Response from RR investor relations13 Sep 2023 17:17
Thought I would share the attached to an email outlining our concerns( increasing ltv, affect on income/divs following proposed asset sales, 20% voids and lack of rns updates. Response a bit woolly but surely now there must be more urgency if this REIT is to have a future.
John,
Thank you very much for your shareholding and taking the time to set out your thoughts.
A programme of asset sales is in progress to reduce the LTV. Historically, an element of void has provided the opportunity for value enhancement by letting up when the associated void costs were within tolerance. However, with the inflationary pressure that tolerance has increasingly come under pressure and as such the focus will be to sell the void, whilst maintaining the income producing assets. A number of options to fund the £50m retail bond maturity are currently under review.
Your comments on information provided are taken on board and we look forward to providing more information on all of the above in due course,
Adam