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Pin to quick picksKcr Residential Regulatory News (KCR)

Share Price Information for Kcr Residential (KCR)

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Share Price: 8.50
Bid: 8.00
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Completion of Acquisition

27 May 2016 08:00

RNS Number : 5095Z
K&C REIT PLC
27 May 2016
 

27 May 2016

K&C REIT plc

("K&C" or the "Company")

 

Acquisition of The Osprey Management Company Limited ("Osprey")

 

Further to its announcement on 9 May 2016, K&C REIT plc, the residential real estate investment trust group, is now pleased to announce that, on 27 May 2016, the Company completed its acquisition of The Osprey Management Company Limited from Ms Susan Hards for an aggregate consideration valued at £1.6 million (the "Acquisition") (subject to adjustment following completion). As set out in the announcement on 9 May 2016, Osprey owns a portfolio of freehold interests in a number of high quality retirement and residential properties in and around London and southern England.

The consideration was satisfied by the payment of £1.3 million in cash and the issuance to the vendor of three million ordinary shares in the Company (the "Consideration Shares"). Application has been made for the Consideration Shares to be admitted to trading on AIM at 8.00 a.m. on 27 May 2016. Funding for the Acquisition was provided by a combination of a new external debt facility of approximately £1.1 million (the "New Facility") from Ravensale Ltd, £130,000 from the Company's existing bank facility and £70,000 from the Company's own cash resources.

The New Facility, which is subject to interest-only quarterly payments during its two-year term, carries an interest rate of 12 per cent. and is secured on K&C's shares in Osprey and Osprey's key freehold properties.

The Company considered a number of alternatives to the New Facility and set up a standby facility in the event that the New Facility would not be concluded in time. As part of the arrangements for ensuring the availability of this standby financing, the provider has been granted 1.5 million warrants exercisable at 10 pence per share for a period of five years.

Following the allotment of the Consideration Shares, with effect from admission, the Company's issued share capital will consist of 46,785,623 ordinary shares, none of which are held in treasury. Accordingly, the total number of voting rights in the Company will be 46,785,623.

For further information please contact:

K&C REITTim James, Managing Director

info@kandc-reit.co.uk+44 (0) 7768 833 029www.kandc-reit.co.uk

Stockdale SecuritiesRobert Finlay/Rose Ramsden

+44 (0) 20 7601 6115

Yellow Jersey PRPhilip Ranger/Harriet Jackson

+44 (0) 7768 534 641

 

Notes to Editors:

K&C's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in Central London and other key residential areas in the UK.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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