Last checked at 
25 Apr 2018 11:15
Pacific Industrial & Logistics REIT plc
("Pacific Industrial & Logistics" or "the "Company")
Results of General Meeting, Completion of Placing and Change of Name
The board of directors of Pacific Industrial & Logistics REIT plc (AIM: PILR), the specialist UK industrial and logistics properties REIT, is pleased to announce that at a general meeting of the Company held earlier today all resolutions were duly passed.
Accordingly, as set out in the announcement of the Company dated 6 April 2018, the Company now has the requisite authority to complete the placing to raise gross proceeds of approximately £20.4 million.
Application has been made for 17,071,130 new ordinary shares ("Ordinary Shares") to be issued pursuant to the Placing to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on 26 April 2018.
Following Admission, the Company will have 85,185,854 Ordinary Shares in issue and the Directors and Management Team will be interested in the following Ordinary Shares:
|
| Following Admission |
|
| No. of Placing Shares being subscribed for | Number of Ordinary Shares | Percentage of Enlarged Share Capital |
Nigel Rich | 41,841 | 225,536 | 0.26% |
Richard Moffitt* | 41,841 | 398,362 | 0.47% |
Christopher Turner* | 41,841 | 328,797 | 0.39% |
Mark Johnson* | - | 193,478 | 0.23% |
Bruce Anderson | - | 37,391 | 0.04% |
Jonathan Gray | - | 40,000 | 0.05% |
*Messrs Moffitt, Turner and Johnson are members of Pacific Industrial LLP and, accordingly, are interested in aggregate in a further 520,557 Ordinary Shares.
Pursuant to shareholder approval obtained at the general meeting, the Company is pleased to announce that the change of name to Urban Logistics REIT plc is expected to become effective later today. Trading in the Company's shares under the new name is expected to take effect from 26 April 2018 with the Company's TIDM changing to SHED, following which all Company announcements will be made in the name of Urban Logistics REIT plc.
The Change of Name will not affect any Shareholders' rights. New issues of Ordinary Share certificates will be in the Company's new name and existing Ordinary Share certificates and Warrant certificates will remain valid.
Following the change of name to Urban Logistics REIT plc, the Company's website domain shall shortly be transferred. The Company shall update shareholders when this change has occurred but for now all corporate information pursuant to AIM Rule 26 of the AIM Rules for Companies can be found at http://pacificil.com/.
For further information contact:
Pacific Industrial & Logistics REIT plcRichard Moffitt
| +44 (0)20 7591 1600 |
Montfort - Financial PR and IR adviserOlly Scott
| +44 (0)78 1234 5205 |
Canaccord Genuity - Nominated Adviser, Joint Financial Adviser and Sole Bookrunner Corporate BrokingSimon Bridges Charlie Foster Andrew Buchanan
ECM Sam Lucas Ben Griffiths
| +44 (0)20 7523 8000 |
Kinmont - Joint Financial Advisor Mat Thackery
| +44 (0)20 7087 9100 |
Radnor Capital Partners - Placing Agent Joshua Cryer Ben Gillen | +44 (0)20 3897 1830 |
About Pacific Industrial & Logistics REIT
Pacific Industrial & Logistics REIT plc, (being renamed Urban Logistics REIT plc) is a property investment company, quoted on the AIM market of the London Stock Exchange, (AIM: PILR).
The Company has been established to invest in UK based industrial and logistics properties with the objective of generating attractive dividends and capital returns for its shareholders. Its investment strategy focuses on strategically located smaller single let industrial and logistics properties servicing high-quality tenants. Investment returns will be generated by an experienced management team focusing on quality stock selection and active asset management.
A number of structural and commercial factors currently support the attractive opportunity in the last mile/regional industrial and logistics real estate sub-sectors targeted by the Company, including: strong occupier demand (driven by the growth of e-commerce and investment by retailers in their associated supply chain) and a decline in the supply of lettable space in industrial and logistics real estate across the UK (being more than one third lower than the most recent peak of 2009).