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Regional REIT Limited   -  RGL   

Sizing Announcement

Released 16:05 01-Aug-2018

RNS Number : 5344W
Regional REIT Limited
01 August 2018
 

1 August 2018

 

The information contained herein may only be released, published or distributed in the United Kingdom, the Isle of Man, Jersey and the Bailiwick of Guernsey in accordance with applicable regulatory requirements. The information contained herein is not for release, publication or distribution in or into the United States, Australia, Canada, Japan, South Africa, the Republic of Ireland or in any other jurisdiction where it is unlawful to distribute this document. This announcement is released by Regional REIT Limited and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).  For the purposes of MAR and Article 2 of the Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Emma Lamb, for and on behalf of Link Company Matters Limited, Company Secretary to Regional REIT Limited.

MiFID II retail investors, professional investors and ECPs target market - Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all distribution channels) and also retail clients (all distribution channels).

 

SEE "IMPORTANT INFORMATION" BELOW

                                                                                      

 

REGIONAL REIT LIMITED

 

4.5% STERLING BONDS DUE 2024

 

Sizing Announcement

 

Terms used herein shall have the meaning given to them in the Prospectus dated 18 July 2018 (the "Prospectus") relating to the Bonds.

This announcement constitutes the Sizing Announcement as referred to in the Prospectus and must be read in conjunction with the Prospectus.

The Offer Period relating to the Bonds closed at 12 noon (London time) on 1 August 2018. Accordingly, Bonds can no longer be subscribed for pursuant to the offer and acceptances can no longer be withdrawn.

In accordance with Article 8(1) of the Prospectus Regulation, the Issuer is pleased to confirm the following in connection with the offer of the Bonds:

Issue Date:                                                                                                                                    6 August 2018

Total principal amount of Bonds :                                                                                            £50,000,000

Estimated net proceeds of the offer:                                                                                      £49,000,000

Estimated expenses relating to the offer:                                                                              £1,000,000

 

Authorised Offerors:

AJ Bell Securities Limited

 

Equiniti Financial Services Limited

 

Hargreaves Lansdown

 

iDealing Limited

 

Interactive Investor Services Limited

 

Redmayne-Bentley LLP

For further information, please contact:

 

Regional REIT Limited

Press enquiries through Headland

Peel Hunt

Henrietta Podd: +44 (0)20 3770 2604

Sanjeeb Seal:  +44 (0)20 3597 8654

Headland           

Francesca Tuckett, Bryony Sym, Jack Gault           +44 (0) 20 3805 4222

About the Issuer

The Issuer (LSE: RGL) is a London Stock Exchange Main Market traded specialist real estate investment trust focused on office and industrial property interests in the principal regional locations of the United Kingdom outside of the M25 motorway.

The Issuer is managed by London & Scottish Investments (the "Asset Manager"), and Toscafund Asset Management (together with the Asset Manager, the "Managers") and was formed by the combination of two existing funds previously created by the Managers as a differentiated play on the expected recovery in UK regional property, to deliver an attractive total return to shareholders and with a strong focus on income.

The investment portfolio of the Issuer and its subsidiaries (together, the "Group"), as at 31 December 2017, was spread across 164 regional properties, 1,368 units and 1,026 tenants. As at 31 December 2017, the investment portfolio had a value of £737.3m and a net initial yield of 6.5%. The weighted average unexpired lease term to first break was 3.5 years.

The Issuer's shares were admitted to the Official List of the UK's Financial Conduct Authority and to trading on the London Stock Exchange on 6 November 2015. For more information, please visit the Group's website at www.regionalreit.com.

About the Bonds

·     The Bonds may not be suitable for all investors. Investors should ensure they fully understand the risks and seek independent financial advice.        

·     Investors should note that the market price of the Bonds can rise and fall during the life of the investment and the price of the Bonds could fall below the issue price of £100.

·     In the event that the Issuer or any member of the Group becomes insolvent or goes out of business, investors may lose some or all of their investment.

 

 IMPORTANT INFORMATION

This announcement is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended, and/or Part VI of the Financial Services and Markets Act 2000 (the "FSMA"). A prospectus dated 18 July 2018 (the "Prospectus") has been prepared and made available to the public as required by Part VI of the FSMA. Investors should not subscribe for any Bonds referred to in this announcement except on the basis of information in the Prospectus. Full information on the Issuer and the offer of the Bonds is only available on the basis of the combination of the Prospectus and this announcement which have been published by the Issuer on the Regulatory News Service operated by the London Stock Exchange ("RNS"), and an announcement expected to be published on or around 1 August 2018 by the Issuer on RNS setting out the aggregate principal amount of the Bonds to be issued (the "Sizing Announcement"). Investors may obtain copies of the Prospectus and the Sizing Announcement (once published) on the website of the Issuer.

The restriction on financial promotions contained in section 21(1) of the Financial Services and Markets Act 2000 does not apply to this announcement by virtue of article 70(1A) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended. 

The offering and the distribution of this announcement and other information in connection with any offer in certain jurisdictions may be restricted by law and persons into whose possession this announcement or any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. 

This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any Bonds. Any purchase of Bonds pursuant to any offer should only be made on the basis of the information contained in the Prospectus, available as described above. 

The Bonds have not been and will not be registered under the United States Securities Act of 1933 (as amended) (the "Securities Act") and, subject to certain exceptions, may not be offered, sold or delivered within the United States or to or for the account or benefit of United States persons. The Bonds are being offered and sold outside of the United States in reliance on Regulation S of the Securities Act.

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Sizing Announcement - RNS