Conversion Date\").\n \nDividends in respect of C Shares and Ordinary Shares \n \nAs set out in the Prospectus, holders of C Shares are entitled to a fixed dividend of 3 per cent. per annum (based on the C Share issue price of 100p). Accordingly, the Board intends to declare a dividend for holders of C Shares pro-rated for the period from 27 March 20...