Business
PUBLICATION OF CIRCULAR
PUBLICATION OF CIRCULAR.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n \nRNS Number : 2550S Triple Point Social Housing REIT 22 June 2018 \n\n22 June 2018\nTriple Point Social Housing REIT plc\n(the \"Company\" or, together with its subsidiaries, the \"Group\")\nPUBLICATION OF CIRCULAR IN CONNECTION WITH PROPOSED RELATED PARTY TRANSACTION\n \nThe Board of Triple Point Social Housing REIT plc (tickers: SOHO; SOHC) has today published a circular to shareholders (the \"Circular\") in order to convene a general meeting of the Company to be held at 12.00 noon on 11 July 2018 (the \"General Meeting\") in connection with the proposed acquisition by the Company of the entire issued share capital of TP Social Housing Investments Limited (the \"SPV\"), a special purpose company which holds a portfolio of 19 Supported Housing assets, consisting of both operating leased assets and forward funded development projects (the \"Assets\"). The SPV is wholly owned by Pantechnicon Capital Limited (\"Seller\"), a member of the Triple Point Group. \n \nThe acquisition of the SPV from the Seller and the repayment of the oustanding loan (together with accrued interest, repayment premiums and costs under the Loan Agreement as further described below) (the \"Acquisition\") constitutes a related party transaction for the purposes of the Listing Rules of the Financial Conduct Authority (the \"Related Party Transaction\"). Consequently, the Acquisition is subject to, and conditional upon, the approval of Ordinary Shareholders at the General Meeting.\n \nBackground to and reasons for the Related Party Transaction\n \nFollowing the Company's recent C Share Issue, which raised gross proceeds of £47.5 million, the Company is seeking to deploy this capital by making further investments in line with its investment objective and investment policy.\nThe Company's Delegated Investment Manager continues to identify attractive opportunities in the Supported Housing sector which it considers appropriate for investment by the Company. Between February and April 2018, the SPV acquired the Assets utilising debt funding provided by TP Leasing, a member of the Triple Point Group, via a short term secured debt facility (the \"Loan Agreement\"). The Delegated Investment Manager aggregated this portfolio within the SPV to take advantage of attractive investment opportunities with a view to...