Picton Prop Regulatory News (PCTN)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND ISNOTFOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIESANDPOSSESSIONS, ANY OF THE UNITED STATES AND THE DISTRICT OFCOLUMBIA),AUSTRALIA,NEW ZEALAND, CANADA, JAPAN, SOUTH AFRICA, ANY MEMBER STATESOF THE EEA (OTHERTHAN THE UNITED KINGDOM) OR ANY OTHER JURISDICTION IN WHICHSUCH RELEASE,PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS AN ADVERTISMENT AND NOT A PROSPECTUS. THIS ANNOUNCEMENTISFOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR INVITATIONTOPURCHASE OR ACQUIRE ANY TRANSFERABLE SECURITIES (AS DEFINED IN SCHEDULE 11AOFTHE FINANCIAL SERVICES AND MARKETS ACT 2000), NOR SHALL IT FORM THE BASISOFANY CONTRACT FOR THE SALE OF ANY INTEREST IN A TRANSFERABLE SECURITY ORASOLICITATION, INDUCEMENT, ADVICE OR RECOMMENDATION TO EFFECT ANY TRANSACTIONOFANY KIND WHATSOEVER. POTENTIAL INVESTORS SHOULD READ THE RELEVANTPROSPECTUSESCAREFULLY BEFORE ANY INVESTMENT DECISION IS MADE. PICTON PROPERTY INCOME LIMITED ("Picton" or the "Company") RESULTS OFPLACING Further to the announcement dated 13 March 2015, the Board of Picton ispleasedto announce the successful placing of 51,352,093ordinary sharesof no par valuein the Company ("New Ordinary Shares") raising grossproceeds of £35.2million.This placing brings the total gross proceeds raised under the PlacingProgramme, now closed, to £102 million. The New Ordinary Shareswere placed, subject to Admission, by J.P. MorganCazenove and Stifel Nicolaus Europe Limited pursuant to the terms andconditions of thePlacing Programme established underthe prospectus issued bythe Company dated 1May 2014 (as amended). The New Ordinary Shares will, when issued, be credited as fully paid and willrankparipassu in all respects with the existing ordinary shares. Application has been made for the New Ordinary Shares to be admitted to thepremiumsegment of the Official List of the Financial Conduct Authority andtotrading on the main market for listed securities of the London StockExchange("Admission"). It is expected that Admission will become effectiveandunconditional dealings in the New Ordinary Shares will commence at 8.00am on23 March 2015. Following Admission, the number of ordinary shares that the Company hasinissuewill be 540,053,660. The total number of voting rights of theCompanywill be540,053,660 and this figure may be used by shareholders asthedenominator forthe calculations by which they will determine if theyarerequired to notifytheir interest in, or a change to their interest intheCompany, under theDisclosure and Transparency Rules. The New Ordinary Shares will be issued in registered form and may beheldinuncertificated form. The New Ordinary Shares will be issued toPlaceesthroughthe CREST system unless otherwise stated and will beeligibleforsettlement through CREST with effect from Admission. Commenting, Nick Thompson, Chairman of Picton said: "We have now achieved the objective we set in May last year to grow the Companyby raising over £100 million under thePlacing Programme. The support of ourexisting and new shareholders provides a clear endorsement of our approach andambitions to grow the Company, whilst maximising shareholder value andcontinuing to reduce the total expense ratio. The capital we've raised so farhas been invested in attractive assets that meet our investment objective andwe are confident that the proceeds from this final tranche will be invested ina similar manner, further diversifying the Company's portfolio." FOR FURTHER INFORMATION, PLEASE CONTACT: Northern Trust International Fund Telephone: +44 1481 745 529 Administration Services (Guernsey)Limited David SauvarinThe Company SecretaryTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Picton Capital Limited Telephone: +44 20 70119980Michael Morris Stifel Nicolaus Europe Limited Telephone: +44 20 7710 7600Roger ClarkeNeil Winward J.P. Morgan Cazenove Telephone: +44 20 7742 4000William Simmonds Tavistock Telephone: +44 20 7920 3150 James VerstringheJeremy Carey Important Information This Announcement has been issued by and is the sole responsibility oftheCompany. This Announcement is for information purposes only and does not constitute aninvitation to subscribe for or otherwise acquire or dispose of securities inthe Company in any jurisdiction. The information contained in this Announcementis for background purposes only and does not purport to be full or complete. Noreliance may be placed for any purpose on the information contained in thisAnnouncement or its accuracy or completeness. This Announcement does notconstitute or form part of any offer to issue or sell, or any solicitation ofany offer to subscribe or purchase, any investments nor shall it (or the factof its distribution) form the basis of, or be relied on in connection with, anycontract therefor. This Announcement is an advertisement and not a prospectus. ThisAnnouncementdoes not constitute or form part of, and should not be construedas, any offerfor sale or subscription of, or solicitation of any offer to buyor subscribefor, any shares in the Company or securities in any other entity,in anyjurisdiction, including the United States, nor shall it, or any part ofit, orthe fact of its distribution, form the basis of, or be relied on inconnectionwith, any contract or investment decision whatsoever, in anyjurisdiction. ThisAnnouncement does not constitute a recommendation regardingany securities. Any investment decision must be made exclusively on the basis of theprospectuspublished by the Company on 1 May 2014 and any supplement thereto inconnection with theadmission of ordinary shares of the Company to the premiumsegment of theOfficial List of the UK Listing Authority and to trading on theLondon StockExchange's main market for listed securities. J.P. Morgan Cazenove which is authorised by the Prudential RegulationAuthorityand regulated by the Prudential Regulation Authority and the FinancialConductAuthority and Stifel Nicolaus Europe Limited which is authorised andregulatedin the United Kingdom by the Financial Conduct Authority (together,the "JointSponsors"), are each acting exclusively for the Company and no-oneelse inconnection with the Placing or the matters referred to in thisAnnouncement,and will not regard any other person as their respective client inrelation tothe Placing and will not be responsible to anyone other than theCompany forproviding the protections afforded to their respective clients orfor providingadvice in relation to thePlacing or any transaction or arrangementreferred toin this Announcement. This Announcement is not for release, publication or distribution (directlyorindirectly) in or into the United States of America (including itsterritoriesand possessions, any of the United States and the District ofColumbia),Canada, Australia, New Zealand, Japan, the Republic of South Africa,any memberstates of the EEA (other than the United Kingdom) or to any "USperson" asdefined in Regulation S under the United States Securities Act of1933, asamended (the "Securities Act") or into any other jurisdiction whereapplicablelaws prohibit its release, distribution or publication. Thedistribution ofthis Announcement and the Initial Offers and Placing ProgrammeProspectus (asamended) in certain jurisdictions may be restricted by law. Noaction has beentaken by the Company or the Joint Sponsors that would permit anoffering of theNew Ordinary Shares or possession or distribution of thisAnnouncement or anyother offering or publicity material relating to such sharesin anyjurisdiction where action for that purpose is required. Persons intowhosepossession this Announcement comes are required by the Company and theJointSponsors to inform themselves about, and to observe, such restrictions. The New Ordinary Shares have not been and will not be registered undertheSecurities Act or with any securities regulatory authority of any state orother jurisdiction of the United States and, subject to certain exceptions,maynot be offered or sold within the United States or to, or for the accountorbenefit of, US Persons. The Company will not be registered as an"investmentcompany" under the Investment Company Act of 1940, and investorswill not beentitled to the benefits of that Act. In addition, relevantclearances havenot been, and will not be, obtained from the securitiescommission (orequivalent) of any province of Australia, New Zealand, Canada,Japan, theRepublic of South Africa or any member state of the EEA (other thanthe UnitedKingdom) and, accordingly, unless an exemption under any relevantlegislationor regulations is applicable, none of the New Ordinary Shares may beoffered,sold, transferred or delivered, directly or indirectly, in Australia,NewZealand, Canada, Japan, the Republic of South Africa or any member state oftheEEA (other than the United Kingdom). No representation or warranty express or implied, is or will be made as to,orin relation to, and no responsibility or liability is or will be acceptedbythe Company, Picton Capital Limited (the "Investment Manager"), theJointSponsors or by any of their respective affiliates or agents as to orinrelation to, the accuracy or completeness of this Announcement or anyotherwritten or oral information made available to or publicly available toanyinterested party or its advisers, and any liability therefore isexpresslydisclaimed. The Company, the Investment Manager, the Joint Sponsorsand theirrespective affiliates accordingly disclaim all and any liabilitywhetherarising in tort, contract or otherwise which they might otherwise haveinrespect of this Announcement or its contents or otherwise arising inconnectiontherewith. Certain statements in this Announcement are forward-looking statements whicharebased on the Company's expectations, intentions and projections regardingitsfuture performance, anticipated events or trends and other matters that arenothistorical facts. These statements are not guarantees of future performanceandare subject to known and unknown risks, uncertainties and other factorsthatcould cause actual results to differ materially from those expressed orimpliedby such forward-looking statements. Given these risks anduncertainties,prospective investors are cautioned not to place undue relianceonforward-looking statements. Forward-looking statements speak only as of thedateof such statements and, except as required by applicable law, theCompanyundertakes no obligation to update or revise publicly anyforward-lookingstatements, whether as a result of new information, futureevents or otherwise.The information contained in this Announcement is subjectto change withoutnotice and neither the Company nor the Joint Sponsors assumeany responsibilityor obligation to update publicly or review any of theforward-lookingstatements contained herein. The expected timetable including the date of Admission may be influenced byarange of circumstances, including market conditions. There is no guaranteethatAdmission will occur and you should not base your financial decisions ontheCompany's intentions in relation to the Placing Programme andAdmission.Acquiring New Ordinary Shares to which this Announcement relates mayexpose aninvestor to a significant risk of losing all of the amount invested.Personsconsidering making such an investment should consult an authorisedpersonspecialising in advising on such investments. This Announcement doesnotconstitute a recommendation concerning the Placing. The value of NewOrdinaryShares can decrease as well as increase. Potential investors shouldconsult aprofessional advisor as to the suitability of the Placing for thepersonconcerned. Past performance or information in this Announcement or any ofthedocuments relating to the Placing cannot be relied upon as a guide tofutureperformance.