2 Nov 2018 16:09
Yew Grove REIT plc
(the "Company" or "Yew Grove REIT")
Share premium account
As stated in the Company's admission document dated 5 June 2018 ("Admission Document"), Yew Grove had resolved that, conditional upon approval of the Court, the amount standing to the credit of the share premium account of the Company on 29 June 2018 be reduced and transferred to a special distributable reserve to facilitate the payment of future dividends.
The Company is pleased to announce that, following the approval of the Court and the subsequent registration of the Court order with the Registrar of Companies on 2 November 2018, the reduction has now become effective. Accordingly, the amount of €70,250,000 previously held in the share premium account has been cancelled and will be transferred to a special distributable reserve and the share premium account now stands at €4,000,000. The reduction itself did not involve any distribution or repayment of capital or share premium by the Company and will not reduce the underlying net assets of the Company. While the Company is pleased to have the transfer effective, in order to pay future dividends the Company must prepare and file accounts with the CRO illustrating the effect of the share premium transfer. The Company's financial yearend is 31 December 2018, so the preparation of the Company's financial statements will facilitate a dividend payment early in 2019. Thereafter, as set out in the Admission Document dividends are expected to be paid quarterly.
Enquiries:
Yew Grove REIT plc | Tel: +44 203 627 2720 | ||
Jonathan Laredo, Chief Executive Officer | |||
Michael Gibbons, Chief Investment Officer | |||
Charles Peach, Chief Financial Officer | |||
Investec Bank plc | |||
NOMAD & Broker: David Anderson, Darren Vickers | Tel: +44 (0) 20 7597 5970 | ||
ESM Advisor & Broker: Tommy Conway, Eoin Kennedy | Tel: +353 (1) 421 0000 | ||
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Hume Brophy | Tel: + 353 (1) 662 4712 |
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Media Enquiries | yewgrove@humebrophy.com |
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Edel Bach, Karin O'Conor |
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Notes to editors:
Yew Grove REIT raised gross proceeds of approximately €75 million in June 2018 to invest in a diversified portfolio of Irish commercial property, with a particular focus on well-tenanted commercial real estate assets comprising office and industrial assets let to Irish government entities (and other state bodies), IDA Ireland supported and other FDI companies, and larger corporates, located in a geographic target market.
ENDS