LONDON (Alliance News) - Secure Income REIT PLC on Tuesday said the placing announced earlier this month, which involved major shareholders selling some of their shares, was oversubscribed within its price range.
The maximum 110.7 million shares were sold at 255 pence each, raising GBP282.3 million. Shares in Secure Income REIT were trading down 2.9% at 255.00p on Tuesday morning.
Earlier this month, Secure Income said major shareholders including Nick Leslau, Nigel Wray and Lloyds Banking Group PLC would reduce their shareholdings in the real estate investment trust, leading to a sale of between 77.5 million and 110.7 million shares, the latter of which represents a 61% stake.
At the time of the initial announcement, Secure Income said Prestbury Group would hold a minimum 18.3% stake in the company following the placing, having controlled about 30% of the shares at the end of 2015. Prestbury Investments LLP is the manager of Secure Income REIT.
PIHL Property LLP holds the majority of Prestbury's stake in the company. Lesray LLP, a partnership between Nick Leslau and Nigel Wray, in which Nick Leslau has a 42.6% legal interest and equal share of the voting rights, owns 81.7% of PIHL.
The other selling shareholders included Prestonfield P1 Ltd, Prestonfield P2 Ltd, and Prestonfield P3 Ltd. Prestonfield Investments Ltd, a subsidiary of Lloyds Banking Group PLC's Bank of Scotland, owned a 23.6% stake at the end of 2015.
West Coast Capital, a private investment vehicle founded and funded by Scottish businessman Tom Hunter and his family in 2001, also sold shares in the placing, prior to which it had a 23.6% stake. Other sellers included Bluetouch Investments (Malta) Ltd and Brookstone Ltd.
"Following the successful placing, we expect our broader base of institutional shareholders will provide improved flexibility as we begin to put into action the board's ambitious plans for growth by targeting significant value accretive acquisition opportunities," Chairman Martin Moore said in a statement on Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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