12 June
2015
Standard Life Investments Property Income Trust Limited
Intention to issue equity
The Board of Standard Life Investments Property Income Trust
Limited (the “Company”) announces that the Company is seeking to
raise approximately £9 million through a cash placing to
institutional investors of new ordinary shares of 1 pence each in the Company (the “New Shares”)
(the “Placing”). The Placing is pursuant to the disapplication of
pre-emption rights approved by shareholders at the Company’s AGM on
27 May 2015.
The Company has a number of current opportunities in which to
invest the net proceeds of the issue in accordance with the
Company’s investment policy.
The Placing is expected to close at 2.00
p.m. (London time) on
19 June 2015 but may close earlier or
later at the absolute discretion of the Company. The issue
price per New Share will be 80.25
pence, representing a premium of approximately 6 per cent.
to the Company’s unaudited net asset value per share of
75.6 pence as at 31 March 2015 (after adjusting for the dividend
paid on 22 May 2015 in respect of the
period to 31 March 2015).
The Placing will be made to Qualified Investors (as defined in
section 86(7) of the Financial Services and Markets Act 2000 (as
amended)) through Winterflood Securities Limited ("Winterflood").
The decision to allot New Shares to any Qualified Investor and the
actual issue size shall be at the absolute discretion of the
Company and Winterflood.
Application will be made for the New Shares to be admitted to
the premium segment of the Official List and to trading on the Main
Market of the London Stock Exchange. It is expected that dealings
in the New Shares will commence at 8.00
a.m. on 25 June 2015.
The New Shares will, when issued, be credited as fully paid and
rank pari passu with the existing ordinary shares of 1 pence each in the capital of the Company,
including the right to receive all future dividends and
distributions declared, made or paid.
Enquiries:
Standard Life
Investments
Gordon Humphries, Head of Investment Companies |
+44 (0) 131 245 2735 |
Winterflood
Investment Trusts
Graeme Caton
Darren Willis |
+44 (0) 20 3100 0268
+44 (0) 20 3100 0258 |