Last checked at 9 Jan 2017 07:00
9 January 2017
K&C REIT plc
("K&C REIT" or the "Company")
Share Subscription Update
Further to the announcement of 22 December 2016, K&C REIT confirms that Gravity Investment Group Limited ("Gravity") subscribed on 6 January 2017 for the second and final tranche of 2,500,000 new ordinary shares of £0.01 ("Ordinary Shares") issued at 10p per share ("Second Tranche Shares").
Following this transaction, Gravity now holds 5,000,000 Ordinary Shares representing 9.66% of the issued share capital of the Company.
Application has been made for the 2,500,000 Second Tranche Shares to be admitted to trading on AIM and it is expected that admission will occur on 10 January 2017 ("Admission").
Following Admission, the Company's enlarged issued share capital will comprise 51,785,623 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 51,785,623. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Gravity also provided interest-free and undated loan finance to the Company of £25,000 on 6 January 2017. At the request of Gravity, the directors of K&C are considering a request that this loan be converted into Ordinary Shares, for which the Company would apply for admission to trading on AIM. Further information will be provided when appropriate.
*ENDS*
Contacts:
K&C REIT plc Tim James, Managing Director | info@kandc-reit.co.uk +44 7768 833 029 |
Stockdale Securities Robert Finlay / David Coaten | +44 20 7601 6115 |
Yellow Jersey PR Charles Goodwin |
+44 7747 788 221 |
Notes to editors:
K&C REIT's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of property-owning SPVs (Special Purpose Vehicles). 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.