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20 Oct 2016 10:08
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
20 October 2016
SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC
ANNOUNCEMENT OF PLACING PRICE
Further to the announcement released on 10 October 2016 regarding proposals to issue new Ordinary Shares by way of a placing (the 'Placing'), pursuant to the terms and conditions of the Placing Programme established under the prospectus issued by the Company dated 11 November 2015 (the 'Prospectus') the Board of Schroder European Real Estate Investment Trust plc (the 'Company') is pleased to announce the price at which new Ordinary Shares will be issued (the 'Placing Price').
The Placing Price is based on the last published NAV per Share as at 30 June 2016, converted into sterling and adjusted for, among other things, the first interim dividend and a premium of approximately 3%. Based on the GBP/EUR exchange rate prevailing as at 19 October 2016 the Placing Price will be 120 pence per share.
The Placing is expected to close at 3.00 pm UK time (4.00 pm SA time) on Friday, 21 October 2016 but may close earlier (or later) at the absolute discretion of the Company, in consultation with Numis Securities Limited ('Numis') and PSG Capital Proprietary Limited ('PSG Capital'), who are acting as joint placing agents to the Company. The Placing is not being underwritten.
Participation in the Placing in the UK will be available only to persons falling within Articles 49(2)(a) to (d) or 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 or to persons whom the Ordinary Shares may otherwise lawfully be offered under that Order. Participation in the Placing in South Africa will be available only to persons who are invited to participate and who fall within any of the categories envisaged in section 96(1)(a) of the South African Companies Act or who subscribe for a minimum amount of R1,000,000 (one million Rand) per single addressee acting as principal, as contemplated in section 96(1)(b) of the South African Companies Act. Such persons are invited to apply for new Ordinary Shares by contacting their usual contact at Numis and PSG Capital.
Capitalised terms in this announcement shall (unless expressly stated otherwise) have the meaning given to them in the Prospectus. A copy of the Prospectus is available from the Company's website at www.schroders.co.uk/sereit and is available for inspection during usual business hours on any day (Saturdays, Sundays and public holidays excepted) at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH and at the offices of PSG Capital, 1st Floor Ou Kollege, 35 Kerk Street, Stellenbosch, 7600 and 1st Floor, Building 8, Inanda Greens Business Park, 54 Weirda Road West, Wierda Valley, Sandton, 2196.
Enquiries:
Sponsor, Broker and Placing Agent in the UK
Numis (UK investors)
Tel: 020 7260 1000
David Benda (Corporate)
Sponsor and Placing Agent in South Africa
PSG Capital (SA investors)
Tel: +27 21 887 9602
David Tosi
Willie Honeyball
PR Advisor to Schroder European Real Estate Investment Trust plc
FTI Consulting - UK
Tel: 020 3727 1000
Dido Laurimore/Ellie Sweeney/Richard Gotla
FTI Consulting - SA
Tel: +27 (0) 11 214 2402
Max Gebhardt/Trevor Jones
Important Information
This announcement has been prepared by, and is the sole responsibility of, Schroder European Real Estate Investment Trust plc.
Numis is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Numis or advice to any other person in relation to the matters contained herein.
PSG Capital is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of PSG Capital or advice to any other person in relation to the matters contained herein.
The Company is not and will not be registered under the US Investment Company Act of 1940, as amended. The Ordinary Shares have not been, nor will they be, registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States or under the applicable securities laws of Australia, Canada, Japan or the Republic of Ireland. Subject to certain exceptions, the Ordinary Shares may not be offered or sold in the United States, Australia, Canada, Japan or the Republic of Ireland or to or for the account or benefit of any national, resident or citizen of Australia, Canada, Japan or the Republic of Ireland or any person located in the United States. The Placing and the distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.