27 Mar 2018 14:59
27 March 2018
Secure Income REIT Plc
(the "Company")
RESULT OF GENERAL MEETING
In connection with the £315.5 million Placing announced by the Company on 9 March 2018, the board of Secure Income REIT Plc (AIM: SIR), the specialist long term income REIT, confirms that the Resolutions proposed at the General Meeting of the Company held today were duly passed.
Full details of the Resolutions were set out in the circular published by the Company on 9 March 2018 (the "Circular").
Total votes cast represented approximately 68.7% of those entitled to vote and are set out below in respect of each Resolution:
Resolution | For | Percentage | Against | Percentage | Withheld |
1 | 161,568,900 | 100% | nil | - | nil |
2 | 161,568,900 | 100% | nil | - | nil |
Notes:
a) Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).
b) A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" and "Against" a resolution.
c) Any proxy appointments which gave discretion to the Chairman have been included in the "For" totals.
Pursuant to the Placing, the management and board of the Company are subscribing for £5.25 million in Placing Shares.
All capitalised terms in this announcement and not otherwise defined shall have the meaning given to them in the Circular. The Circular is available in the Investor Centre of the Company's website, www.SecureIncomeREIT.co.uk
Following the approval of Shareholders at the General Meeting today, the Placing remains conditional upon (i) the Placing Agreement becoming or being declared unconditional in all respects and not having been terminated in accordance with its terms; and (ii) Admission becoming effective. Application has been made to the London Stock Exchange for the 86,438,000 Placing Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that unconditional dealings in the Placing Shares will commence at 8.00 a.m. London time on 29 March 2018.
The New Ordinary Shares (in uncertificated form) are expected to be credited to CREST accounts on or around 8.00 a.m. on 29 March 2018 and definitive share certificates for the New Ordinary Shares are expected to be despatched as soon as possible thereafter.
Following Admission of the Placing Shares, the Company's issued share capital will comprise 321,563,353 Ordinary Shares. There are no Ordinary Shares held in treasury. Accordingly, the total number of voting rights in the Company will be 321,563,353. The above figure may be used by Shareholders 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 issued share capital of the Company under the Disclosure Guidance and Transparency Rules.
For further information on the Company, please contact:
Secure Income REIT Plc | +44 20 7647 7647 |
Sandy Gumm | enquiries@SecureIncomeREIT.co.uk |
Stifel Nicolaus Europe Limited (Nominated Adviser & Broker) | +44 20 7710 7600 stifelsecureincomereit@stifel.com |
Mark Young David Arch | |
Tom Yeadon
| |
Newgate (PR Adviser) | +44 20 7680 6550 |
James Benjamin | sir@newgatecomms.com |
Anna Geffert | |
Patrick Hanrahan | |
Leena Patel |
About Secure Income REIT Plc
Secure Income REIT specialises in generating long term, inflation protected, secure income from real estate investments. Its investment strategy is designed to satisfy investors' growing requirements for high quality, safe, inflation protected income flows.
At 31 December 2017, the Company's investment property portfolio was valued at £1.77 billion, producing £95.7 million per annum of rental income from long term leases with a weighted average unexpired term to expiry of over 22 years. All rental income is subject to fixed or RPI upwards only rent reviews.
On 9 March 2018, the Company exchanged contracts to acquire two off-market portfolios at a total cost of £436 million. The acquisitions include Manchester Arena, the UK's largest indoor entertainment arena, 76 Travelodge hotels and The Brewery on Chiswell Street, the largest catered event space in the City of London. To finance the acquisitions, the Company successfully raised gross proceeds of £315.5 million in a significantly oversubscribed Placing of 86,438,000 Ordinary Shares, completing the Placing over a week earlier than planned following strong investor demand. New secured non-recourse debt facilities of c. £128.7 million at c.30% loan to cost have also been agreed.
Following completion of the Acquisitions, the Enlarged Group will own approximately £2.2 billion of investment property with a weighted average unexpired lease term of some 22 years. The Acquisitions further diversify the Group's resilient portfolio of Key Operating Assets let to strong businesses in defensive sectors with high barriers to entry. The RPI linked rent reviews and fixed rental uplifts combine with fixed cost debt to drive healthy dividend growth, creating attractive and predictable returns.
The Company is advised by Prestbury Investments LLP which was adviser to Max Property Group plc until August 2014, when all of the assets of Max Property Group plc were sold to Blackstone Group. Prestbury Investments LLP is a partnership of real estate and finance professionals including Nick Leslau, Mike Brown, Tim Evans, Ben Walford and Sandy Gumm.
The Company's Board is chaired by Martin Moore and also comprises three further independent Directors in Leslie Ferrar, Jonathan Lane and Ian Marcus, as well as three members of the Prestbury Team in Nick Leslau, Mike Brown and Sandy Gumm.
The Company is a UK REIT which floated on the AIM market of the London Stock Exchange in June 2014.
The Company's LEI is: 213800M1VI451RU17H40
Further information on Secure Income REIT is available at: www.SecureIncomeREIT.co.uk