TIDMPILR
RNS Number : 1837O
Pacific Industrial & Log REIT PLC
16 August 2017
THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS RESTRICTED, AND
IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY
OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD
BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT HAS BEEN ISSUED BY AND
IS THE SOLE RESPONSIBILITY OF THE COMPANY.
16 August 2017
Pacific Industrial & Logistics REIT plc
(the "Company")
Results of General Meeting and completion of placing
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, and as set out in the announcement of the Company
dated 31 July 2017 (the "Previous Announcement"), the Company now
has the requisite authority to complete the placing to raise gross
proceeds of approximately GBP53 million.
Application has been made for 46,607,514 new ordinary shares
("Ordinary Shares"), consisting of 46,086,957 Placing Shares and
520,557 LTIP Shares (see the Previous Announcement for further
details), to be admitted to trading on AIM ("Admission") and it is
expected that Admission will occur on 17 August 2017. Following
Admission, the Company will have 68,064,724 Ordinary Shares in
issue.
Following Admission, the Directors and Management Team will be
interested in the following Ordinary Shares:
Following Admission
No. of Placing Number of Percentage
Shares being Ordinary Shares of Enlarged
subscribed Share Capital
for
Nigel Rich* 108,695 183,695 0.3%
Richard Moffitt** 56,521 356,521 0.5%
Mark Johnson**,*** 43,478 193,478 0.3%
Bruce Anderson 17,391 37,391 0.1%
Jonathan Gray 20,000 40,000 0.1%
Christopher
Turner** 86,956 286,956 0.4%
* Shortly after Admission, Mr. Rich will transfer 32,000 Placing
Shares held in a self-invested personal pension ('SIPP') into an
individual savings account ('ISA'), both of which he is the
beneficiary.
** Messrs Moffitt, Johnson and Turner are members of Pacific
Industrial LLP and, accordingly, will be interested in aggregate in
a further 520,557 Ordinary Shares following the issue of the LTIP
Shares (see the Previous Announcement for further detail).
*** Shortly after Admission, Mr. Johnson will transfer his
Placing Shares registered in his own name into an individual
savings account ('ISA') of which he is the beneficiary.
Capitalised terms in this announcement have the same meaning as
the Previous Announcement unless the context otherwise
requires.
Further enquiries:
Pacific Industrial &
Logistics REIT Plc
Richard Moffitt
Christopher Turner
Sam Tucker +44 (0) 207 591 1600
Canaccord Genuity - Nominated
Adviser, Joint Financial
Adviser and Sole Bookrunner
Bruce Garrow / Charlie
Foster +44 (0)20 7523 8000
Kinmont- Joint Financial
Advisor
Mat Thackery +44 (0)20 7087 9100
FTI - Financial PR and
IR adviser to the Company
Claire Turvey/Richard
Gotla +44 (0)20 3727 1241
About Pacific Industrial & Logistics REIT
Pacific Industrial & Logistics REIT plc is a property
investment company, quoted on the AIM market of the London Stock
Exchange.
The Company has been established to invest in UK based
industrial and logistics properties with a view to delivering
attractive dividends and capital returns to its shareholders. The
investment strategy is focused on smaller single let industrial and
logistics properties in key geographical locations 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 (in particular due to growth in 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).
Acquisitions are targeted in the 6.5 to 7.5 per cent. Net
Initial Yield bracket (with affordable underlying rents in the
region of GBP4.50 to GBP5.50 per square foot), on an overall LTV of
35 to 40 per cent. with a significant margin over financing costs,
thus presenting an attractive income, capital growth and total
return proposition.
The Directors believe the Company is the only closed-ended
quoted or listed company in the UK with this sole investment focus,
a competitive advantage which the Directors believe will increase
as the Company grows.
The Company's results for the period from IPO on 13(th) April
2016 to 31(st) March 2017 saw a 22.6 per cent total shareholder
return, including aggregate dividends of 6 pence per ordinary share
on an IPO price of 100p.The net proceeds of the Placing will be
used to fund acquisitions from the Company's existing pipeline of
potential transaction opportunities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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